Here is how much BoG spent in printing money for 2018

August 22, 2019 10:37 AM

The Bank of Ghana spent more than GHC153 million in 2018 to print the country’s legal tender, the cedi.

Cedi

According to the BoG’s 2018 annual report, the amount spent includes the actual cost of printing the cedi, fees paid to the agency that supervised the printing process as well as what the central bank describes as other currency expenses.

Even though the total cost of printing was around GHC146.7 million an amount of GHC2 million was paid as agency fees with more than GHC4 million spent on other expenses.

The total cost incurred last year was 33% lower than the GHC224.7 million cost the Bank of Ghana spent in 2017 to print the local currency.

Since 2012, the cost of printing the cedi has gone up from GHC7.4 million to about GHC146.7 million, representing a more than 1,880% growth over the period.

Cumulatively, between that period, the Bank of Ghana has spent more than GHC776.2 million in the actual cost of printing the cedi.

Meanwhile, agency fees paid during the period under review has gone up from GHC769,000 to about GHC2 million.

Magdalene Teiko Larnyoh A feminist at heart and a lover of art. She loves to write on business, politics and health.

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