The growing abuse of Ghana's currency is placing an expensive burden on the state, with the country spending hundreds of millions of cedis to replace damaged banknotes that should have remained in circulation much longer, a new policy paper has warned.
The paper, authored by Banking and Corporate Governance Consultant Dr. Richmond Akwasi Atuahene, argues that the widespread mistreatment of cedi notes has evolved beyond poor public behaviour into a national economic challenge.
According to him, the cedi should be regarded as "legal tender, a public good and a symbol of national identity," rather than an object for celebration or decoration.
Social Habits Driving Economic Costs
Money bouquets, cash cakes, spraying notes at weddings and funerals, writing on banknotes and stapling them have become common features of social events across Ghana.
"It is common to see Ghanaians throw cedi notes in the air, step on them or paste them on other people while dancing," the paper states, adding that such practices significantly shorten the lifespan of the country's currency.
The financial consequences are substantial. The paper reveals that the Bank of Ghana spent GH¢986.88 million on printing currency in 2024, a sharp increase from GH¢354.53 million in 2023. Earlier data show the central bank spent GH¢337.50 million on printing currency in 2020, compared with GH¢306.20 million in 2019.
Dr. Atuahene argues that every prematurely damaged banknote must be sorted, destroyed and replaced, creating avoidable costs that are ultimately borne by taxpayers.
More Than a Legal Matter
Beyond the financial implications, the paper says damaged notes affect banking operations by disrupting cash handling and causing problems for Automated Teller Machines.
It also warns that the continued abuse of the cedi weakens public respect for one of the country's key national symbols.
While the Bank of Ghana has recently intensified public warnings, the paper recommends a broader national education campaign under the theme "Cedi Our Pride" alongside stronger enforcement of existing currency laws.
According to Dr. Atuahene, protecting the cedi is not solely the responsibility of the central bank.
"It is a shared civic obligation," the paper concludes, involving government, businesses, financial institutions and every Ghanaian.
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