Money supply increases to 28.5% year-on-year in June 2026

In June 2026, the annual growth rate of the broad money supply (M2+) in Ghana reached 28.5%, a significant increase from the 15.6% growth observed in June 2025, according to data from the Bank of Ghana. The primary driver behind this substantial expansion was the notable increase in Net Foreign Assets (NFA), which constituted 14.8% of total liquidity growth, up from 9.5% a year earlier.

This surge in NFA growth was primarily fueled by a rise in foreign asset accumulation within the banking sector. Additionally, Net Domestic Assets (NDA) growth contributed 13.7% to M2+ growth, up from 6.1% the previous year, driven by increases in Net Claims on Government (NCG) and Claims on the Private Sector. The NCG contribution to NDA growth was particularly noteworthy, with a 4.9% increase compared to a negative 3.0% in the previous year.

This shift was influenced by heightened holdings of government securities by the banking sector and a notable rise in credit extended to the private sector. Furthermore, demand deposits saw a growth of 11.8% compared to 8.1% in the previous year, while foreign currency deposits contributed 5.9% to the money supply, marking a stark contrast to the previous year's negative 6.3% growth.

On the flip side, currency held outside banks decreased to 3.6% from 4.7% in June 2025, indicating a reduced demand for cash holdings. Savings and time deposits also contracted to 7.2% of M2+, down from 9.2% in June 2025.