要点
- 1. Broad money supply (M2+) growth decelerated to an annual 22.2 percent in April 2026.
- 2. The contribution of Net Foreign Assets dropped to minus 5.2 percent due to the Cedi's appreciation.
- 3. Net Domestic Assets' contribution to growth rose to 27.4 percent, offsetting the decline.
- 4. The banking sector's purchase of government bonds led domestic asset growth.
数字で見る
According to the May 2026 Monetary Policy Report of the Bank of Ghana, the annual growth in broad money supply (M2+) decelerated to 22.2 percent in April 2026, marking a significant slowdown compared to the same period of the previous year. This decline was primarily driven by a sharp drop in the contribution of Net Foreign Assets (NFA) to the money supply. The appreciation of the Cedi in 2025 affected this situation by reducing the local currency value of foreign currency-denominated assets.
In contrast, the contribution of Net Domestic Assets (NDA) to the money supply showed a strong increase, despite the negative values of the previous year. NDA's contribution to M2+ growth rose from minus 9.4 percent in April 2025 to 27.4 percent in April 2026. Domestic credit expansion in the banking sector was the main driving force behind this increase.
This positive outlook in NDA was mainly based on the increase in the Treasury's Net Claims on Government (NCG) and credit provided to the private sector. During this period, NCG's contribution to NDA growth rose from minus 14.5 percent a year ago to 15.5 percent. This indicates an increased demand by the banking sector for Ghana Government securities.
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よくある質問
- Q: What was Ghana's money supply growth in April 2026?
- A: Broad money supply (M2+) growth realized at an annual rate of 22.2 percent as of April 2026.
- Q: Why did liquidity growth slow down?
- A: The slowdown occurred as the decline in Net Foreign Assets (NFA) became the main factor, due to the Cedi's appreciation in 2025 and low external revenue inflows.
- Q: How did Net Domestic Assets (NDA) contribute to the money supply?
- A: NDA provided a strong positive growth contribution of 27.4 percent thanks to increased credit demand for government securities and the private sector.