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.
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