Demand and savings deposits decreased in August 2026, but currency outside banks increased by 4%

The contribution of demand deposits, usually call and check accounts decreased to 7.8% in August 2026 from 10.6% in August 2025.

Similarly, the contribution of savings and time deposits declined to 7.0% from 7.3% over the same comparative period.

However, the contribution of foreign currency deposits (FCDs) to money supply growth increased significantly to 1.6% in August 2026, compared with negative 4.0% in August 2025.

According to the Bank of Ghana, this mainly reflected the effect of the discontinued dual currency Cash Reserve Ratio (CRR) policy.

Similarly, the contribution of currency outside banks increased to 4.0% in August 2026 from 2.7% in August 2025, reflecting increased demand for cash holdings.

Meanwhile, the annual growth in broad money supply (M2+) increased to 20.4% in August 2026, from 16.6% in August 2025.

The Bank of Ghana attributed the increase in broad money growth to a significant build-up in Net Domestic Assets (NDA), while growth in Net Foreign Assets (NFA) declined to moderate the growth in M2+.

The contribution of NFA to total liquidity growth decreased marginally to 7.2% in August 2026 from 8.8% in August 2025.

This reflects in the moderation in the rate of foreign asset accumulation in the banking sector during the period under review.