He said that De La Rue is a security printing firm based in the United Kingdom.

In an interview with Graphic Online, Mr Asiedu-Mante said: “We have done with firms in Germany and France too; these are security printers and the cost is a huge one.”

He added that De La Rue print and charge in British pounds.

“It is because each banknote costs a lot of money. Think of it; the paper, the security features and the ink. A lot goes into it,” he added. 

He said the high cost involved in printing the money is the reason the BoG often educates the public on how to handle the notes to prevent regular printing for replacement of worn-out notes. 

He, therefore, urged the general public to handle the cedi notes well to help prolong their existence.

He further explained that apart from upgrade and replacement of worn-out notes that causes the printing of new notes, a government’s decision to spend more than it raises in revenues often also lead to printing of new money.

Known as deficit financing, the retired central bank deputy boss said whenever the government records a fiscal deficit, “it goes to the central bank to borrow for the government and that means putting extra money into circulation.”

“So, on those occasions, you get the central bank putting in money that is not necessarily due to the replacement of a deformed one or introduction of new features,” he added.

Commenting on the BoG’s plan to introduce upgraded cedi notes on May 6, 2019, Mr Asiedu-Mante said this is a necessary measure to help make it harder for persons and organisations to fake the currency.

He explained that the decision to allow the upgraded banknotes to co-circulate with existing ones was to ensure that the exercise does not cause “panic and havoc.”

“As soon as the old one gets to BoG, it will be withdrawn from circulation and the equivalent in the new one is brought out,” he said, adding that this should make it a seamless operation.