The total amount of money in circulation in Ghana surged by over 60% in 2024, rising from GH₵44.5 billion in 2023 to GH₵71.6 billion by the end of December 2024.
This was disclosed in the Bank of Ghana’s 2024 Financial Statement, released on June 5, 2025.
The sharp increase, amounting to GH₵27.1 billion,n marks one of the most significant jumps in recent years.
While the Bank of Ghana has not offered a detailed explanation, the development has sparked debate among analysts, some of whom are questioning whether the rise reflects actual growth in economic activity or could fuel inflation and further pressure the Ghanaian cedi against the US dollar.
Denomination Breakdown
The report highlights that high-denomination banknotes continue to dominate currency circulation:
GH₵200 notes saw the most significant increase, with the total value in circulation rising from GH₵12.3 billion in 2023 to GH₵24.3 billion in 2024.
GH₵100 notes also saw an uptick, from GH₵14.5 billion to GH₵18.5 billion over the same period.
GH₵20 notes, however, remained unchanged at GH₵5 billion.
Rising Currency Management Costs
The cost of managing the national currency also rose sharply in 2024.
Currency Issue Expenses increased from GH₵688 million in 2023 to GH₵1 billion in 2024.
The cost of printing new notes and minting coins jumped from GH₵675 million to GH₵986 million.
The Bank spent GH₵14.4 million on importing foreign currency to meet market demand, a six-fold increase from GH₵2.6 million in 2023.
The central bank’s increased spending underscores the challenges of managing a growing cash-based economy amid persistent inflation and currency volatility.
While the full economic implications of the surge in money supply remain to be seen, observers are calling for greater transparency and a comprehensive policy response to ensure that the increase supports productive activity rather than drives inflation.