The growth in monetary aggregates moderated further in April 2026, largely reflecting the tight monetary policy stance.

According to the Bank of Ghana, the reserve money growth slowed significantly to 3.6% in April 2026, compared to 38% growth a year earlier.

Similarly, broad money supply expanded at a slower pace by 22.2%, down from 26.7% over the same period.

On the money market, interest rates on short-term instruments declined further, reflecting easing inflation expectations and the monetary policy stance.

The yields on the benchmark 91-day Treasury bill fell to 4.9% in April 2026, from 15.5% a year earlier. Similarly, the Ghana Reference Rate eased to 10.06% in April 2026, compared to 23.99% a year earlier. Also, the average bank lending rates declined to 16.3% from 27.4%.

In line with this, the private sector credit rebounded strongly in April, up by 28.7% in nominal terms.

This is compared with a 19.9% growth in April 2025.

In real terms, this represents a growth of 24.5% compared to a contraction of 1.1% over the same comparative period.