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+{"doc_id": "16c8634f0fea1d8839acc24b142b6c68", "text": "F \n \n \n \n \n \n \n \nBANK OF GHANA \nMONETARY POLICY REPORT \n \n \n \n \n \n \n \n \n \n \n \n \n \nJanuary 2025 \nThe Monetary Policy Report highlights the economic and financial sector assessments that the Monetary Policy \nCommittee (MPC) considered prior to the policy decision during the 122nd meeting held in January 2025. \nMonetary Policy Objective in Ghana \nThe primary objective of the Bank of Ghana is to ensure stability in the general level of prices which has been \ndefined as maintaining inflation over the medium term, within a band of 8± 2 percent. Without limiting the primary \nobjective, the Bank is also expected to support the general economic policy of the government, promote economic \ngrowth and development, foster the effective and efficient operation of the banking and credit system; and \ncontribute to the promotion and maintenance of financial stability. \n \nMonetary Policy Strategy \nTo achieve the objective of price stability, Bank of Ghana was granted operational independence to use whichever \npolicy tools it sees appropriate to stabilise inflation around the target band. The Bank of Ghana’s framework for \nconducting monetary policy is Inflation Targeting (IT), in which the central bank uses the Monetary Policy Rate \n(MPR) as the primary policy tool to set the monetary policy stance and anchor inflation expectations in the \neconomy. \n \nThe MPC Process \nThe MPC is a statutorily constituted body established by the Bank of Ghana (Amendment) Act, Act 2016 (Act 918) \nto formulate monetary policy. The MPC consists of seven members – five from the Bank of Ghana (including the \nGovernor who is the Chairman) and two external members appointed by the Board of the Bank. The MPC meeting \ndates are determined at the beginning of each year. The MPC meets bi-monthly to assess economic conditions \nand risks to the inflation outlook, after which a policy decision is made on positioning the MPR. Each decision \nsignals a monetary policy stance of tightening (increase), easing (decrease) or no change (stay put). The policy \ndecision is arrived at by consensus with each member stating reasons underlying a preferred MPR decision. \nSubsequently, the decision is announced at a press conference held after each MPC meeting and a press release \nissued to financial markets and the public. \n \n©Research Department, Bank of Ghana MPC Report – January 2025 \nwww.bog.gov.gh \nPUBLIC \n1 \n \n \nTable of Contents \nOVERVIEW .......................................................................................................................................................... 2 \n1. GLOBAL ECONOMIC DEVELOPMENTS .................................................................................................. 3 \n1.0 HIGHLIGHTS ................................................................................................................................................. 3 \n1.1 GLOBAL GROWTH DEVELOPMENTS ............................................................................................................ 3 \n1.2 GLOBAL PRICE DEVELOPMENTS ................................................................................................................. 4 \n1.3 GLOBAL FINANCIAL MARKETS DEVELOPMENTS ........................................................................................ 5 \n1.4 CURRENCY MARKETS .................................................................................................................................. 6 \n1.5 GLOBAL ECONOMIC OUTLOOK AND RISKS ................................................................................................. 9 \n2. EXTERNAL SECTOR DEVELOPMENTS ..................................................................................................10 \n2.0 HIGHLIGHTS ................................................................................................................................................10 \n2.1 COMMODITY PRICE TRENDS ......................................................................................................................10 \n2.2 TRADE BALANCE .........................................................................................................................................11 \n2.3 CURRENT ACCOUNT ....................................................................................................................................12 \n2.4 CAPITAL AND FINANCIAL ACCOUNTS .........................................................................................................12 \n2.5 INTERNATIONAL RESERVES ........................................................................................................................12 \n2.6 EXTERNAL SECTOR OUTLOOK ...................................................................................................................12 \n3. REAL SECTOR DEVELOPMENTS .............................................................................................................14 \n3.0 HIGHLIGHTS ................................................................................................................................................14 \n3.1 ECONOMIC GROWTH ..................................................................................................................................14 \n3.2 TRENDS IN REAL SECTOR INDICATORS ......................................................................................................14 \n3.3 LABOUR MARKET ACTIVITY ......................................................................................................................16 \n3.4 COMPOSITE INDEX OF ECONOMIC ACTIVITY ............................................................................................16 \n3.5 CONSUMER AND BUSINESS SURVEYS ..........................................................................................................16 \n4. MONETARY AND FINANCIAL DEVELOPMENTS .................................................................................20 \n4.0 HIGHLIGHTS ................................................................................................................................................20 \n4.1 DEVELOPMENTS IN MONETARY AGGREGATES ..........................................................................................20 \n4.2 RESERVE MONEY ........................................................................................................................................21 \n4.3 DEPOSIT MONEY BANKS CREDIT DEVELOPMENTS ....................................................................................22 \n4.4 MONEY MARKET DEVELOPMENTS .............................................................................................................23 \n4.5 STOCK MARKET DEVELOPMENTS ..............................................................................................................24 \n4.6 CONCLUSION ...............................................................................................................................................25 \n5. BANKING SECTOR DEVELOPMENTS .....................................................................................................26 \n5.0 HIGHLIGHTS ................................................................................................................................................26 \n5.1 BANKS’ BALANCE SHEET ............................................................................................................................26 \n5.2 CREDIT RISK ...............................................................................................................................................29 \n5.3 FINANCIAL SOUNDNESS INDICATORS .........................................................................................................30 \n5.4 CREDIT CONDITIONS SURVEY ....................................................................................................................33 \n5.5 CONCLUSION AND OUTLOOK ......................................................................................................................34 \n6. PRICE DEVELOPMENTS .............................................................................................................................35 \n6.0 HIGHLIGHTS ................................................................................................................................................35 \n6.1 DOMESTIC INFLATION ................................................................................................................................35 \n6.2 INFLATION RISK ASSESSMENT AND OUTLOOK ..........................................................................................36 \nAPPENDIX ......................................................................................................................................................38 \nPUBLIC \n2 \n \n \nOverview \n \n \nThe momentum in global economic growth observed at the beginning of 2024 was sustained throughout the \nyear. The January 2025 World Economic Outlook (WEO) report indicates an upward revision in growth from 3.2 \npercent in the October 2024 WEO to 3.3 percent. The better-than-expected global growth outturn in 2024 was \nprimarily due to strong growth in the US, a pickup of economic activity in China, and stability in Emerging Market \nEconomies, which together offset weaker growth in the Euro Area. Global growth is expected to remain stable in \n2025, underpinned by low inflation, steady employment growth and a supportive monetary policy stance. \n \nGlobal inflation continued its downward trend throughout 2024, as most central banks moved closer to \ntheir targets. The ease in inflationary pressures was largely supported by subdued crude oil prices and the gains \nfrom tighter monetary policy stances adopted earlier. However, there are signs of underlying inflationary pressures \nin the services sector and tight labour market conditions. In the outlook, global headline inflation is forecast to \ndecline further in 2025 and 2026 as core inflation trends down, mainly from slower wage growth. \n \nGlobal financial conditions eased somewhat in late 2024 but remained restrictive. Policy rates globally have \nremained