Audio By Carbonatix
The annual growth in broad money supply (M2+) increased to 28.5% in June 2026, from 15.6% in June 2025.
According to the Bank of Ghana, the increase in broad money growth was largely driven by a significant build-up in Net Foreign Assets (NFA), as well as growth in Net Domestic Assets (NDA).
In its July 2026 Monetary Policy Report, it said the contribution of NFA to total liquidity growth increased to 14.8% in June 2026 from 9.5% in June 2025, reflecting an increase in the rate of foreign asset accumulation in the banking sector during the period under review.
The contribution of NDA to M2+ growth also increased to 13.7% in June 2026, from 6.1% in June 2025. According to the Bank of Ghana, the stronger contribution of NDA in June 2026 was largely driven by increases in Net Claims on Government (NCG) and Claims on the Private Sector.
The contribution of NCG to NDA growth was 4.9% in June 2026, compared with negative 3.0% in June 2025. This reflected in part increased banking sector holdings of Government of Ghana (GoG) securities, while credit to the private sector (including public enterprises) also increased to 11.3%, from 2.1% during the review period.
In terms of the composition of M2+ growth, the contribution of demand deposits increased to 11.8% from 8.1% during the review period, consistent with continued deposit mobilisation by banks.
Similarly, foreign currency deposits (FCDs) contributed significantly to money supply growth, contributing 5.9% in June 2026, compared with negative 6.3% in June 2025, mainly driven by the discontinuation of the dual currency CRR policy.
In contrast, the contribution of currency outside banks declined to 3.6% from 4.7% in June 2025, reflecting subdued demand for cash holdings.
The contribution of savings and time deposits also declined to 7.2% from 9.2% over the same comparative period.
Latest Stories
-
Ghana secures African Telecommunications Union Council seat for 2027–2030 – Sam George
50 seconds -
Improved DStv packages still in force nearly a year on – Sam George
2 minutes -
Ghana opens continental market for local vaccine and drug manufacturers
3 minutes -
Fiifi Coleman to repackage ‘I Told You So’ for new movie
3 minutes -
Gov’t signs MoUs with 11 universities to embed digital certifications in degree programmes
6 minutes -
Sam George to chair AU ICT committee for two-years
9 minutes -
Ghana Post delivers 85,638 passports to homes in seven months – Sam George
21 minutes -
Government begins digitisation of 3.5 million public records – Sam George
23 minutes -
SIM registration biometric verification to begin before end of 2026 – Sam George
24 minutes -
Full Text: Sam George’s speech at Government Accountability Series
26 minutes -
One million coders programme records 141,954 registrations, 27,782 active learners
33 minutes -
Gov’t moves to upgrade rural 2G, 3G networks to 4G – Sam George
34 minutes -
Akaa Assembly Member appeals for telecom mast over poor network coverage
39 minutes -
Cybersecurity Authority responds to 3,363 incidents in six months – Sam George
40 minutes -
Ghanaians now get more data for less money- Sam George
41 minutes