Liquidity slows down in first 4 months of 2026 - BoG
Bank of Ghana disclosed in April 2026 that the annual growth in broad money supply (M2+) moderated to 22.2% in April 2026, from 26.7% in April 2025. This reflected a slowdown in liquidity expansion relative to the corresponding period last year.
According to its May 2026 Monetary Policy Report (MPR), the moderation in broad money growth was largely driven by a significant decline in the contribution of Net Foreign Assets (NFA), which fell to negative 5.2% in April 2026 from a positive contribution of 36.1% in April 2025. This was partly offset by stronger growth in the Net Domestic Assets (NDA), which increased to 27.4% in April 2026 from negative 9.4% in April 2025. The stronger contribution of NDA was largely driven by increases in Net Claims on Government (NCG), Other Items net (OIN), and claims on the private sector. The contribution of NCG to NDA growth was 15.5% in April 2026, compared with a contribution of negative 14.5% in April 2025.
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Ghana's central bank has released its May 2026 Monetary Policy Report, detailing trends in the nation's money supply. The report indicates shifts in
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