The total amount of money in circulation increased significantly from GH₵44 billion in 2023 to GH₵71 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 represents more than 60 percent compared to the total amount in 2023 for the same period.
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 whether the amount is indeed reflective of economic activity in 2024, and its potential impact on inflation and the cedi’s depreciation against the US dollar.
Breakdown
In terms of denomination, the GH₵200 note had the highest value in circulation, rising to GH₵24.3 billion in 2024 from GH₵12.3 billion in 2023.
For the GH₵100 notes, the total value in circulation increased to GH₵18.5 billion in 2024 from GH₵14.5 billion in 2023.
However, for the GH₵20 notes, the amount in circulation remained unchanged at GH₵5 billion.
Currency Issue Expenses
The statement showed that the amount spent by the Bank of Ghana to manage currency in circulation (Currency Issue Expenses) rose from GH₵688 million in 2023 to GH₵1 billion in 2024.
The total cost of printing new notes and minting coins increased from GH₵675 million in 2023 to GH₵986 million in 2024.
Additionally, the Bank of Ghana spent GH₵14.4 million in 2024 to finance the importation of foreign currencies to meet the demand of commercial banks and businesses, compared to GH₵2.6 million in 2023.