Citi Business News has revealed the Bank of Ghana last year spent more than GH¢153 million to print the country’s legal tender, the cedi.
The website further added the central bank’s 2018 annual report stipulated the total cost of printing was around GH¢146.7 million while an amount of GH¢2 million was paid as agency fees with more than GH¢4 million spent on other expenses.
The cost incurred last year was 33 percent lower than the GH¢224.7 million cost the Bank of Ghana incurred in 2017 to print the local currency.
Since 2012, the cost of printing the legal tender has moved from GH¢7.4 million to about GH¢146.7 million, representing a more than 1,880 percent growth over the period.
Cumulatively, between that period, the Bank of Ghana has spent in excess of GH¢776.2 million in the actual cost of printing the cedi.
Meanwhile, agency fees paid during the period under review has gone up from GH¢769,000 to about GH¢2 million.
Citi Business News