restrictive due to slower-than-expected disinflation in some regions, surging long-term bond yields in \nadvanced economies, and increasing uncertainty surrounding changes to US trade and immigration policies. \nLooking ahead, financial conditions are expected to ease gradually as policy stances become more accommodative \nand inflation cools off in the United States and in the Euro Area. \n \nOn the domestic front, economic activity was stronger, with higher-than-projected growth in the first three \nquarters of 2024. The latest data from the Ghana Statistical Service showed that real GDP expanded at an annual \nrate of 6.3 percent during the first three quarters of 2024, relative to 2.6 percent during the corresponding period \nin 2023. Non-oil GDP grew by 6.2 percent, from 3.3 percent over the corresponding period last year. The strong \ngrowth outturn was mainly driven by gold production in the industry sector. \n \nPrice developments in 2024 indicated a slowdown in the disinflation process, resulting mainly from food \nprice pressures. At the beginning of the year, inflation rose from 23.2 percent in December 2023 to 25.8 percent \nin March 2024. Thereafter, it declined steadily to 20.4 percent in August, but has since risen to 23.8 percent in \nDecember 2024, primarily due to food price increases. \n \nThe external sector position improved significantly in 2024 on account of an increased trade surplus and \nlower capital outflows. The current account recorded a provisional surplus of US$3.8 billion, compared with a \nsurplus of US$1.4 billion in 2023, driven mainly by higher gold and crude oil exports, as well as strong remittance \ninflows. Gross International Reserves (GIR) increased to a stock position of US$8.98 billion at the end of 2024 \nand was enough to cover 4.0 months of imports, exceeding targets under the IMF programme \n \nThe banking sector continues to be profitable, well-capitalized and liquid. Assets of the banking sector grew \nby 33.8 percent in 2024. Capital Adequacy Ratio (CAR) with reliefs grew marginally to 14.0 percent in December \n2024 from 13.9 percent in December 2023. However, CAR without reliefs rose to 11.3 percent in December 2024, \nhigher than the 8.3 percent recorded in December 2023. Profits went up in 2024 relative to 2023, but the pace of \ngrowth slowed, resulting in the moderation of profitability indicators during the period. In the outlook, elevated \ncredit risk remained the main upside risk to the banking sector. The industry’s Non-Performing Loans (NPL) ratio \nincreased to 21.8 percent in December 2024, from 20.6 percent in December 2023. \nPUBLIC \n3 \n \n \n1. Global Economic Developments \n \n1.0 Highlights \nGlobal growth has remained robust, supported by the recovery of real incomes amid an ongoing process \nof disinflation. The policy-easing cycle initiated by major central banks in Advanced Economies (AEs), \nin response to declining inflation rates, has generally supported growth. While global growth is expected \nto remain steady at 3.2 percent for 2024 and 2025, potential challenges such as the lagged effects of \npast policy tightening, persistent geopolitical tensions and a resurgence of trade protectionist policies \npresent downside risks to the outlook. Global inflation continues to moderate, primarily driven by lower \nenergy inflation, easing labour cost pressures and the lagged effects of past monetary policy tightening. \n \n1.1 Global Growth Developments \nGlobal growth is expected to remain stable in 2025, underpinned by rising real incomes, steady \nemployment growth and less restrictive monetary policy. However, there are notable divergence across \ncountries. Strong economic activity in the US will be offset by weaker activity in the Euro Area. Growth \nprojections for the Euro Area are premised on persistent weakness in the manufacturing sector, on the \nback of waning export demand and elevated interest rates. Growth is expected to remain steady in \nEmerging Markets and Developing Economy (EMDEs), supported by global monetary easing, \nrecovering real incomes and improving domestic demand. \n \nThe IMF projects the global economy to grow by 3.3 percent in both 2025 and 2026. This represents an \nupward revision of 0.1 percentage points, backed by stronger activity in the US, reflecting resilience in \nconsumption and the labour market. In the outlook, risks to growth remain tilted to the downside. A \nsurge in trade restrictions could lower investment, distort trade flows, and disrupt supply chains. \nHeightened geopolitical tensions could disrupt global trade and commodity markets. Also, inflation \ncould prove more persistent than expected if trade policy shifts cause prices to rise and services inflation \nremains elevated. Again, growth in major economies such as the US could be weaker than expected if \ntrade protectionism increases sharply and labour markets cool more quickly than envisaged. \nPUBLIC \n4 \n \n \nTable 1.1: Global Growth Projections (%) \nOverview of the World Economic Outlook Projections \n(Percent change) \n2024 \nProjections \n2025 \n2026 \nWorld \n3.2 \n3.3 \n3.3 \nAdvanced Economies \n1.7 \n1.9 \n1.8 \nUnited States \n2.8 \n2.7 \n2.1 \nEuro Area \n0.8 \n1.0 \n1.4 \nGermany \n–0.2 \n0.3 \n1.1 \nFrance \n1.1 \n0.8 \n1.1 \nItaly \n0.6 \n0.7 \n0.9 \nSpain \n3.1 \n2.3 \n1.8 \nJapan \n–0.2 \n1.1 \n0.8 \nUnited Kingdom \n0.9 \n1.6 \n1.5 \nCanada \n1.3 \n2.0 \n2.0 \nOther Advanced Economies \n2.0 \n2.1 \n2.3 \nEmerging Market and Developing Economies \n4.2 \n4.2 \n4.3 \nChina \n4.8 \n4.6 \n4.5 \nIndia \n6.5 \n6.5 \n6.5 \nRussia \n3.8 \n1.4 \n1.2 \nBrazil \n3.7 \n2.2 \n2.2 \nMexico \n1.8 \n1.4 \n2.0 \nSub-Saharan Africa \n3.8 \n4.2 \n4.2 \nNigeria \n3.1 \n3.2 \n3.0 \nSouth Africa \n0.8 \n1.5 \n1.6 \nSource: IMF, WEO October 2024, Update \n \n \n \n1.2 Global Price Developments \nGlobal inflation continued its downward trend on the back of falling commodity prices and lagged \neffects of policy tightening. In terms of major commodities, oil prices remained subdued in 2024 amid \nample supply and weakening global demand. There were renewed oil price pressures at the start of 2025 \non supply concerns on the back of a temporary rollover of existing OPEC+ production curbs, increased \noil demand due to colder weather in the US and Europe, and renewed sanctions on Russia’s oil market. \nHowever, global food prices have declined, with the FAO Food Price Index dipping by 0.5 percent in \nDecember 2024, reflecting ample supply and weaker demand. Furthermore, underlying inflation has \ncontinued to decline but at a slower pace, reflecting the persistence in services price inflation. \n \nIn the outlook, global headline inflation is forecast to decline further in 2025 and 2026, driven by cooling \ncore inflation, as services demand moderates due to easing labour markets and slower wage growth. \nConsistent with this, inflation expectations over the short and medium term are broadly unchanged with \nlong-term inflation expectations remaining well anchored. \nPUBLIC \n5 \n \n \nFigure 1.1: Headline Inflation Rates (%) \nSource: Bank of Gana, /Trading Economics \n \n \n1.3 Global Financial Markets Developments \nGlobal financial conditions tightened in late 2024 in EMDEs amid slower-than-expected disinflation in \nsome regions, uncertainty about shifting US trade policies, and moderating expectations for future US \npolicy rate cuts. There has been a divergence in policy decisions across central banks, reflecting \ndifferences in the pace of disinflation. Despite ongoing rate cuts, long-term nominal bond yields in \nadvanced economies have risen sharply due to the resilience of the US economy and rising uncertainty \nassociated with policies of the new administration. The heightened uncertainty is weighing on equity \nprices and affecting investor sentiment toward EMDEs, leading to fluctuations in portfolio inflows. \n \nIn the outlook, financial conditions are expected to ease gradually over the course of 2025. Monetary \npolicy in the US is expected to become gradually less restrictive as inflation continues to moderate. In \nthe Euro Area, real policy rates are likely to become somewhat accommodative by the end of 2025, \nreflecting a more subdued economic outlook. However, there are risks on the horizon including the fact \nthat the US long-term bond yields continue to increase sharply amid resilient economic activity. Also, \nrising uncertainty associated with intensifying protectionist policies and geopolitical conflicts could \nforce central banks to slow the pace of policy easing. \nPUBLIC \n6 \n \n \nTable 1.2: Monetary Policy Stance of Selected Central Banks \nCountry \nPolicy rate - \nPrevious (%) \nPolicy Rate \nCurrent (%) Forecast \nInflation \nNovember, \n2024 \nInflation \nDecember, 2024 \nReal rate \nInfl Target \nOverall \nFiscal \nDeficit \n(2023,% \nof GDP) \nGDP Growth \n(Dec.2023) \nGross \nDebt/GDP(2 \n023,%) \nYTD \nDepr/15th Jan \n2025 \nU.S \n4.75 \n4.50 \n4.5 \n2.7 \n2.9 \n1.6 \n2% \n-7.1 \n2.9 \n118.7 \nEuro Area \n3.40 \n3.15 \n2.90 \n2.2 \n2.4 \n0.75 \n< 2% \n-3.6 \n0.4 \n87.8 \n-0.62 \nUK \n4.75 \n4.75 \n4.75 \n2.6 \n2.5 \n2.3 \n2% \n-6 \n0.3 \n100.0 \n-2.19 \nJapan \n0.25 \n0.25 \n0.50 \n2.9 \n-2.65 \n2% \n-4.2 \n1.7 \n249.7 \n0.47 \nRussia \n21.0 \n21.0 \n23 \n8.9 \n9.5 \n11.5 \n4% \n-2.3 \n-8.3 \n-7.6 \n3.6 \n19.7 \n10.68 \nIndia \n6.50 \n6.50 \n6.5 \n5.48 \n5.22 \n1.28 \n4±2% \n8.2 \n83 \n-0.87 \nBrazil \n11.25 \n12.25 \n12.75 \n4.42 \n4.76 \n7.49 \n4.5±1.5% \n2.9 \n84.7 \n2.67 \nTurkey \n50.0 \n47.5 \n47.5 \n47.09 \n44.38 \n3.12 \n5±2% \n-5.3 \n5.1 \n29.3 \n-0.27 \nMalaysia \n3.0 \n3.0 \n3.0 \n1.8 \n1.2 \n3% - 4% \n-4.4 \n3.6 \n69.8 \n-0.60 \nIndonesia \n6 \n5.75 \n6.25 \n1.55 \n1.6 \n4.18 \n3.5% ± 1% \n-1.6 \n5 \n39.6 \n-1.19 \nChile \n5.25 \n5.0 \n5.0 \n4.2 \n4.5 \n0.5 \n3±1% \n-2.3 \n0.2 \n39.4 \nGhana \n27.0 \n27.0 \n27 \n23 \n23.8 \n3.2 \n8±2% \n-3.6 \n2.9 \n82.9 \n-1.01 \nSouth Africa \n8.0 \n7.75 \n7.75 \n2.9 \n4.9 \n3% -6% \n-5.8 \n0.7 \n73.4 \n0.32 \nNigeria \n27.25 \n27.5 \n27.25 \n34.6 \n34.8 \n-7.3 \n6% -9% \n-4.2 \n2.9 \n46.4 \n-0.60 \nKenya \n12.0 \n11.25 \n12.0 \n2.8 \n3.0 \n8.25 \n2.5-7.5% \n-5.8 \n5.6 \n73.1 \n0.02 \nZambia \n13.5 \n14.0 \n14.5 \n16.5 \n16.7 \n-2.7 \n6%-8% \n-6.5 \n5.4 \n127.3 \n0.08 \nMorocco \n2.75 \n2.5 \n2.75 \n0.8 \n1.7 \n-4.3 \n3 \n69.5 \n0.54 \nAngola \n19.5 \n19.5 \n19.5 \n28.4 \n27.5 \n-8 \n9-11% \n-1.9 \n1.0 \n73.7 \n0.07 \nEgypt \n27.25 \n27.25 \n27.25 \n25.5 \n24.1 \n3.15 \n7± 2% \n-5.8 \n3.8 \n95.9 \n0.79 \nSource: Growth Rate (World Bank); Debt/GDP (IMF) Policy Rates (Trading Economics) \n \n \n1.4 Currency Markets \nOn the international currency market, the US dollar extended its appreciation to early 2025 amid \nresilient economic activity and increasing global uncertainty with regards to US trade policies and \ngeopolitics. The stronger dollar is expected to put pressure on EMDE currencies. \n \nIn the interbank market, the cedi has made some gains in recent months on the back of increased Bank \nof Ghana’s support from the gold purchase programme, remittances and mining inflows and to some \nextent, the IMF inflows. The cedi will likely make some gains from the easing of election-related \ndemand, continuing reserve build-up and positive sentiment from the recent successful payments of \nrestructured debt. However, heightened global uncertainty may rally the dollar, which could weigh on \nthe Ghana cedi. \n \nIn the interbank market, the cedi depreciated by 19.2 percent, 17.8 percent and 13.7 percent against the \ndollar, the pound and the euro, respectively, on a year-to-date basis. This is against depreciations of \n27.8 percent, 31.9 percent and 30.3 percent, respectively, during the same period in 2023. Also, the \ncedi was relatively more volatile during the first 10 transaction days in 2025 than during the same period \nin 2024. \nPUBLIC \n7 \n \n \nTable 1.3: Interbank Exchange Rates \nUS$/GHC* \nMonthly \nYear-to-Date \ndepreciation/ap depreciation/ap \npreciation \npreciation \nGBP/GHC* \nMonthly \nYear-to-Date \ndepreciation/ap depreciation/a \npreciation \nppreciation \nEuro/GHC* \nMonthly \nYear-to-Date \ndepreciation/ap depreciation/ap \npreciation \npreciation \n2022 \nJan \n6.0236 \n-0.3 \n-0.29 \n8.0882 \n0.5 \n0.48 \n6.7506 \n1.1 \n1.15 \nFeb \n6.6004 \n-8.7 \n-9.00 \n8.8568 \n-8.7 \n-8.24 \n7.4100 \n-8.9 \n-7.85 \nMar \n7.1122 \n-7.2 \n-15.55 \n9.3515 \n-5.3 \n-13.09 \n7.8986 \n-6.2 \n-13.55 \nApr \n7.1128 \n0.0 \n-15.56 \n8.9333 \n4.7 \n-9.02 \n7.4963 \n5.4 \n-8.91 \nMay \n7.1441 \n-0.4 \n-15.93 \n9.0041 \n-0.8 \n-9.74 \n7.6650 \n-2.2 \n-10.92 \nJune \n7.2305 \n-1.2 \n-16.93 \n8.8043 \n2.3 \n-7.69 \n7.5797 \n1.1 \n-9.92 \nJuly \n7.6120 \n-5.0 \n-21.10 \n9.2642 \n-5.0 \n-12.27 \n7.7658 \n-2.4 \n-12.07 \nAug \n8.2325 \n-7.5 \n-27.04 \n9.5872 \n-3.4 \n-15.23 \n8.2909 \n-6.3 \n-17.64 \nSep \n9.6048 \n-14.3 \n-37.47 \n10.7017 \n-10.4 \n-24.06 \n9.4147 \n-11.9 \n-27.47 \nOct \n13.0086 \n-26.2 \n-53.83 \n14.9541 \n-28.4 \n-45.65 \n12.8610 \n-26.8 \n-46.91 \nNov \n13.1044 \n-0.7 \n-54.17 \n15.6919 \n-4.7 \n-48.21 \n13.5813 \n-5.3 \n-49.72 \nDec \n8.5760 \n52.8 \n-29.97 \n10.3118 \n52.2 \n-21.19 \n9.1457 \n48.5 \n-25.34 \n2023 \nJan \n10.7997 \n-20.6 \n-20.59 \n13.2863 \n-22.4 \n-22.39 \n11.7262 \n-22.0 \n-22.01 \nFeb \n11.0135 \n-1.9 \n-22.13 \n13.3699 \n-0.6 \n-22.87 \n11.7182 \n0.1 \n-21.95 \nMar \n11.0137 \n0.0 \n-22.13 \n13.6218 \n-1.8 \n-24.30 \n11.9657 \n-2.1 \n-23.57 \nApr \n10.9516 \n0.6 \n-21.69 \n13.7624 \n-1.0 \n-25.07 \n12.0876 \n-1.0 \n-24.34 \nMay \n10.9715 \n-0.2 \n-21.83 \n13.5888 \n1.3 \n-24.12 \n11.6978 \n3.3 \n-21.82 \nJune \n10.9972 \n-0.2 \n-22.02 \n13.9879 \n-2.9 \n-26.28 \n12.0073 \n-2.6 \n-23.83 \nJuly \n11.0034 \n-0.1 \n-22.06 \n14.1482 \n-1.1 \n-27.12 \n12.1272 \n-1.0 \n-24.59 \nAug \n11.0192 \n-0.1 \n-22.17 \n13.9514 \n1.4 \n-26.09 \n11.9473 \n1.5 \n-23.45 \nSep \n11.1285 \n-1.0 \n-22.94 \n13.5935 \n2.6 \n-24.14 \n11.7774 \n1.4 \n-22.35 \nOct \n11.4963 \n-3.2 \n-25.40 \n13.9399 \n-2.5 \n-26.03 \n12.1438 \n-3.0 \n-24.69 \nNov \n11.6206 \n-1.1 \n-26.20 \n14.6821 \n-5.1 \n-29.77 \n12.6756 \n-4.2 \n-27.85 \nDec \n11.8800 \n-2.2 \n-27.81 \n15.1334 \n-3.0 \n-31.86 \n13.1264 \n-3.4 \n-30.33 \n2024 \nJan \n12.0356 \n-1.3 \n-1.29 \n15.3027 \n-1.1 \n-1.11 \n13.0547 \n0.5 \n0.55 \nFeb \n12.4642 \n-3.4 \n-4.69 \n15.8022 \n-3.2 \n-4.23 \n13.5234 \n-3.5 \n-2.94 \nMar \n12.8770 \n-3.2 \n-7.74 \n16.2617 \n-2.8 \n-6.94 \n13.9031 \n-2.7 \n-5.59 \nApr \n13.2739 \n-3.0 \n-10.50 \n16.6243 \n-2.2 \n-8.97 \n14.1900 \n-2.0 \n-7.50 \nMay \n14.1301 \n-6.1 \n-15.92 \n17.9996 \n-7.6 \n-15.92 \n15.3345 \n-7.5 \n-14.40 \nJune \n14.5860 \n-3.1 \n-18.55 \n18.4375 \n-2.4 \n-17.92 \n15.6270 \n-1.9 \n-16.00 \nJuly \n14.9009 \n-2.1 \n-20.27 \n19.1305 \n-3.6 \n-20.89 \n16.1065 \n-3.0 \n-18.50 \nAug \n15.1899 \n-1.9 \n-21.79 \n19.9261 \n-4.0 \n-24.05 \n16.7828 \n-4.0 \n-21.79 \nSep \n15.8000 \n-3.9 \n-24.81 \n21.1823 \n-5.9 \n-28.56 \n17.6108 \n-4.7 \n-25.46 \nOct \n16.3000 \n-3.1 \n-27.12 \n20.9700 \n1.0 \n-27.83 \n17.6992 \n-0.5 \n-25.84 \nNov \n15.2700 \n6.7 \n-22.20 \n19.3592 \n8.3 \n-21.83 \n16.1291 \n9.7 \n-18.62 \nDec \n14.7000 \n3.9 \n-19.18 \n18.4008 \n5.2 \n-17.76 \n15.2141 \n6.0 \n-13.72 \nSource: Bank of Ghana Staff Calculations \n \nIf we consider our major trade partners’ currency movements, then the cedi depreciated by 17.5 percent \nin nominal trade weighted terms and 23.1 percent in forex transaction weighted terms on a year-to-date \nbasis in December 2024. This is against depreciations of 42.5 percent and 39.0 percent in nominal trade \nweighted terms and nominal foreign exchange transaction weighted terms over the same period in 2023. \n \nTable 1.4: Nominal Effective Exchange Rate \n \nMonth \n2021=100 \nFXTWI \nTWI \nMonthly CHG(%) \nFXTWI \nTWI \nYear-to-Date \nFXTWI \n(%) \nTWI \n2023 \nJan-23 \n53.91 \n58.69 \n-26.12 \n-27.59 \n-26.12 \n-27.59 \nFeb-23 \n53.00 \n58.90 \n-1.72 \n0.35 \n-28.29 \n-27.15 \nMar-23 \n52.87 \n57.65 \n-0.25 \n-2.17 \n-28.60 \n-29.90 \nApr-23 \n53.09 \n57.14 \n0.40 \n-0.89 \n-28.09 \n-31.05 \nMay-23 \n53.12 \n58.45 \n0.07 \n2.25 \n-28.00 \n-28.11 \nJun-23 \n52.89 \n57.30 \n-0.43 \n-2.02 \n-28.55 \n-30.69 \nJul-23 \n52.82 \n56.85 \n-0.14 \n-0.78 \n-28.74 \n-31.71 \nAug-23 \n52.82 \n57.46 \n-0.01 \n1.06 \n-28.75 \n-30.32 \nSep-23 \n52.44 \n58.22 \n-0.71 \n1.30 \n-29.67 \n-28.62 \nOct-23 \n50.77 \n56.37 \n-3.30 \n-3.29 \n-33.94 \n-32.85 \nNov-23 \n50.07 \n54.33 \n-1.39 \n-3.75 \n-35.80 \n-37.83 \nDec-23 \n48.92 \n52.54 \n-2.36 \n-3.41 \n-39.01 \n-42.52 \n2024 \nJan-24 \n48.36 \n52.70 \n-1.15 \n0.30 \n-1.15 \n0.30 \nFeb-24 \n46.71 \n50.96 \n-3.54 \n-3.42 \n-4.73 \n-3.11 \nMar-24 \n45.22 \n49.38 \n-3.30 \n-3.20 \n-8.18 \n-6.41 \nApr-24 \n43.91 \n48.38 \n-2.97 \n-2.06 \n-11.40 \n-8.60 \nMay-24 \n41.18 \n44.77 \n-6.63 \n-8.05 \n-18.78 \n-17.35 \nJun-24 \n39.94 \n43.83 \n-3.11 \n-2.16 \n-22.48 \n-19.88 \nJul-24 \n39.05 \n42.49 \n-2.28 \n-3.14 \n-25.27 \n-23.65 \nAug-24 \n38.23 \n40.96 \n-2.14 \n-3.76 \n-27.95 \n-28.29 \nSep-24 \n36.72 \n39.07 \n-4.12 \n-4.82 \n-33.23 \n-34.47 \nOct-24 \n35.68 \n38.67 \n-2.91 \n-1.03 \n-37.10 \n-35.86 \nNov-24 \n38.18 \n42.26 \n6.55 \n8.49 \n-28.12 \n-24.33 \nDec-24 \n39.74 \n44.70 \n3.93 \n5.46 \n-23.09 \n-17.54 \nSource: Bank of Ghana Staff Calculations \nNote: TWI and FXTWI are index measures of the value, in nominal terms, of the cedi relative to Ghana’s top three \ntrading currencies: the euro, the pound and the US dollar. \nPUBLIC \n8 \n \n \nIn real bilateral terms, the cedi depreciated by 2.8 percent and 0.7 percent against the dollar and pound \nsterling, respectively, but appreciated by 4.0 percent against the euro on a year-to-date basis in \nDecember 2024. Comparatively, for the corresponding period in 2023, the cedi’s real exchange rate \ndepreciated by 16.2 percent, 23.2 percent and 19.4 percent against the dollar, pound sterling and euro, \nrespectively, over the same period in 2023. \n \nTable 1.5: Real Bilateral Exchange Rate \nMonth \nRER Index (Jan.2021=100) \nEUR \nGBP \nUSD \nMONTHLY CHANGE (Index) \nEUR \nGBP USD \nYear-to-Date (%) \nEUR \nGBP USD \n2023 \nJan-23 \n91.29 \n89.44 \n81.79 \n-25.37 \n-25.51 \n-24.79 \n-25.37 \n-25.51 -24.79 \nFeb-23 \n92.93 \n90.51 \n81.24 \n1.75 \n1.19 \n-0.68 \n-23.17 \n-24.03 -25.63 \nMar-23 \n88.73 \n86.44 \n79.97 \n-4.73 \n-4.70 \n-1.59 \n-28.99 \n-29.86 -27.64 \nApr-23 \n89.30 \n86.33 \n81.93 \n0.64 \n-0.14 \n2.39 \n-28.25 \n-28.48 -24.59 \nMay-23 \n96.24 \n90.58 \n85.45 \n7.23 \n4.71 \n4.15 \n-18.91 \n-23.90 -19.42 \nJun-23 \n96.86 \n91.24 \n87.72 \n0.65 \n0.72 \n2.58 \n-18.16 \n-23.03 -16.36 \nJul-23 \n99.54 \n93.88 \n90.62 \n2.69 \n2.81 \n3.21 \n-14.98 \n-19.58 -12.63 \nAug-23 \n100.03 \n94.40 \n89.89 \n0.49 \n0.55 \n-0.81 \n-14.42 \n-18.92 -13.55 \nSep-23 \n103.16 \n98.44 \n90.45 \n3.03 \n4.11 \n0.62 \n-10.95 \n-14.04 -12.84 \nOct-23 \n100.32 \n96.19 \n88.09 \n-2.84 \n-2.33 \n-2.68 \n-14.10 \n-16.70 -15.87 \nNov-23 \n98.42 \n93.25 \n88.67 \n-1.93 \n-3.15 \n0.65 \n-16.30 \n-20.38 -15.11 \nDec-23 \n95.90 \n91.11 \n87.82 \n-2.62 \n-2.35 \n-0.96 \n-19.35 \n-23.21 -16.22 \n2024 \nJan-24 \n98.89 \n92.57 \n87.94 \n3.02 \n1.57 \n0.14 \n3.02 \n1.57 \n0.14 \nFeb-24 \n96.51 \n90.72 \n85.73 \n-2.46 \n-2.03 \n-2.58 \n0.63 \n-0.43 \n-2.44 \nMar-24 \n93.63 \n88.07 \n83.15 \n-3.08 \n-3.01 \n-3.11 \n-2.43 \n-3.45 \n-5.63 \nApr-24 \n93.00 \n87.65 \n81.79 \n-0.68 \n-0.59 \n-1.66 \n-3.13 \n-4.06 \n-7.38 \nMay-24 \n88.40 \n82.92 \n79.12 \n-5.20 \n-5.59 \n-3.38 \n-8.49 \n-9.88 \n-11.01 \nJun-24 \n89.04 \n83.17 \n78.84 \n0.73 \n0.30 \n-0.34 \n-7.70 \n-9.54 \n-11.39 \nJul-24 \n88.04 \n81.90 \n78.66 \n-1.14 \n-1.56 \n-0.24 \n-8.93 \n-11.25 -11.66 \nAug-24 \n83.90 \n77.84 \n76.56 \n-4.93 \n-5.21 \n-2.74 \n-14.30 \n-17.05 -14.71 \nSep-24 \n82.36 \n75.56 \n75.54 \n-1.89 \n-3.02 \n-1.35 \n-16.44 \n-20.59 -16.26 \nOct-24 \n82.09 \n76.12 \n73.76 \n-0.33 \n0.74 \n-2.41 \n-16.82 \n-19.69 -19.07 \nNov-24 \n92.79 \n84.37 \n80.80 \n11.53 \n9.77 \n8.71 \n-3.36 \n-8.00 \n-8.70 \nDec-24 \n99.88 \n90.44 \n85.41 \n7.10 \n6.72 \n5.40 \n3.98 \n-0.74 \n-2.82 \nSource: Bank of Ghana Staff Calculations \n \nTable 1.6 shows the real effective exchange rate movements of the cedi against the three major \ncurrencies (i.e., US dollar, the euro and the pound). The cedi appreciated by 2.7 percent in real trade \nweighted terms and depreciated by 2.2 percent in real forex transaction weighted terms on a year-to- \ndate basis in December 2024. This compares with depreciations of 19.3 percent and 16.6 percent for the \nsame period in 2023. \nPUBLIC \n9 \n \n \nTable 1.6: Real Effective Exchange Rate for Major Trade Partners \nINDEX (2021=100) \nRFXTWI \nRTWI \nMONTHLY CHG \nRFXTWI \nRTWI \nYear-to-Date \nRFXTWI \n(%) \nRTWI \n2023 \nJan-23 \n82.64 \n89.80 \n-24.85 \n-25.31 \n-24.85 \n-25.31 \nFeb-23 \n82.26 \n91.00 \n-0.46 \n1.32 \n-25.43 \n-23.66 \nMar-23 \n80.74 \n87.31 \n-1.88 \n-4.23 \n-27.79 \n-28.88 \nApr-23 \n82.59 \n88.02 \n2.24 \n0.81 \n-24.92 \n-27.85 \nMay-23 \n86.39 \n94.24 \n4.39 \n6.58 \n-19.43 \n-19.43 \nJun-23 \n88.46 \n95.09 \n2.34 \n0.92 \n-16.62 \n-18.34 \nJul-23 \n91.34 \n97.80 \n3.16 \n2.77 \n-12.95 \n-15.06 \nAug-23 \n90.72 \n98.12 \n-0.68 \n0.32 \n-13.73 \n-14.69 \nSep-23 \n91.53 \n100.94 \n0.88 \n2.80 \n-12.73 \n-11.47 \nOct-23 \n89.14 \n98.22 \n-2.68 \n-2.77 \n-15.75 \n-14.56 \nNov-23 \n89.47 \n96.60 \n0.37 \n-1.68 \n-15.32 \n-16.49 \nDec-23 \n88.49 \n94.36 \n-1.11 \n-2.37 \n-16.60 \n-19.25 \n2024 \nJan-24 \n88.83 \n96.79 \n0.39 \n2.51 \n0.39 \n2.51 \nFeb-24 \n86.63 \n94.48 \n-2.54 \n-2.44 \n-2.14 \n0.13 \nMar-24 \n84.01 \n91.66 \n-3.12 \n-3.07 \n-5.33 \n-2.94 \nApr-24 \n82.71 \n90.91 \n-1.56 \n-0.83 \n-6.98 \n-3.80 \nMay-24 \n79.87 \n86.61 \n-3.56 \n-4.96 \n-10.79 \n-8.95 \nJun-24 \n79.67 \n87.09 \n-0.25 \n0.55 \n-11.06 \n-8.35 \nJul-24 \n79.40 \n86.18 \n-0.34 \n-1.06 \n-11.44 \n-9.50 \nAug-24 \n77.13 \n82.34 \n-2.95 \n-4.65 \n-14.73 \n-14.59 \nSep-24 \n76.04 \n80.81 \n-1.43 \n-1.90 \n-16.37 \n-16.77 \nOct-24 \n74.41 \n80.39 \n-2.19 \n-0.51 \n-18.91 \n-17.37 \nNov-24 \n81.73 \n90.33 \n8.95 \n11.00 \n-8.27 \n-4.46 \nDec-24 \n86.54 \n96.97 \n5.56 \n6.84 \n-2.24 \n2.69 \nSource: Bank of Ghana Staff Calculations \n \n \n1.5 Global Economic Outlook and Risks \nThe Committee noted that global economic conditions broadly improved in 2024. Global inflationary \npressures eased gradually over the period, which has led to an easing monetary policy stance across \nseveral countries. Consequently, global financial conditions are expected to ease gradually as policy \nstances become more accommodative and inflation targets in Advanced Economies are met and \nexpectations anchored. These conditions are expected to result in improvements in investor sentiments \ntowards emerging market and developing economies. On top of the projected steady growth for 2025, \nthe international markets have priced in a much stronger US economy stemming from the policies to be \nimplemented by the new US administration. This has already instigated a stronger US dollar with \nimplications for emerging markets and developing economies, including Ghana. Complementary fiscal \nand monetary policies will therefore have to be carefully set to prevent spillovers to the Ghanaian \neconomy \nPUBLIC \n10 \n \n \n \n \n2. External Sector Developments \n \n2.0 Highlights \nThe country’s external sector improved further in 2024, ending the year with a strong current account \nsurplus. This development reflected higher gold export receipts, improved remittance flows, lower \ncapital outflows and higher foreign direct investment (FDI) flows and official disbursements. The robust \nperformance of the external sector was supported by policies such as the Domestic Gold Purchase \nProgramme, reforms in the remittances ecosystem, the debt standstill, and adherence to the IMF \nprogramme, which helped to improve the capital and financial account. \n \n2.1 Commodity Price Trends \nPrices of Ghana’s primary exports (cocoa, gold, and crude oil) recorded a mixed performance on the \ninternational commodities market in December 2024. Cocoa prices shot up by 34.1 percent to \nUS$10,869.14 per tonne in December 2024, from US$8,105.0 per tonne in November 2024, on the back \nof reduced supplies in top-producers (such as Cote d’Ivoire) due to the adverse weather conditions. \nCompared to a year earlier, cocoa prices have soared by 156.6 percent, mainly due to bad weather \nconditions, black pod disease and inadequate fertilizers, which have combined to weaken supply. \n \nCrude oil prices, on the other hand, moderated by 0.2 percent to settle at an average of US$73.18 per \nbarrel in December 2024, from US$73.36 per barrel in November 2024, due to easing concerns over \nsupply risks and the prospects of increased supply in 2025. Compared to a year earlier, crude oil prices \ndipped by 5.3 percent, mainly due to weak demand from China. \n \nSimilarly, gold prices softened by 0.4 percent to US$2,41.45 per fine ounce in December 2024 from \nUS$2,651.70 per fine ounce in November 2024, owing to the strengthening of the US dollar. Compared \nto a year earlier, gold prices increased by 30.0 percent in December 2024, from US$2,035.43 per fine \nounce in December 2023. \n \n2.1.1 Commodity Price Index \nThe weighted average price of the three major commodities exported by Ghana (cocoa, gold, and crude \noil) increased in the month of December 2024. The index edged up to 220.71 in December 2024, from \n199.74 in the previous month, representing an uptick of 10.5 percent. The increase was on account of \nthe spike in the cocoa sub-index, while the gold and crude oil sub-indices moderated during the period \nunder review. The cocoa sub-index increased sharply by 34.1 percent in December 2024, while the \ncrude oil and gold sub-indices declined by 0.2 percent and 0.4 percent, respectively. \nPUBLIC \n11 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n2.2 Trade Balance \nGhana’s trade balance recorded a strong surplus in 2024, increasing by 84.8 percent to US$4.98 billion \nin December 2024 from US$2.69 billion in December 2023. The improved trade surplus stemmed from \na higher increase in exports relative to imports. Total exports increased by 21.1 percent to US$20.22 \nbillion, largely driven by a robust increase in gold exports, supported by a marginal pickup in crude oil \nexports, while cocoa exports slumped. \n \nThe value of gold exports rose by 53.2 percent to US$11.64 billion on account of increases in both the \nvolume and price of gold. The volume of gold exports increased by 23.7 percent to 5.10 million fine \nounces, largely on the back of increased output from the responsible and regulated small-scale gold \nmines, coupled with the sustained output of the large-scale mines. The volume of gold export by small- \nscale miners increased by 28.6 percent to 2.0 million ounces, while large scale gold production rose by \n20.7 percent to 3.1 million ounces. The average realized price for gold also increased by 23.8 percent \nto US$2,282.6 per fine ounce in December 2024 compared to US$1,843.1 per fine ounce in December \n2023. Earnings from crude oil exports recorded a modest increase of 0.9 percent to US$3.87 billion, \ndue to a 3.3 percent increase in the volume of production, particularly from the Jubilee field, while the \nprice fell by 2.4 percent to US$79.8 per barrel. \n \nIn contrast, cocoa exports (beans and products) dropped by 21.2 percent to US$1.70 billion in December \n2024, from US$2.15 billion in 2023. The sharp drop in the value of cocoa exports reflected the \nchallenges in the cocoa sector, including extreme weather conditions, diseases and smuggling. \nSimilarly, “other exports”, including non-traditional exports, declined by 3.2 percent to US$3.01 billion, \nfrom US$3.11 billion during the same review period in 2023. \nFigure 2.1: International Cocoa Prices (US$/metric tonnes) \nFigure 2.1: International Cocoa Prices (US$/metric tonnes) \n13,000.00 \n \n11,000.00 \n \n9,000.00 \n \n7,000.00 \n \n5,000.00 \n \n3,000.00 \n \n1,000.00 \n \n \n \n \nSource: Reuters \nFigure 2.2: International Brent Crude Oil Prices (US$ per barrel) \nFigure 2.2: International Brent Crude Oil Prices (US$ per barrel) \n140.00 \n \n120.00 \n \n100.00 \n \n80.00 \n \n60.00 \n \n40.00 \n \n20.00 \n \n- \n \n \n \nSource: Reuters \nFigure 2.4: Commodity Price Index \nFigure 2.4: Commodities Price Index \n240.00 \n \n \n \n220.00 \n \n200.00 \n \n180.00 \n \n160.00 \n \n140.00 \n \n120.00 \n \n \n \n \n \n \n \n \n \n \n \n \nSource: BOG Staff Computations \nFigure 2.3: International Gold Prices (US$ per ounce) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nSource: Reuters \nJan-18 \nJan-18 \nFeb-18 \nFeb-18 \nMar-18 \nMar-18 \nApr-18 \nApr-18 \nMay-18 \nMay-18 \nJun-18 \nJun-18 \nJul-18 \nJul-18 \nAug-18 \nAug-18 \nSep-18 \nSep-18 \nOct-18 \nOct-18 \nNov-18 \nNov-18 \nDec-18 \nDec-18 \nJan-19 \nJan-19 \nFeb-19 \nFeb-19 \nMar-19 \nMar-19 \nApr-19 \nApr-19 \nMay-19 \nMay-19 \nJun-19 \nJun-19 \nJul-19 \nJul-19 \nAug-19 \nAug-19 \nSep-19 \nSep-19 \nOct-19 \nOct-19 \nNov-19 \nNov-19 \nDec-19 \nDec-19 \nJan-20 \nJan-20 \nFeb-20 \nFeb-20 \nMar-20 \nMar-20 \nApr-20 \nApr-20 \nMay-20 \nMay-20 \nJun-20 \nJun-20 \nJul-20 \nJul-20 \nAug-20 \nAug-20 \nSep-20 \nSep-20 \nOct-20 \nOct-20 \nNov-20 \nNov-20 \nDec-20 \nDec-20 \nJan-21 \nJan-21 \nFeb-21 \nFeb-21 \nMar-21 \nMar-21 \nApr-21 \nApr-21 \nMay-21 \nMay-21 \nJun-21 \nJun-21 \nJul-21 \nJul-21 \nAug-21 \nAug-21 \nSep-21 \nSep-21 \nOct-21 \nOct-21 \nNov-21 \nNov-21 \nDec-21 \nDec-21 \nJan-22 \nJan-22 \nFeb-22 \nFeb-22 \nMar-22 \nMar-22 \nApr-22 \nApr-22 \nMay-22 \nMay-22 \nJun-22 \nJun-22 \nJul-22 \nJul-22 \nAug-22 \nAug-22 \nSep-22 \nSep-22 \nOct-22 \nOct-22 \nNov-22 \nNov-22 \nDec-22 \nDec-22 \nJan-23 \nJan-23 \nFeb-23 \nFeb-23 \nMar-23 \nMar-23 \nApr-23 \nApr-23 \nMay-23 \nMay-23 \nJun-23 \nJun-23 \nJul-23 \nJul-23 \nAug-23 \nAug-23 \nSep-23 \nSep-23 \nOct-23 \nOct-23 \nNov-23 \nNov-23 \nDec-23 \nDec-23 \nJan-24 \nJan-24 \nFeb-24 \nFeb-24 \nMar-24 \nMar-24 \nApr-24 \nApr-24 \nMay-24 \nMay-24 \nJun-24 \nJun-24 \nJul-24 \nJul-24 \nAug-24 \nAug-24 \nSep-24 \nSep-24 \nOct-24 \nOct-24 \nNov-24 \nNov-24 \nDec-24 \nDec-24 \nOct-19 \nNov-19 \nDec-19 \nJan-20 \nFeb-20 \nMar-20 \nApr-20 \nMay-20 \nJun-20 \nJul-20 \nAug-20 \nSep-20 \nOct-20 \nNov-20 \nDec-20 \nJan-21 \nFeb-21 \nMar-21 \nApr-21 \nMay-21 \nJun-21 \nJul-21 \nAug-21 \nSep-21 \nOct-21 \nNov-21 \nDec-21 \nJan-22 \nFeb-22 \nMar-22 \nApr-22 \nMay-22 \nJun-22 \nJul-22 \nAug-22 \nSep-22 \nOct-22 \nNov-22 \nDec-22 \nJan-23 \nFeb-23 \nMar-23 \nApr-23 \nMay-23 \nJun-23 \nJul-23 \nAug-23 \nSep-23 \nOct-23 \nNov-23 \nDec-23 \nJan-24 \nFeb-24 \nMar-24 \nApr-24 \nMay-24 \nJun-24 \nJul-24 \nAug-24 \nSep-24 \nOct-24 \nNov-24 \nFeb-18 \nMar-18 \nApr-18 \nMay-18 \nJun-18 \nJul-18 \nAug-18 \nSep-18 \nOct-18 \nNov-18 \nDec-18 \nJan-19 \nFeb-19 \nMar-19 \nApr-19 \nMay-19 \nJun-19 \nJul-19 \nAug-19 \nSep-19 \nOct-19 \nNov-19 \nDec-19 \nJan-20 \nFeb-20 \nMar-20 \nApr-20 \nMay-20 \nJun-20 \nJul-20 \nAug-20 \nSep-20 \nOct-20 \nNov-20 \nDec-20 \nJan-21 \nFeb-21 \nMar-21 \nApr-21 \nMay-21 \nJun-21 \nJul-21 \nAug-21 \nSep-21 \nOct-21 \nNov-21 \nDec-21 \nJan-22 \nFeb-22 \nMar-22 \nApr-22 \nMay-22 \nJun-22 \nJul-22 \nAug-22 \nSep-22 \nOct-22 \nNov-22 \nDec-22 \nJan-23 \nFeb-23 \nMar-23 \nApr-23 \nMay-23 \nJun-23 \nJul-23 \nAug-23 \nSep-23 \nOct-23 \nNov-23 \nDec-23 \nJan-24 \nFeb-24 \nMar-24 \nApr-24 \nMay-24 \nJun-24 \nJul-24 \nAug-24 \nSep-24 \nOct-24 \nNov-24 \nDec-24 \nPUBLIC \n12 \n \n \nTotal imports, on the other hand, rose by 8.8 percent to US$15.24 billion in 2024, from US$14.01 billion \nin the corresponding period of 2023, due to a pick-up in non-oil imports, while oil imports remained \nbroadly unchanged. Non-oil imports increased by 12.9 percent to US$10.76 billion, whereas oil imports \nremained flat at US$4.48 billion during the period under review. \n \n2.3 Current Account \nThe current account recorded a surplus of US$3.55 billion in 2024, representing a sharp increase of \n152.0 percent over the surplus of US$1.41 billion recorded in 2023. The higher current account surplus \ncame on the back of the improved trade surplus and higher remittance inflows. Net remittance flows for \nthe review period increased by 34.1 percent to US$5.42 billion in 2024, from US$4.04 billion in 2023. \nNet investment income payment and payment for services, however, increased by 44.0 percent and 14.9 \npercent, respectively, to US$3.0 billion and US$3.85 billion in the same reference period. \n \n2.4 Capital and Financial Accounts \nThe capital and financial account for 2024 showed a significantly lower net outflow of US$588.0 \nmillion, from US$733.0 million in the corresponding period of 2023. The lower net capital outflows \ncame on the back of higher government loan disbursements, reduced amortizations, and lower portfolio \noutflows. \n \nPortfolio outflows, on net basis, amounted to US$39.0 million in December 2024, compared to \nUS$261.0 million in the same period in 2023, representing a decline of 85.0 percent. Government loan \namortization was also lower at US$388.0 million in December 2024, from US$575.0 million in \nDecember 2023, on account of the debt standstill. Meanwhile disbursements, largely from the IMF and \nthe World Bank, increased by 72.5 percent to US$2.51 billion, from US$1.45 billion in December 2023. \nSimilarly, net foreign direct investment (FDI) showed an inflow of US$1.74 billion in 2024, an increase \nof 32.7 percent from the US$1.31 billion recorded in the same period of 2023. “Other capital”, including \nprivate capital, recorded a higher net outflow of US$2.67 billion, compared to an outflow of US$1.78 \nbillion in the corresponding period of 2023. \n \nThe current account surplus, together with the reduced capital outflows, resulted in an overall Balance \nof Payments (BOP) surplus of US$3.06 billion in 2024, compared to a surplus of US$518.0 million for \nthe same period in 2023. \n \n2.5 International Reserves \nGross International Reserves (GIR) increased to a stock position of US$8.98 billion at the end of \nDecember 2024, equivalent to 4.0 months of imports cover. Net International Reserves (NIR) also \nincreased by US$3.18 billion to US$6.38 billion at end-December 2024. Under the IMF programme, \nthere has been a reserve accumulation of US$1.89 billion at the end-December 2024, well above the \nend year target of US$908 million. The higher build-up in the GIR was largely on account of the strong \nperformance of the Domestic Gold Purchase Programme. \n \n2.6 External Sector Outlook \nInitial baseline projections suggest a favourable outlook for the external sector in 2025. The improved \nperformance is projected to be driven by strong performance in the gold sector, higher remittance flows, \nand high commodity prices. The sector is projected to improve further on the back of commitment to \nimplement policies and reforms under the IMF programme, which will help restore investor confidence \nand improve FDI flows. \nPUBLIC \n13 \n \n \nThe outlook for the prices of Ghana’s major export commodities remains mixed. Cocoa prices have \npicked up in the first few weeks of 2025 and are projected to maintain the upward trajectory as supply \nconstraints persist, amid concerns about low production from the adverse weather outlook, illegal \nmining activities and pest attacks on the bean in West Africa. The outlook for crude oil prices is expected \nto remain pressured in 2025, with expectation of low demand from China and excess supply due to US \ngovernment’s policies on crude oil. Gold prices are projected to remain supported as a safe haven in \n2025, on the back of pessimism about geopolitical developments including possible trade tensions \nemanating from the expected increase in US tariffs and continuous government buying. For 2025, the \nbalance of payments surplus recorded in 2024 is projected to improve, driven by increased exports, \nstronger remittance growth, and lower government external payments. \n \nTable 2.1: Trade Balance (US$ million) \n \n2020 \nJan - Oct \n2022 \nJan - Dec \n \n2023 \nJan - Dec \n \n2024 \nJan - Dec \n \nAbs Y/Y \nChg \n \nRel Y/Y \nChg \nTrade Balance ( $'M) \n417.5 \n2,654.7 \n2,694.5 \n4,980.4 \n2,285.8 \n84.8 \nTrade Bal (% GDP) \n0.6 \n3.6 \n3.5 \n5.9 \n2.7 \n0.1 \nTotal Exports ( $'M) \n417.5 \n17,275.9 \n16,703.0 \n20,221.6 \n3,518.6 \n21.1 \nGold ( $'M) \n0.0 \n6,608.4 \n7,600.8 \n11,641.3 \n4,040.5 \n53.2 \nVolume (fine ounces) \n3,778,128.5 \n4,123,865.3 \n5,099,947.3 \n976,082.0 \n23.7 \nUnit Price ($/fine ounce) \n1,749.1 \n1,843.1 \n2,282.6 \n439.5 \n23.8 \nCocoa Beans ( $'M) \n0.0 \n1,329.1 \n1,360.0 \n750.1 \n-610.0 \n-44.8 \nVolume (tonnes) \n537,849.2 \n538,906.3 \n258,472.8 \n-280,433.5 \n-52.0 \nUnit Price ($/tonne) \n2,471.2 \n2,523.7 \n2,901.9 \n378.2 \n15.0 \nCocoa Products ( $'M) \n0.0 \n970.6 \n792.4 \n946.1 \n153.7 \n19.4 \nVolume (tonnes) \n316,034.4 \n240,896.4 \n192,429.1 \n-48,467.3 \n-20.1 \nUnit Price ($/tonne) \n3,071.0 \n3,289.4 \n4,916.4 \n1,627.0 \n49.5 \nCrude Oil ( $'M) \n0.0 \n5,428.6 \n3,837.3 \n3,870.2 \n32.9 \n0.9 \nVolume (barrels) \n54,184,879.0 \n46,922,278.0 \n48,492,752.0 \n1,570,474.0 \n3.3 \nUnit Price ($/bbl) \n100.2 \n81.8 \n79.8 \n-2.0 \n-2.4 \nOther Exports \n417.5 \n2,939.2 \n3,112.4 \n3,014.0 \n-98.5 \n-3.2 \no/w Non-Tradional Exports \n349.0 \n2,429.7 \n2,384.1 \n2,285.2 \n-98.9 \n-4.1 \nTotal Import ( $'M) \n0.0 \n14,621.2 \n14,008.5 \n15,241.2 \n1,232.7 \n8.8 \nNon-Oil \n9,994.6 \n9,533.2 \n10,759.5 \n1,226.3 \n12.9 \nOil and Gas \n4,626.6 \n4,475.3 \n4,481.7 \n6.5 \n0.1 \nof which: Products \n4,444.5 \n3,948.0 \n4,073.3 \n125.3 \n3.2 \nCrude Oil ( $'M) \n53.1 \n158.3 \n232.8 \n231.6 \n-1.3 \n-0.5 \nVolume (barrels) \n843,770 \n23.85 \n294.47 \n176.89 \n-117.6 \n-39.9 \nUnit Price ($/bbl) \n62.9 \n231,644 \n3,506,662 \n2,256,104 \n-1,250,557.8 \n-35.7 \nGas ( $'M) \n28 \n102.96 \n83.97 \n78.41 \n-5.6 \n-6.6 \nVolume (MMBtu) \n3,805,828 \n158.30 \n232.84 \n231.58 \n-1.3 \n-0.5 \nUnit Price ($/mmBtu) \n7 \n20,115,626 \n26,890,896 \n26,973,752 \n82,856.8 \n0.3 \nSource: Bank of Ghana \nPUBLIC \n14 \n \n \n3. Real Sector Developments \n \n3.0 Highlights \nEconomic activity for the first three quarters of 2024 was robust, with a higher-than-projected growth \noutturn. Growth in the fourth quarter of 2024 was also expected to remain firm. This is supported by \nthe latest high frequency real sector indicators, which point to a sustained pickup in economic activity \nin November 2024. Consumer and business confidence also increased, in line with improving \nmacroeconomic conditions. \n \n3.1 Economic Growth \nThe latest data from the Ghana Statistical Service showed that real GDP expanded at an annual rate of \n6.3 percent during the first three quarters of 2024, relative to 2.6 percent during the corresponding period \nin 2023. Non-oil GDP also grew by 6.2 percent from 3.3 percent over the same comparative period. \nThe strong growth outturn was mainly driven by gold production in the industry sector. \n \nFigure 3.1: Quarterly Oil and Non-Oil GDP Growth (%) \nSource: Ghana Statistical Service \n \n3.2 Trends in Real Sector Indicators \n \nConsumer Spending \nConsumer spending, proxied by domestic VAT collections and retail sales, posted a mixed performance \nin November 2024, compared with the corresponding period in 2023. Domestic VAT collections \ndeclined by 19.2 percent on a year-on-year basis to GH¢1.60 billion, from GH¢1.98 billion. \nCumulatively, total domestic VAT for the first eleven months of 2024 went up by 20.7 percent to \nGH¢15.48 billion, compared with GH¢12.83 billion for the corresponding period of 2023. \n \nRetail sales increased by 64.6 percent (year-on-year) to GH¢317.86 million in November 2024, up from \nthe GH¢193.12 million recorded in the same period in 2023. On a month-on-month basis, retail sales \nimproved by 32.6 percent in November 2024, from GH¢239.65 million in the preceding month. In \ncumulative terms, retail sales for the first eleven months of 2024 went up by 31.6 percent. The relative \nPUBLIC \n15 \n \n \nimprovement in retail sales, year-on-year, was due to increased household consumption during the \nreview period. \n \nManufacturing Activities \nActivities in the manufacturing sub-sector, gauged by trends in the collection of direct taxes and private \nsector workers’ contributions to the Social Security and National Insurance Trust (SSNIT) Pension \nScheme (Tier-1), posted a mixed performance in November 2024. Total direct taxes collected decreased \nby 19.9 percent (year-on-year) to GH¢4.71 billion in November 2024, relative to GH¢5.88 billion \nrecorded in a similar period in 2023. Cumulatively, total direct taxes collected for the first eleven months \nof 2024 went up by 34.5 percent to GH¢59.74 billion, from GH¢44.43 billion for the same period in \n2023. In terms of contributions of the various sub-tax categories, income tax (PAYE and self- employed) \naccounted for 42.4 percent, corporate tax accounted for 34.5 percent, while “other tax sources” \ncontributed 23.1 percent. \n \nTotal private sector workers’ contribution to the SSNIT Pension Scheme (Tier-1) increased by 33.8 \npercent in year-on-year terms to GH¢447.19 million in November 2024, from GH¢334.18 million \ncollected during the corresponding period in 2023. Cumulatively, for the first eleven months of 2024, \nthe contribution grew by 27.9 percent to GH¢4.67 billion, relative