What may appear to be a harmless tradition or social media trends at weddings, funerals and birthday celebrations is quietly costing Ghana hundreds of millions of cedis every year.
From spraying cedi notes on celebrants and turning cash into bouquets and decorative cakes to stapling, writing on and crumpling banknotes, this widespread abuse of Ghana’s currency is forcing the Bank of Ghana (BoG) to spend enormous sums replacing damaged notes and coins.
These are funds which could have been channeled to other productive sectors of the economy to drive growth, create jobs, and provide social services if Ghanaians took care of the currency.
According to banking and finance consultant Dr. Richmond Atuahene, the financial burden of replacing mutilated currency has become increasingly significant, especially as Ghana relies on foreign services to print and distribute currencies.
Nearly GH¢1 Billion Spent on Currency Production
According to Dr. Atuahene, the figures emanating from the replacement of the cedi paint a vivid picture of the scale of the problem.
Dr. Atuahene says the Bank of Ghana’s expenditure on printing banknotes and minting coins surged by 47% to GH¢986.88 million in 2024, up sharply from GH¢354.53 million in 2023.
He explains that the increase reflects rising demand for cash, inflationary pressures and the continuous replacement of worn-out and damaged notes circulating across the country.
The upward trend has been evident for years. Currency production costs climbed from about GH¢122 million in 2015 to over GH¢300 million in several subsequent years before reaching almost GH¢1 billion in 2024.
Dr. Atuahene noted that because Ghana does not print its banknotes locally, every damaged note carries an additional foreign exchange cost. The Bank of Ghana contracts specialised international security printing companies to produce the cedi, meaning higher replacement needs translate directly into larger payments abroad.
When Everyday Habits Become a National Cost
Dr. Atuahene argues that many of the ways Ghanaians handle money significantly shorten the lifespan of banknotes.
Practices such as spraying money at social events, stapling notes, making money bouquets, writing on currency, folding it excessively, and stepping on notes all contribute to premature deterioration.
Beyond replacement costs, damaged notes create operational challenges by jamming Automated Teller Machines, slowing cash processing and reducing the availability of clean notes, particularly in rural communities where cash remains the dominant means of payment.
For traders and market women, mutilated notes often become difficult to accept or circulate, disrupting day-to-day business. According to Dr. Atuahene, preserving the cedi is therefore not only an economic necessity but also a matter of national dignity.
BoG Tightens Enforcement
Realizing the ever-increasing cost of the abuse, the Bank of Ghana has stepped up efforts to protect the national currency, warning that converting cedi notes into money bouquets, cash towers and decorative gifts constitutes currency abuse punishable by law.
Under the Currency Act, damaging, defacing, stapling, tearing, writing on, or improperly handling legal tender is prohibited. The central bank has also reminded businesses that refusing to accept valid cedi coins, including the one pesewa through the GH¢2 coin, is an offence.
Dr. Atuahene believes enforcement alone will not solve the problem. He argues that lasting success will depend on sustained public education and a change in attitudes toward the cedi, stressing that every damaged banknote ultimately comes at a cost to taxpayers.
