The Bank of Ghana’s (BoG) 2022 annual report, indicates that the currency in circulation saw substantial growth, with a total of ¢35.584 billion in notes and ¢494.173 million in coins.
The 200 cedi note dominated the currency landscape, with about ¢9.8 billion in circulation during 2022, a notable increase from the ¢6.55 billion in 2021.
The 100 cedi note also experienced a surge, reaching ¢8.69 billion in circulation, compared to ¢4.31 billion in 2021.
Similarly, the 50 cedi note witnessed significant growth, totaling ¢7.70 billion in 2022, compared to ¢4.89 billion the previous year.
As for the 20 and 10 cedi notes, there were ¢5.13 billion and ¢2.69 billion respectively in circulation during 2021, showing a slight increase from ¢4.89 billion and ¢2.44 billion in the preceding year.
Regarding lower denominations, the 5, 2, and 1 cedi notes amounted to ¢1.32 billion, ¢7.6 million, and ¢141 million respectively.
In the coin category, the total amount in circulation was ¢494.17 million during 2022, representing a rise from the ¢365.11 million recorded in 2021.
The 50 Ghana pesewa coin led the way with the highest circulation at ¢199.81 million, closely followed by the 20 Ghana pesewa coin at ¢119.85 million.
The considerable growth in the currency during 2022 indicates that the government increased money printing during the year under review.