to GH¢3.65 billion recorded in the \nsame period in 2023. \n \nConstruction Sector Activities \nActivity in the construction sub-sector, proxied by the volume of cement sales, improved marginally by \n2.1 percent (year-on-year) in November 2024 to 236,442.97 tonnes, from 231,571.37 tonnes recorded \nin the same period of 2023. On a month-on-month basis, total cement sales remained largely unchanged \ncompared with the 237,385.60 tonnes recorded in October 2024. Cement sales for the first eleven \nmonths of 2024 went up by 7.5 percent to 2,535,491.78 tonnes, from 2,358,386.77 tonnes for the same \nperiod of 2023. The relative improvement in total cement sales, year-on-year, was due to an uptick in \nconstruction activities during the review period. \n \nVehicle Registration \nTransport sector activities, gauged by new vehicle registrations by the Driver and Vehicle Licensing \nAuthority (DVLA), improved by 45.5 percent to 10,574 in November 2024, from 7,268 vehicles \nregistered during the corresponding period of 2023. Cumulatively, vehicles registered by the DVLA \nwithin the first eleven months of 2024 increased by 18.2 percent to 160,267, from 135,544 recorded in \nthe same period of 2023. \n \nIndustrial Consumption of Electricity \nIndustrial consumption of electricity declined by 6.5 percent in November 2024 to 289.27 gigawatts, as \nagainst 309.41 gigawatts recorded for the corresponding period in 2023. In cumulative terms, electricity \nconsumed by industries for the first eleven months of 2024 decreased by 6.0 percent to 3,103.03 \ngigawatts, from 3,301.36 gigawatts for the corresponding period of 2023. \n \nPassenger Arrivals \nPassenger arrivals improved by 5.5 percent in year-on-year terms to 109,929 in November 2024, up \nfrom 104,157 arrivals recorded a year ago. On a month-on-month basis, passenger arrivals remained \nlargely unchanged compared with the 110,407 recorded in October 2024. For the first eleven months of \nPUBLIC \n16 \n \n \n2024, there were 1,162,028 arrivals recorded at the international airport and the land borders, compared \nwith 1,019,841 for the corresponding period in 2023, representing a growth of 13.9 percent. \n \nPorts and Harbours Activity \nInternational trade at the country’s two main harbours (Tema and Takoradi), as measured by laden \ncontainer traffic for inbound and outbound containers, improved during the period under review. Total \ncontainer traffic increased by 15.0 percent, year-on-year, to 66,382 in November 2024, up from 57,738 \nfor a similar period in 2023. In cumulative terms, total container traffic for the first eleven months of \n2024 went up by 14.8 percent to 655,439 compared with 570,711 for the corresponding period of last \nyear. \n \n3.3 Labour Market Activity \n \nPrivate Sector Pension Contributors \nTotal number of private sector SSNIT contributors, which partially gauges employment conditions, \nimproved marginally by 1.9 percent to 1,034,932 in November 2024, compared with 1,015,696 for the \nsame period in 2023. Cumulatively, for the first eleven months of 2024, the total number of private \nsector contributors increased by 5.3 percent to 11,388,599 from 10,811,204 recorded over the \ncorresponding period in 2023. \n \nAdvertised Jobs \nThe number of jobs advertised in selected print1 and online2 media, which partially gauges labour \ndemand in the economy, decreased in December 2024 relative to what was observed in the \ncorresponding period a year ago. In total, 2,725 job adverts were recorded as compared with 2,925 for \nthe same period in 2023, indicating a decline of 6.8 percent (year-on-year). Similarly, on a month-on- \nmonth basis, the number of job vacancies in December 2024 dipped by 5.0 percent from the 2,867 jobs \nadvertised in November 2024. Cumulatively, for 2024, the total number of advertised jobs went up by \n6.3 percent to 35,810 from 33,692 recorded in 2023. \n \n3.4 Composite Index of Economic Activity \nThe Bank’s updated real Composite Index of Economic Activity (CIEA) recorded an annual growth of \n2.3 percent in November 2024, compared to a growth of 9.6 percent for the corresponding period of \n2023. International trade activities, increased credit to the private sector by banks, construction activities \nand tourist-related spending contributed to the improvement in economic activity during the period. \n \n3.5 Consumer and Business Surveys \nThe latest confidence surveys conducted in December 2024 showed an improvement in both consumer \nand business confidence. The Consumer Confidence Index improved to 90.2 in December 2024 from \n86.1 in October 2024, largely on account of optimism about future economic conditions. Similarly, the \nBusiness Confidence Index increased to 96.6 from 92.8 in the same comparative period as firms met \ntheir short-term targets and expressed positive sentiments about company and industry prospects in line \nwith improving macroeconomic conditions. Ghana’s Purchasing Managers’ Index (PMI), however, \ndeclined to 49.4 in December 2024 from 52.5 in the previous month, largely due to a slowdown in \nfirms’ operations during the election period. \n \n \n1 The Daily Graphic newspaper was used to represent print media because it is the most widely circulated daily in Ghana. \n2 These are job adverts posted on the websites of the 10 main online job advertising/employment companies in Ghana. \nPUBLIC \n17 \n \n \nFigure 3.2: High Frequency Economic Indicators \n \n \n \n \n \n \n \n \n \n \n \n \nSSNIT Contributions from Private Sector \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nPanel 1: \nGhana's Leading Indicators of Economic Activity \n...Domestic VAT collections and retail sales improved in November 2024 \n \n \n \n \n...Labour market conditions softened in November 2024 relative to October \n \n...Labour hiring conditions, proxied by the number of private sector \nworkers contributing to SSNIT, remained largely unchanged... \n \n \n \n \n \n \n \n \n \n \n \nNov-22 \nNov-22 \nJan-23 \nMar-23 \nMay-23 \nJul-23 \nSep-23 \nNov-23 \nJan-24 \nMar-24 \nMay-24 \nJul-24 \nSep-24 \nNov-24\nJan-23 \nMar-23 \nMay-23 \nJul-23 \nSep-23 \nNov-23 \nJan-24 \nMar-24 \nMay-24 \nJul-24 \nSep-24 \nNov-24\nNov-22 \nJan-23 \nMar-23 \nMay-23 \nJul-23 \nSep-23 \nNov-23 \nJan-24 \nMar-24 \nMay-24 \nJul-24 \nSep-24 \nNov-24\nNov-22 \nJan-23 \nMar-23 \nMay-23 \nJul-23 \nSep-23 \nNov-23 \nJan-24 \nMar-24 \nMay-24 \nJul-24 \nSep-24 \nNov-24\nNov-22 \nJan-23 \nMar-23 \nMay-23 \nJul-23 \nSep-23 \nNov-23 \nJan-24 \nMar-24 \nMay-24 \nJul-24 \nSep-24 \nNov-24\nNov-22 \nJan-23 \nMar-23 \nMay-23 \nJul-23 \nSep-23 \nNov-23 \nJan-24 \nMar-24 \nMay-24 \nJul-24 \nSep-24 \nNov-24\nPUBLIC \n18 \n \n \n \nMillion, USD \n \n \n \n \n \n \n \n \n \n \n \n \nGWh \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nBillion, GHC \n \n \n \n \n \n \n \n \n \n \n \n \nNumber of advertised jobs \n \n \n \n \n \n \n \n \n \nPercent, y-o-y \n \n \n \n \n \n \n \n \n-2 \n-4 \n-6 \n-8 \n-10 \nPercent, y-o-y \nContribution to Real CIEA growth \n \n \n \n \n-8 \n-16 \nCement Sales (Tons) \nSSNIT Contr by Pte Sector \nIndustrial Cons of Electricity \nImports \nDom VAT \nPort Activity \nExports \nDMB's Credit to Pte Sector \nPassenger Arrivals \nReal CIEA growth (%) \nPanel 2: \nGhana's Leading Indicators of Economic Activity \n \n \n...Commercial banks' credit to the private sector improved in November 2024 \nrelative to the pevious month... \n \nonline media), dipped in December 2024... \n...On a year-on-year basis, the real CIEA grew by 2.3 percent in November 2024,\n \nfrom the Private Sector, Port Activity, DMB’s Credit to the Private Sector, Exports,\n \nSource: Bank of Ghana, Various Stakeholders \nNov-22 \nJan-23 \nMar-23 \nMay-23 \nJul-23 \nSep-23 \nNov-23 \nJan-24 \nMar-24 \nMay-24 \nJul-24 \nSep-24 \nNov-24\nNov-22 \nJan-23 \nMar-23 \nMay-23 \nJul-23 \nSep-23 \nNov-23 \nJan-24 \nMar-24 \nMay-24 \nJul-24 \nSep-24 \nNov-24\nNov-22 \nJan-23 \nMar-23 \nMay-23 \nJul-23 \nSep-23 \nNov-23 \nJan-24 \nMar-24 \nMay-24 \nJul-24 \nSep-24 \nNov-24\nDec-22 \nFeb-23 \nApr-23 \nJun-23 \nAug-23 \nOct-23 \nDec-23 \nFeb-24 \nApr-24 \nJun-24 \nAug-24 \nOct-24 \nDec-24\nNov-23 \nDec-23 \nJan-24 \nFeb-24 \nMar-24 \nApr-24 \nMay-24 \nJun-24 \nJul-24 \nAug-24 \nSep-24 \nOct-24 \nNov-24\nNov-22 \nJan-23 \nMar-23 \nMay-23 \nJul-23 \nSep-23 \nNov-23 \nJan-24 \nMar-24 \nMay-24 \nJul-24 \nSep-24 \nNov-24\nPUBLIC \n19 \n \n \n \n \nBillion, GHC \n \n \n \n \n \n \n \nVehicle Registration \nNumber of vehicles \n \n \n \n \n \n \n \n \nIndex \n \n \n \n \n \n \n \n \nIndex \n \n \n \n \n \n \n \n \n \nAnnual sectoral real GDP growth rate, y/y \n10.4 \nPercent \n \n \n4.3 5.0 \n3.2 \n-2.5 \n \n \n \n \n \n-2.0 \n \nAgricuture \nIndustry \nServices \nPanel 3: \nGhana's Leading Indicators of Economic Activity \n \n \n \n \n...Real Oil and Non-Oil GDP grew by 7.2 percent and 7.7 percent respectively\n \n...The 2024Q3 growth outturn was largely driven by the industry sector, which grew\n \nAnnual real GDP growth rate, y/y \n7.2 7.7 \n2.2 2.4 \nPercent \n \n \n \n \n \n \nOil GDP \nNon-Oil GDP \nSource: Bank of Ghana, Various Stakeholders \nDec-22 \nFeb-23 \nApr-23 \nJun-23 \nAug-23 \nOct-23 \nDec-23 \nFeb-24 \nApr-24 \nJun-24 \nAug-24 \nOct-24 \nDec-24\nNov-22 \nJan-23 \nMar-23 \nMay-23 \nJul-23 \nSep-23 \nNov-23 \nJan-24 \nMar-24 \nMay-24 \nJul-24 \nSep-24 \nNov-24\n2023Q1 \n2023Q2 \n2023Q3 \n2023Q4 \n2024Q1 \n2024Q2 \n2024Q3 \nDec-22 \nFeb-23 \nApr-23 \nJun-23 \nAug-23 \nOct-23 \nDec-23 \nFeb-24 \nApr-24 \nJun-24 \nAug-24 \nOct-24 \nDec-24\n2023Q1 \nNov-22 \nJan-23 \nMar-23 \nMay-23 \nJul-23 \nSep-23 \nNov-23 \nJan-24 \nMar-24 \nMay-24 \nJul-24 \nSep-24 \nNov-24\n2023Q2 \n2023Q3 \n2023Q4 \n2024Q1 \n2024Q2 \n2024Q3 \nPUBLIC \n20 \n \n \n4. Monetary and Financial Developments \n \n \n4.0 Highlights \nIn December 2024, there was a decline in the growth of broad money supply (M2+) relative to the \ncorresponding period of 2023. Annual growth in broad money supply (M2+) decreased to 31.9 percent \nin December 2024, relative to 38.7 percent in December 2023. The decline in M2+ growth was \nattributable to a slower pace of growth in all the components – demand deposits, savings and time \ndeposits, and foreign currency deposits – except for currency held by the public, which increased over \nthe same comparative period. Private sector credit growth