The total amount of money in circulation increased significantly from GH₵44.5 billion in 2023 to GH₵71.6 billion by the end of December 2024.
This was captured in the 2024 Financial Statement of the Bank of Ghana (BoG) released on June 5, 2025.
The increase in money circulation in 2024 is more than 60 percent compared to the total amount of money in circulation in 2023, in the same period under review.
It is not clear for now what may have influenced the significant jump in the total amount of money in circulation.
Some analysts have also questioned if the amount is indeed equal to economic activities for last year, and its impact on inflation and the cedi’s depreciation against the US dollar.
Breakdown
In terms of notes denomination in circulation, the GH₵200 had the highest value, with circulation going up GH₵24.3 billion in 2024 from GH₵12.3 billion in 2023.
For the GH₵100 notes, the total value in circulation went up to GH₵18.5 billion in 2024 from GH₵14.5 billion in 2023
However, for the GH₵20 notes, the amount of money in circulation remain unchanged at GH₵5 billion.
Currency Issue Expenses
The statement showed that the amount of money that was spent by the Bank of Ghana to manage its currency in circulation, (Currency Issue Expenses) went up from GH₵688 million in 2023 to GH₵1 billion in 2024.
Total amount spent in printing new notes and minting of coins increased from GH₵675 million in 2023 to GH₵986 million in 2024.
The Bank of Ghana also spent GH₵14.4 million in 2024 to finance the importation of foreign currencies to meet the demands of commercial banks and businesses in the country. In 2023, the cost stood at GH₵2.6 million.
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