The Bank of Ghana (BoG) made a significant reduction in the expenses associated with currency issuance in 2025, even as the volume of cash in circulation within the economy continued to increase.
According to its most recent financial reports, the total costs for currency issuance experienced a sharp decline from over GH¢1 billion in 2024 to GH¢471.4 million in 2025.
This adjustment stands out as one of the most remarkable operational cost changes within the Bank’s financial accounts.
The reduction was primarily influenced by a substantial decrease in direct production costs.
The expenses related to the printing of banknotes and the minting of coins decreased by 72%, dropping from GH¢986 million to GH¢277 million year-on-year.
This indicates a strategic reduction in the production of physical currency, likely due to enhanced inventory management, diminished replacement demand, or measures aimed at cost optimization.
Nevertheless, the overall cost structure presents a more complex picture. While production costs have decreased, various other operational categories have seen increases.
For example, agency fees experienced a slight rise to GH¢10.6 million, foreign currency import expenses grew from GH¢14.4 million to GH¢16.5 million, and miscellaneous currency-related costs surged significantly from GH¢14.6 million to GH¢183 million.
The substantial increase in these additional costs partially mitigates the benefits gained from the reduced expenses in printing and minting, highlighting ongoing challenges in currency management and logistics.
Despite the decrease in production costs, the demand for physical cash remained robust.
The amount of currency in circulation increased by approximately 17%, rising from GH¢71.6 billion in 2024 to GH¢83.8 billion in 2025.
The Bank of Ghana defines this figure as the total face value of banknotes and coins held by the public and financial institutions, excluding cash retained in its own vaults.
