Cedi Notes Ghana Savings2121212

• The Bank of Ghana spent GH¢337.5 million to print cedi notes in 2020

• The central also spent GH¢7.9 million in 2020 on other currency management operations

• This was disclosed in the BoG’s 2020 annual report and financial statements

The Bank of Ghana has disclosed it spent GH¢337.5 million towards the printing of currency notes in 2020 compared to GH¢306.2 million spent in 2019, a recent 2020 annual report has shown.

The report said the central bank has also spent GH¢7.9 million in 2020 on other currency management operations compared to GH¢3.9 million spent in 2019.

These figures, the BoG said, place the expense in the total currency issue recorded in 2020 at GH¢347.8 million.

On currency notes that were circulation for the period, the central bank recorded GH¢23.3 billion as compared to GH¢16.2 billion earlier recorded in 2019.

The report stated that on the deposits in various currencies front, the central bank recorded GH¢17.5 billion of cedi dominated notes, GH¢4.5 billion in dollars, GH¢320 million in pounds and ¢693.1 million in euros while other currencies recorded were estimated GH¢13.9 million.

Meanwhile, Bank of Ghana Governor, Dr Ernest Addison on Monday, September 27, 2021 announced plans to soon phase out the GH¢1 and GH¢2 notes from the economy.

He explained the two notes have not usually been in good shape and will be replaced by their respective coins.

“The GH¢1 note and GH¢2 note would eventually be phased out because they are not cost-effective in terms of the printing cost. They circulate very widely and come back very torn and soiled, and they are very difficult for our currency processing machines to process,” the governor explained at the 102nd press conference of the Monetary Policy Committee.

Credit: ghanaweb