Growth of currency outside banks remained relatively the same in the first four months of 2023, data from the Bank of Ghana has revealed.

This was higher than most parts of 2022.

The figures from the Central Bank indicate that money supply remained virtually unchanged from January 2023 to April 2023.

According to the May 2023 Summary of Economic and Financial Data by the Bank of Ghana, currency in circulation stood at ¢31.0 billion in January 2023 and remained the same in February 2023.

It however shot up marginally to ¢31.2 billion in March 2023 and subsequently to ¢31.3 billion in April 2023.

This probably suggested why inflation was higher during the period than the same period in 2022. Inflation in January 2022, February 2022, March 2022 and April 2022 stood at 13.9%, 15.7%, 19.4% and 23.6% respectively. This is against inflation in January 2023 (53.6%), February 2023 (52.8%), March 2023 (45.0%) and April 2023 (41.2%).

Demand deposits grew consistently in first 4-months

Meanwhile, demand deposits, usually current and call accounts grew consistently in the first four months of 2023.

It stood at ¢60.2 billion in January 2023, ¢61.4 billion in February 2023, ¢63.8 billion in March 2023 and ¢66.2 billion in April 2023.

The interest rates on demand deposits, however, remained flat at 2.62% in the first four months.

Also, the growth of savings deposits grew consecutively in the first quarter of 2023 and dipped slightly in April 2023. It stood at ¢48.8 billion, ¢51.3 billion, ¢53.2 billion and ¢53.0 billion in January 2023, February 2023, March 2023 and April 2023.

But the interest rates on the savings products were pegged at an average of 7.62% in January 2023 and February 2023.

The rates later took a nose dive in March 2023 and April 2023 to 6.25% respectively.