The growth of currency outside banks was strong in the last quarter of 2023, a reflection of an ease in inflation during the period.

The figures from the Central Bank indicated that the money supply remained virtually unchanged from January 2023 to September 2023.

According to the January 2024 Summary of Economic and Financial Data by the Bank of Ghana, the currency in circulation stood at the GH¢31.0 billion bracket between January 2024 and September 2023.

It stood at GH¢31.0 billion in January 2023 and February 2023 respectively. It however shot up marginally to GH¢31.2 billion in March 2023 and subsequently to GH¢31.3 billion in April 2023.

It dipped slightly to GH¢31.2 billion in June 2023 and GH¢31.1 billion in July 2023, but went up marginally in August 2023 (GH¢31.3 billion) and September 2023 (GH¢31.8 billion).

In October 2023, the growth of the money supply was GH¢33.3 billion. It then shot up to GH¢35.2 billion in November 2023 and GH¢37.6 billion in December 2023.

Demand deposits grew strongly in last quarter of 2023

Meanwhile, demand deposits, usually current and call accounts also grew strongly in the last quarter of 2023.

It stood at GH¢60.2 billion in January 2023, GH¢61.4 billion in February 2023, GH¢63.8 billion in March 2023, and GH¢66.2 billion in April 2023. It fell to GH¢64.9 billion in June 2023 but rose slightly to GH¢65.4 billion in July 2023.

In October 2023, the demand deposits stood at GH¢71.3 billion but went up to GH¢74.0 billion.

It subsequently surged to GH¢84.2 billion in December 2023.

The interest rates on demand deposits, however, remained flat at 2.63% in the first four months.

Growth of savings deposits strong in quarter 4, 2023

Similarly, the growth of savings deposits grew strongly in the final quarter of 2023.

It grew consecutively in the first quarter of 2023 and dipped slightly in April 2023. It stood at GH¢48.8 billion, GH¢51.3 billion, GH¢53.2 billion and GH¢53.0 billion in January 2023, February 2023, March 2023 and April 2023 respectively.

It remained virtually unchanged till October 2023 when it hit GH¢59.5 billion and then to GH¢61.3 billion in November 2023. It ended the year at GH¢63.6 billion (December 2023)

However, the interest rates on the savings products fell to 5.0% in June 2023 and remained the same from then onwards to December 2023. They were pegged at an average of 7.62% before June 2023.