The Bank of Ghana in 2020 spent GH¢337.5 million to print cedi notes
• The Bank of Ghana has released figures for currency notes in circulation for 2020
• The GH¢200 notes recorded a GH¢4.32 billion figure in circulation for 2020
• This was contained in the Bank’s 2020 Annual report
A recent annual report released by the Bank of Ghana has shown an increase in currency notes circulation for 2020.
The central bank said the highest notes in circulation was the GH¢200 which recorded GH¢4.32 billion for the period compared against GH¢276.7 million earlier recorded in 2019.
The GH¢100 notes, according to the Bank of Ghana recorded GH¢3.39 billion in circulation for 2020 as compared to GH¢149 million recorded in 2019.
Meanwhile, for the GH¢50, GH¢20 and GH¢10 notes in circulation for 2020, the central bank said it recorded GH¢5.7 billion, GH¢5.4 billion and GH¢2.9 billion respectively which is against an earlier GH¢5.9 billion, GH¢5.08 billion and GH¢2.8 billion recorded respectively in 2019.
For the most common currency notes which are the GH¢5, GH¢2 and GH¢1, the report said GH¢1.04 billion, GH¢88.9 million and GH¢179 million respectively of the notes were recorded in circulation for 2020.
On the front of the coin, GH¢19.8 million of the ¢2 was recorded to be in circulation in 2020 as against GH¢31.7 million for the GH¢1 note recorded.
Additionally, the 50 pesewa, 20 pesewa and 10 pesewa coins in circulation for 2020 recorded GH¢89.2 million, GH¢91.8 million and GH¢43.1 million respectively.
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.
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.
See the full report below: