The total amount of money in circulation in Ghana has increased significantly, from GH₵44.5 billion in 2023 to GH₵71.6 billion by the end of December 2024, according to the Bank of Ghana’s 2024 Financial Statement.
The increase represents a jump of over 60% compared to the previous year. Analysts have raised questions about the factors driving this growth and its potential impact on inflation and the cedi’s depreciation against the US dollar.
A breakdown of the notes in circulation shows that the GH₵200 denomination had the highest value, rising from GH₵12.3 billion in 2023 to GH₵24.3 billion in 2024. The GH₵100 notes also saw an increase, from GH₵14.5 billion to GH₵18.5 billion.
However, the amount of GH₵20 notes in circulation remained unchanged at GH₵5 billion.
The Bank of Ghana’s expenses for managing its currency in circulation, known as Currency Issue Expenses, rose from GH₵688 million in 2023 to GH₵1 billion in 2024.
The cost of printing new notes and minting coins increased from GH₵675 million to GH₵986 million.
Additionally, the Bank spent GH₵14.4 million in 2024 to import foreign currencies to meet the demands of commercial banks and businesses, up from GH₵2.6 million in 2023.
