The Bank of Ghana has reported a pronounced moderation in the expenditure associated with currency issuance, as total outlays declined markedly from figures exceeding one billion Ghana cedis in 2024 to approximately four hundred and seventy one million cedis in 2025.
This development is detailed in the central bank’s audited financial statements for the 2025 fiscal year, which present a comprehensive account of the institution’s operational costs and monetary activities. The disclosures indicate that the expenses tied specifically to the production of banknotes and the minting of coins registered a substantial contraction, decreasing from nine hundred and eighty six million cedis in 2024 to two hundred and seventy seven million cedis in 2025, reflecting a significant easing in direct production costs.
In contrast, payments made to external agencies experienced an upward adjustment, rising to ten point six million cedis during the period under review. Similarly, ancillary costs linked to currency management expanded considerably, advancing from fourteen point six million cedis in the preceding year to one hundred and eighty three million cedis in 2025, thereby partially offsetting the broader decline in core issuance expenditure.
The report further highlights a moderate increase in the cost of importing foreign currency, which climbed from fourteen point four million cedis in 2024 to sixteen point five million cedis in 2025, indicating incremental pressure from external currency procurement requirements.
At the same time, the volume of currency in circulation registered a gradual rise, moving from seventy one point six billion cedis in 2024 to eighty three point eight billion cedis in 2025. The central bank explains that this measure represents the aggregate value of banknotes and coins held by both the general public and financial institutions, calculated at their nominal worth.
The Bank of Ghana further clarifies that its financial obligation in respect of issued currency is determined as a net liability, derived after accounting for notes and coins retained within the institution’s own vaults, as outlined in its 2025 financial disclosures.
