Bank of Ghana Report shows over GHC300 million was used to print new cedi notes in 2019
- The Bank of Ghana spent GHC306 million to print new notes in 2019, its annual report has revealed
- The report also showed that the amount is a 108% increase from the 2018 expenditure on the notes
- The denomination which has the highest volume of circulation is the GHC50, followed by the GHC20 note
Our Manifesto: This is what YEN.com.gh believes in
Information available to YEN.com.gh shows that the Bank of Ghana (BoG) spent GHC306 million to print new Ghana cedi notes in 2019.
This represents a 108% increase from 2018 when GHC147 million was spent on printing new notes.
The BoG revealed in its 2019 annual report that GHC276 million was spent on the GHC200 notes while GHC149 million was spent on the GHC100 notes.
READ ALSO: Bank of Ghana reveals how 8 banks inconvenience customers
According to a report by thebftonline.com, GHC20.5 billion was spent on coins and notes in 2018, while GHC31.5 billion was spent on them a year later.
The report further revealed that there are more of the GHC50 notes in circulation than any other denomination.
It also indicated that over GHC5.9 billion of such notes are in circulation at the moment.
This, YEN.com.gh understands, is followed by the GHC20 denomination, of which over GHC5 billion is in circulation.
In November 2019, concerns were raised about the introduction of the new denominations, with analysts claiming it could trigger inflation.
BoG’s governor, Dr. Ernest Addison, has, however, defended the move, saying it was necessary for printing the new notes.
He stated that it was due to a consideration of a shift in demand for higher denomination notes as the GH¢50 and GH¢20 account for about 70 percent of the total demand.
YEN.com.gh earlier reported that US company, Crane Currency won the bid to design, print and supply Ghana’s new GH¢200 and GH¢100 banknotes introduced by the Bank of Ghana on November 29, 2019.
According to Graphic Business, Crane Currency was selected from a pool of competitors which included Dela Rue of UK, G&D of Germany, Canadian Banknote Company of Canada, Oberthur Fiduciaire SAS of France and Orell Füssli Security Printing Ltd of Switzerland.
Crane Currency is a world-renowned currency and security printing company that has been in the currency business for the past 200 years.
Graphic Business also noted that their sources did not reveal the cost or value of the contract.
READ ALSO: Bank of Ghana declares banks are well-positioned to withstand credit shocks
Enjoyed reading our story? Download YEN's news app on Google Playstore now and stay up-to-date with major Ghana news!
Bawumia fires Mahama - Stop embarrassing yourself; always check the data before you talk | #Yencomgh
Do you have a hot story or scandal you would like us to publish on YEN.com.gh? Please contact us on Facebook or Instagram now!
Source: YEN.com.gh
