Ghana’s cost of printing money fell by more than half in 2025, even as cash in circulation expanded and a surge in ancillary expenses eroded most of the savings, according to the audited financial statements of the Bank of Ghana (BoG) released on April 30, 2026.
Total currency issuance costs dropped from GH¢1.01 billion in 2024 to GH¢471.4 million in 2025, a reduction of over 50% year-on-year. The primary driver was a steep fall in direct production costs, with banknote printing and coin minting expenses declining 72%, from GH¢986.9 million to GH¢277.6 million. The scale of the reduction points to significant operational adjustments, including possible improvements in currency inventory management, reduced replacement of worn notes, or broader efficiency measures within the BoG’s currency operations framework.
But the savings tell only part of the story. While production costs fell sharply, three other components of currency management moved in the opposite direction. Agency fees rose 24.4%, from GH¢8.5 million to GH¢10.6 million. Foreign currency import costs climbed 14.6%, from GH¢14.4 million to GH¢16.5 million. The most dramatic movement came under other currency expenses, which surged from GH¢14.6 million in 2024 to GH¢183 million in 2025, an extraordinary increase of approximately 1,154%. The nature of these costs suggests they may be one-off or restructuring-related, though the BoG’s accounts do not provide a detailed breakdown.
At the same time, demand for physical cash in the economy continued to grow. Currency in circulation rose approximately 17%, from GH¢71.6 billion in 2024 to GH¢83.8 billion in 2025, reflecting sustained reliance on cash transactions despite ongoing expansion of digital payment channels. The BoG defines currency in circulation as the total face value of banknotes and coins held by the public and financial institutions, net of cash retained in its own vaults.
The simultaneous fall in production costs and rise in circulating cash presents a nuanced picture. It suggests the central bank printed less, but Ghanaians were using more cash, possibly because existing notes remained in circulation longer or because inventory levels were managed more tightly.
The data also points to a broader structural shift underway in currency management. Non-production costs, including distribution logistics, service contracts, and foreign exchange-related operations, are emerging as the dominant cost drivers, overtaking the physical printing of money. This has implications for how the BoG plans future currency issuance, particularly as it balances cost efficiency with rising cash demand across the economy.
The BoG’s 2025 accounts, released after a one-month extension partly due to a change in external auditors, also revealed a net loss of GH¢15.6 billion and a negative equity position of GH¢35 billion for the year, driven largely by open market operations costs and exchange rate revaluation effects.