continued to increase towards pre-2022 \nmacroeconomic crisis levels, albeit slowly. Nominal growth in the private sector credit increased to \n26.3 percent in December 2024 from 10.7 percent recorded in the corresponding period of 2023. In \nreal terms, credit to the private sector increased relative to a contraction recorded over the same \ncomparative period in the previous year. \n \n4.1 Developments in Monetary Aggregates \n \nMoney Supply \nIn December 2024, there was a decline in the growth of broad money supply (M2+) relative to the \ncorresponding period of 2023, mainly on the back of significant moderation in the pace of growth in \nNet Domestic Assets (NDA) of depository corporations, while expansion in Net Foreign Assets (NFA) \nremained robust. Annual growth in M2+ decreased to 31.9 percent in December 2024, relative to 38.7 \npercent in the corresponding period of 2023. The contribution of NDA to the growth in M2+ decreased \nto 5.6 percent from 20.9 percent, while the contribution of NFA increased to 26.3 percent from 17.8 \npercent, over the same comparative period. \n \nSources: Bank of Ghana \nFigure 4.1a: M2+ Growth and its Sources \n(% Contributions) \n80.00 \n70.00 \n60.00 \n50.00 \n40.00 \n30.00 \n20.00 \n10.00 \n0.00 \n-10.0 \n-20.0 \nFigure 4.1b: Banking Sector NDA and its \nSources (% Contributions) \n100.00 \n0.00 \nNCG \nClaims on Priv. Sect. (Incl. PE's) \nBOG OMO Steril. Acc. \nOIN \nNDA \n-100.0 \nPUBLIC \n21 \n \n \n \nFigure 4.2: M2+ and its Components (% Contributions) \nSource: Bank of Ghana \n \nIn terms of annual growth rates, NDA expanded by 6.1 percent percent in December 2024, relative to \n19.8 percent in December 2023, while the NFA expanded by 302.6 percent relative to 310.4 percent, \nover the same comaprative period. \n \nThe decline in the contribution of the NDA to the growth of M2+ was mainly driven by cocntractions \nin the Net Claims on Government (NCG) and the Other Items (Net) (OIN), moderated by expansion in \nclaims on private and public sector credit and a slowdown in OMO sterilization. Claims on private and \npublic sector continued to expand in the December 2024, which reflected mainly in an increase in \ndomestic currency credit. \n \nAnalysis of the components of M2+ showed that the decline in the growth in M2+ reflected in decreased \ngrowth in demand deposits, savings and time deposits, and foreign currency deposits in December 2024 \nrelative to same period in 2023; growth in currency outside banks, however, increased significantly. \n \n4.2 Reserve Money \nReserve money expanded significantly in 2024, supported by considerable growth in the Net Foreign \nAssets (NFA) of the Central Bank, mainly on account of inflows from the Gold for Reserve (G4R) \nProgramme, forex purchases, and proceeds from the IMF Extended Credit Facility (ECF). The growth \nin reserve money was also underpinned by the dynamic Cash Reserve Requirement (CRR), which \ninduced an increase in reserves of the deposit money banks to shore up regulatory reserves. Annual \ngrowth in reserve money increased considerably to 47.8 percent in December 2024, from a growth of \n29.7 percent recorded in the corresponding period of 2023. \n \nThe NDA of the Central Bank, however, declined on the back of contractions in Claims on Deposit \nMoney Banks (DMBs), and decrease in Net Claims on Government, partly reflecting a build-up in \nGovernment’s deposit during the review month. The contribution of NDA to the growth in RM \nincreased marginally to negative 1.64 percent in December 2024, compared to negative 1.93 percent \nrecorded in December 2023. Similarly, the contribution of the NFA to the growth in RM increased to \n49.41 percent, relative to a growth of 31.58 percent over the same comparative period in 2023. \n \n \n \n \n \n \n \n \n \n \n \n \nPUBLIC \n22 \n \n \n \nFigure 4.3a: RM Growth and Contribution \nfrom NFA and NDA (%) \n150.0 \n100.0 \n50.0 \n0.0 \nNDA \n-50.0 \nNFA \nRM growth (y-on-y) \n-100.0 \n \nFigure 4.3b: BOG NDA and Its Sources \n(% Contributions) \n200.0 \nNCG \nNC_DMBs \nOMO Ster. A/c \n150.0 \nOIN \nNDA \n100.0 \n50.0 \n0.0 \n-50.0 \n-100.0 \n \nSource: Bank of Ghana \n \n4.3 Deposit Money Banks Credit Developments \nDMBs’ credit to the private sector and public institutions increased by GH¢18.53 billion (24.06%) in \nDecember 2024, compared to an increase of GH¢7.01 billion (10.01%) recorded in December 2023. \nThe increase in credit flows was mainly due to expansion of credit to the private sector. Credit to the \nprivate sector increased by GH¢18.56 billion (26.31%) in December 2024, compared to an increase of \nGH¢6.81 billion (10.68%) recorded in the corresponding period of 2023. The increased flow of credit \nto the private sector was on the back of increase in domestic currency credit, underpinned by a pickup \nin real sector activities. \n \nPrivate sector credit accounted for 100.17 percent of the flow in total outstanding credit in December \n2024, relative to 97.10 percent recorded in the corresponding period of 2023. The top five sectors with \nsignificant shares of credit flows were: services (27.25%); commerce and finance (22.41%); import \ntrade (19.29%); manufacturing (10.34%); and agriculture, forestry and fisheries sectors (8.68%) \n. \nOutstanding credit to the private sector at the end of December 2024 was GH¢89.12 billion, compared \nwith GH¢70.56 billion recorded in December 2023. In real terms, credit to the private sector increased \nby 2.01 percent, relative to 10.16 percent contraction recorded over the same period in 2023. Growth in \nreal private sector credit remained above its trend during the review month. \nPUBLIC \n23 \n \n \n \n \n \n \n4.4 Money Market Developments \nInterest rates broadly showed downward trends at the short-end of the money market on year-on-year \nbasis. The 91-day and 182-day Treasury bill rates decreased to 27.73 percent and 28.43 percent, \nrespectively, in December 2024, from 29.39 percent and 31.70 percent in the corresponding period of \n2023. The Interbank Weighted Average Rate (IWAR) decreased to 27.03 percent in December 2024, \nfrom 30.19 percent in December 2023, reflecting the transmission of the reduction in the Monetary \nPolicy Rate to the interbank market. Similarly, the average lending rates of banks declined marginally \nto 30.25 percent in December 2024, from 33.75 percent recorded in the corresponding period of 2023, \nreflecting the pass-through effect of declines in the rates on the wholesale funds market. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nSource: Bank of Ghana \nFigure 4.4a: Sectoral Shares in Credit to the \nPrivate sector (%) \nDec-23 \nDec-24 \n3.00 \n-2.00 \n-7.00 \n-12.00 \n-17.00 \n-22.00 \n-27.00 \n-32.00 \nRGPSC \nTrend \n13.00 \n8.00 \nFigure 4.4b: Growth in Real Private Sector \nCredit (RGPSC) vs. Trend \n17.00 \n21.00 \n25.00 \n29.00 \nFigure 4.6: Yield Curve (% Year-on-Year) \n37.00 \nDec-23 \nDec-24 \n33.00 \n12.00 \n47.00 \n42.00 \n37.00 \n32.00 \n27.00 \n22.00 \n17.00 \nInter-Bank rate \nInflation \n91-Day T-bill ra5te2.00 \nMPR \n57.00 \nFigure 4.5: MPR, Interbank and T-bill Rates \nand Inflation (%) \n91-Day \n182-Day \n364-day \n2-year \n3-year \n5-year \n6-year \n7-year \n10-year \n15-year \n20-year \nPUBLIC \n24 \n \n \n4.5 Stock Market Developments \nThe Ghana Stock Exchange Composite Index (GSE-CI) increased to 4,888.53 points in December 2024 \nfrom 3,130.24 points recorded in the corresponding period of 2023. This translates into a year-on-year \ngain of 56.2 percent in December 2024 compared to a growth of 28.1 percent in December 2023. The \nrobust performance of the GSE-CI is underpinned by improved investor appetite, driven by significant \nrecovery in the profitability of listed financial institutions and improved liquidity of that segment of the \nmarket. The GSE-CI has also been boosted by the limited investment options on the domestic markets \non account of the Domestic Debt Exchange Programme (DDEP). The main sectors that contributed to \nthe gains recorded by the GSE-CI were food and beverages, manufacturing, distribution, finance, and \nETFund. \n \nTable 4.1: Performance of Ghana Stock Exchange \nChanges \nY-O-Y \nY-T-D \nOct-22 Nov-22 \nDec-22 Nov-23 Dec-23 \nFeb-24 Mar-24 \nJun-24 Sep-24 \nOct-24 \nNov-24 \nDec-24 \n2023 \n2024 \n2024 \nGSE CI \n2460.31 2463.27 2443.91 3169.9 3130.235 3227.853842 3456.197 3829.61 4369.44 4385.94 \n4694.37 \n4888.53 \n28.08 56.17 \n56.17 \nGSE FI \n2069.89 2076.84 2052.59 1996.95 1901.575 \n1993.92 \n2001.47 2115.04 2190.37 2237.45 \n2351.16 \n2380.79 \n(7.36) 25.20 \n25.20 \nMarket Capitalization \n64727.18 64821.04 64507.32 74234.27 73893.17 75070.11 77701.17 85096.58 99101.87 100150.22 108368.85 111356.09 14.55 50.70 \n50.70 \nSource: Ghana Stock Exchange and Bank of Ghana Staff Calculations \n \nThe GSE-Financial Stocks Index (GSE-FI) closed at 2,380.79 points, reflecting a year-on-year gain of \n25.20 percent, compared to a loss of 7.36 percent over the corresponding period in 2023. The gain in \nthe GSE-FSI was mainly on the back of improved profitability of listed financial institutions, following \nsustained periods of losses induced by the impact of the DDEP. \n \nSource: Bank of Ghana \n \nTotal market capitalisation of the GSE at the end of December 2024 was GH¢111.36 billion, \nrepresenting a year-on-year growth of 50.70 percent (GH¢37.46 billion), compared with a growth of \n14.55 percent (GH¢9.39 billion) in December 2023. The increase in market capitalization was mainly \ndriven by appreciation in share prices, underpinned by renewed investor confidence, particularly in the \nmining, IT, and finance sectors. This was also supported by the issuance of new shares by CAL Bank \nand ADB during the reference period. \nFigure 4.6a: GSE Composite Index \nSource: Bank of Ghana \nFigure 4.6b: GSE Financial Stocks Index \n5000 \nSource: Bank of Ghana \n2300 \n4500 \n2200 \n4000 \n2100 \n3500 \n2000 \n3000 \n1900 \n2500 \n1800 \n2000 \n1700 \n2022 \n2023 \n2024 \n2022 \n2023 \n2024 \n1500 \n1600 \nPUBLIC \n25 \n \n \n4.6 Conclusion \nIn December 2024, there was a decline in the growth of broad money supply (M2+) relative to the \ncorresponding period of 2023, mainly on the back of significant moderation in the pace of growth in \nNet Domestic Assets (NDA) of depository corporations, while