Omanghana
The Bank of Ghana (BoG) has recorded a dramatic reduction in the cost of printing banknotes, with expenditures falling from GH¢986.3 million in 2022 to GH¢277.2 million in 2023—a sharp decline of about 72%.
According to the Bank’s 2023 Annual Report, the drop was driven by a combination of strategic and cyclical factors, marking a significant shift from the unusually high spending recorded the previous year.
A major contributor to the 2022 spike was a one-off bulk re-stocking exercise. At the time, the central bank was forced to replace large volumes of worn-out currency that had remained in circulation longer than expected due to global supply chain disruptions during the COVID-19 pandemic.
With sufficient buffer stock built up in 2022, the Bank required far fewer printing orders in 2023, allowing costs to normalize. Improved inventory management has since reduced the urgency for large-scale currency replacement.
The BoG also attributes part of the decline to its continued push toward a cash-lite economy. The growing adoption of digital financial services—including mobile money platforms and the ongoing eCedi pilot—has helped stabilize demand for physical cash across Ghana.
The reduction in operational costs comes amid a broader financial recovery for the central bank. After posting a record loss of GH¢60.8 billion in 2022, largely driven by the government’s Domestic Debt Exchange Program, the Bank of Ghana rebounded to report a profit of GH¢13.1 billion in 2023.
The turnaround underscores the institution’s efforts to stabilize its finances while adapting to changing trends in currency usage and financial technology.
Source: Omanghana
