Governor of the Bank of Ghana, Dr. Ernest Addison has said in the first four months of the year 2023, broad money supply recorded strong growth, driven an expansion in Net Domestic Assets of the depository corporation sector, largely on account of net claims on governmen Net Foreign Assets, on the other hand, contracted.
He said Annual growth in broad money supply was 45.6 percent in April 2023, compared with 19.9 percent growth in April 2022.
Speaking at a press conference on Monday, May 22, the Chairman of the MPC and Governor of the Bank of Ghana, Dr. Ernest Addison said the growth in M2+ reflected in all the components. Reserve money also grew by 46.5 percent year-on-year in April 2023, compared with 33.8 percent annual growth, a year earlier.
He added that Private sector credit generally slowed in line with the tight monetary policy stance, banks’ portfolio rebalancing after the domestic debt exchange and moderation in economic activity.
“Nominal growth in private sector credit eased to 19.8 percent in April 2023, relative to 26.5 percent growth recorded in April 2022. In real terms, private sector credit contracted by 15.2 percent compared with the 2.4 percent growth recorded over the same comparative period.”
Source: Mybrytfmonline/ Mensah Atakora
