The Bank of Ghana (BoG) spent GHC337.5 million on printing currency notes in 2020, compared to GHC306.2 million in 2019, a 2020 annual report of the central bank has shown.
The annual report also showed that the BoG spent GHC7.9 million in 2020 on other currency management operations, against GHC3.9 million in 2019.
Overall, GHC23.3 billion was in circulation in 2020, compared to the roughly GHC16.2 billion in 2019.
In order to modernise currency operations and make movement of cash more secure and efficient, the central bank undertook a successful airlifting of currency in collaboration with the Ghana Air Force in December 2020.
The two parties agreed to work on the requisite standard operating procedures (SOPs) and memorandum of understanding, as well as the necessary logistics for regular operations involving the airlifting of currency.
The annual report says that the BoG also initiated a process to select a credible partner for the piloting of a central bank digital currency (CBDC) to enhance the payment ecosystem in the country.