Government spends GHC153 million on printing new Ghana Cedi notes in 2018

Government spends GHC153 million on printing new Ghana Cedi notes in 2018

- The central bank 2018 annual report has shown that the cost incurred in printing the Cedi notes is GHC 153 million

- The cost is 33% less that of 2017

- The BoG has spent in excess of GH¢776.2 million between 2012 and 2018 in printing Cedi notes

It has been revealed that the Bank of Ghana spent a sum of GHc153 million to print the country’s currency in 2018.

According to a report by Citi Business, the amount includes the actual cost of printing the legal tender and fees paid to the agency that supervised the printing process.

Also, the Central Bank said other currency expenses were incurred which totalled the GHc153 million spent to print the cedi notes.

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The above were contained in the Bank of Ghana’s 2018 annual report.

Giving a breakdown of the amount, the BoG’s report said the total cost of printing was around GH¢146.7 million.

The amount spent on agency fees was also GHc2 million, while more than GH¢4 million spent on other expenses.

Meanwhile, the GHc153 million was 33 percent lower than amount the Central Bank spent in 2017 to print the local currency.

In 2017, the BoG incurred a cost of GH¢224.7 million to print the country’s legal tender.

In a related development, earlier this year, the BoG issued an upgraded and security-enhanced banknotes of the Ghana Cedi.

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A statement from the Central Bank said the new banknotes will have enhanced security features in line with evolving changes in the technological. landscape.

It further stated that the exercise is meant to strengthen the currency against faking and counterfeits.

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