expansion in Net Foreign Assets (NFA) \nremained robust. Reserve money expanded significantly in 2024, supported by considerable growth in \nthe Net Foreign Assets (NFA) of the Central Bank. Credit to the private and public sector expanded on \nthe back of an increase in domestic currency credit, supported by improvements in real sector activities. \nMoney market rates broadly trended downwards at the short-end of the primary market, on year-on- \nyear basis. On the interbank market, the Interbank Weighted Average Rate (IWAR) declined, reflecting \nthe transmission of the reduction in Monetary Policy Rate to the interbank market. Similarly, the \naverage lending rates of banks declined marginally, reflecting the pass-through effect of declines in the \nrates on the wholesale funds market. In the capital market, the GSE Composite Index (GSE-CI) recorded \nan increased year-on-year gain in December 2024 relative to the corresponding period in 2023. \nPUBLIC \n26 \n \n \n5. Banking Sector Developments \n \n5.0 Highlights \nThe banking sector’s performance in 2024 signalled the sector was continuing on the path to recovery \nthat began in 2023 after the impact of the Domestic Debt Exchange Programme (DDEP). The industry’s \nbalance sheet was generally robust, with the strong growth in assets in December 2024 funded \nprincipally by significant growth in total deposits, bank borrowings and shareholder’s funds. Although \nprofitability within the banking sector moderated due to slowdown in growth in major income handles, \nthe banking industry remained profitable in 2024. The profit-before-tax (PBT) and profit-after-tax \n(PAT) for 2024 were higher than 2023.Financial Soundness Indicators (FSIs) for the banking sector \nremained broadly positive with improvements in solvency, liquidity and efficiency indicators in \nDecember 2024 relative to December 2023. Banks however, reported a decline in profitability \nindicators on the back of the slowdown in growth in PBT and PAT. Furthermore, the banking industry’s \nNon-Performing Loans (NPL) ratio picked up in 2024 relative to 2023 on account of higher growth in \nthe NPL stock relative to the growth in loans and advances. Broadly, the outlook for the banking sector \nremains stable and sound, contingent on banks’ adherence to recapitalisation strategies, profits \nrebounding, and enforcement of strict credit underwriting standards \n \n5.1 Banks’ Balance Sheet \nTotal assets of the banking industry grew by 33.8 percent (year-on-year) to GH¢ 367.8 billion as at end- \nDecember 2024, higher than the 29.7 percent growth recorded in December 2023. Foreign assets picked \nup strongly by 87.9 percent in December 2024, from 61.9 percent in December 2023, while domestic \nassets expanded by 28.6 percent in December 2024, relative to 27.3 percent growth a year ago. The \nshare of foreign assets in total assets consequently jumped from 8.7 percent to 12.2 percent, while the \nshare of domestic assets declined from 91.3 percent to 87.8 percent. \n \nIn terms of components, growth in investments moderated in 2024 relative to 2023 on account of the \ndecline in rates on the money market during the review period. Investments grew by 12.9 percent to \nGH¢113.1 billion in December 2024 as against a growth of 47.5 percent in December 2023. The \nslowdown in growth in investments reflected in growth in short-term investments which moderated to \n9.1 percent in December 2024, down from 133.8 percent growth observed in December 2023 on account \nof the decline in rates on the money market. Long-term investments also grew by 15.4 percent in \nDecember 2024 relative to 16.8 percent growth realised in December 2023. \n \nCredit growth continued to trend upwards in 2024, reflecting the observed rebound in economic activity. \nGross loans and advances grew by 24.1 percent to GH¢95.5 billion at end-December 2024, up from \n10.9 percent in December 2023. Growth in net loans and advances (gross loans adjusted for provisions \nand interest in suspense) also jumped to 21.0 percent at end-December 2024, up from 9.4 percent over \nthe corresponding period in 2023. \n \nDeposits remained the main source of funding for the banking sector, growing by 28.8 percent to \nGH¢276.2 billion in December 2024 from GH¢214.5 billion in December 2023, driven mainly by a \nstrong pickup in domestic deposits. \n \nBorrowings also grew strongly by 85.9 percent to GH¢27.9 billion in December 2024, following a \ncontraction of 20.1 percent recorded a similar period in 2023. \nPUBLIC \n27 \n \n \nThe industry’s shareholders’ funds position, which weakened in December 2022 because of the \nsubstantial impairments on the DDEP restructured bonds, continued to improve following the rebound \nin banks’ profits in 2023 and 2024 and the on-going recapitalisation effort of the sector. Consequently, \nshareholders’ funds grew by 36.6 percent to GH¢39.9 billion as at end-December 2024, relative to a \n59.0 percent growth in December 2023. \n \nOverall, the balance sheet of the banking industry suggested an improved performance of the industry \nin December 2024 on the back of increased liquidity flows from deposits, borrowings and shareholders’ \nfunds relative to the situation in 2023. \n \nTable 5.1: Key Developments in DMBs' Balance Sheet \nDec-23 \n(GH ¢'million) \nOct-24 \nDec-24 \nY-on-Y Growth (%) \nDec-23 \nOct-23 \nDec-24 \nShares (%) \nDec-23 \nDec-24 \nTOTAL ASSETS \n274,921.5 \n367,211.5 \n367,805.1 \n29.7 \n42.4 \n33.8 \n100.0 \n100.0 \nA. Foreign Assets \n23,870.9 \n42,544.5 \n44,855.0 \n61.9 \n102.3 \n87.9 \n8.7 \n12.2 \nB. Domestic Assets \n251,050.6 \n324,667.0 \n322,950.1 \n27.3 \n37.1 \n28.6 \n91.3 \n87.8 \nInvestments \n100,181.6 \n117,989.2 \n113,080.2 \n47.5 \n13.7 \n12.9 \n36.4 \n30.7 \ni. Bills \n41,775.9 \n48,649.5 \n45,588.3 \n133.8 \n(2.7) \n9.1 \n15.2 \n12.4 \nii. Securities \n58,149.5 \n69,002.2 \n67,086.6 \n16.8 \n29.0 \n15.4 \n21.2 \n18.2 \nAdvances (Net) \n65,410.7 \n77,521.3 \n79,147.2 \n9.4 \n23.3 \n21.0 \n23.8 \n21.5 \nof which Foreign Currency \n21,520.8 \n24,918.1 \n23,098.0 \n17.8 \n15.7 \n7.3 \n7.8 \n6.3 \nGross Advances \n77,009.7 \n94,477.3 \n95,540.3 \n10.9 \n28.5 \n24.1 \n28.0 \n26.0 \nOther Assets \n16,001.8 \n25,666.8 \n23,879.7 \n13.1 \n70.8 \n49.2 \n5.8 \n6.5 \nFixed Assets \n8,290.1 \n8,688.2 \n8,925.7 \n10.4 \n12.4 \n7.7 \n3.0 \n2.4 \nTOTAL LIABILITIES AND CAPITAL \n274,921.5 \n367,211.5 \n367,805.1 \n29.7 \n42.4 \n33.8 \n100.0 \n100.0 \nTotal Deposits \n214,486.9 \n277,256.3 \n276,160.4 \n34.0 \n38.7 \n28.8 \n78.0 \n75.1 \nof which Foreign Currency \n67,354.2 \n90,431.1 \n85,416.8 \n41.5 \n39.8 \n26.8 \n24.5 \n23.2 \nTotal Borrowings \n15,020.4 \n26,216.2 \n27,920.9 \n(20.1) \n75.4 \n85.9 \n5.5 \n7.6 \nForeign Liabilities \n6,460.8 \n6,454.8 \n5,732.1 \n(20.0) \n(0.8) \n(11.3) \n2.4 \n1.6 \ni. Short-term borrowings \n2,132.1 \n3,127.4 \n1,800.5 \n(16.4) \n107.0 \n(15.6) \n0.8 \n0.5 \nii. Long-term borrowings \n3,682.2 \n2,602.2 \n2,837.6 \n(22.9) \n(34.2) \n(22.9) \n1.3 \n0.8 \niii. Deposits of non-residents \n642.9 \n714.8 \n1,076.9 \n(13.2) \n(31.6) \n67.5 \n0.2 \n0.3 \nDomestic Liabilities \n238,411.7 \n322,813.5 \n322,176.1 \n29.1 \n43.4 \n35.1 \n86.7 \n87.6 \ni. Short-term borrowing \n8,010.7 \n18,971.7 \n21,660.6 \n(20.5) \n122.0 \n170.4 \n2.9 \n5.9 \nii. Long-term Borrowings \n1,195.4 \n1,514.9 \n1,622.2 \n(14.6) \n62.1 \n35.7 \n0.4 \n0.4 \niii. Domestic Deposits \n213,844.0 \n276,541.5 \n275,083.5 \n34.3 \n39.0 \n28.6 \n77.8 \n74.8 \nOther Liabilities \n15,711.8 \n25,108.7 \n23,167.7 \n9.7 \n46.7 \n47.5 \n5.7 \n6.3 \nPaid-up capital \n13,039.2 \n16,902.2 \n17,118.3 \n25.5 \n62.0 \n31.3 \n4.7 \n4.7 \nShareholders' Funds \n29,191.6 \n37,943.2 \n39,884.8 \n59.0 \n49.5 \n36.6 \n10.6 \n10.8 \nSource: Bank of Ghana \n \n5.1.1 Asset and Liability Structure \nThe asset structure of the industry’s balance sheet in December 2024 reflected banks’ preference for \nless risky assets. Cash and bank balances was the largest component of total assets with its share \nimproving to 38.7 percent in December 2024 from 30.7 percent in December 2023, following the \nimplementation of the dynamic cash reserve requirements in April 2024. The share of investments \n(comprising bills, securities, and equity) in total assets, however, declined to 30.7 percent in December \n2024 from 36.4 percent in December 2023 on account of the moderation in growth in investments. \nSimilarly, the proportion of net advances in total assets declined to 21.5 percent in December 2024 from \n23.8 percent in 2023 while the share of non-earning assets (fixed assets and other assets) reduced to 9.0 \npercent from 9.1 percent during the same period under review. \n \nOn the liability side, the share of deposits in banks’ liabilities and shareholders’ funds decreased to 75.1 \npercent in December 2024 from 78.0 percent in December 2023, reflecting the slowdown in deposit \ngrowth in 2024. The increase in borrowings however, translated into an increased share of 7.6 percent \nPUBLIC \n28 \n \n \nin December 2024 from 5.5 percent in December 2023. The proportion of shareholders’ funds in banks’ \ntotal funding also improved to 10.8 percent in December 2024 from 10.6 percent a year earlier, while \nthe share of other liabilities rose to 6.3 percent from 5.9 percent during the same comparative period. \n \nFigure 5.1: Developments in Banks’ Balance Sheet & Asset Quality \n \n \n \nSource: Bank of Ghana \n \n5.1.2 Share of Banks’ Investments \nLong-term securities constituted the largest component of banks’ investment portfolios, with its share \nincreasing to 59.3 percent in December 2024from 58.0 percent in December 2023. The share of bills \n(short-term debt instruments), however, declined to 40.3 percent in December 2024 from 41.7 percent \nin December 2023 in line with the moderation in growth recorded during the reference period. The share \nof equity investments remained negligible and was flat at 0.4 percent during the period under review. \nAsset Structure of Banks (%) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nDec-21 \nDec-22 \nDec-23 \n \nOct-24 \nDec-24 \n \n \nLiability Structure of Banks (%) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nDec-21 \nDec-22 \nDec-23 \nOct-24 \nDec-24 \n \nComponents of Banks' Investments (% \nshare) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nDec-22 \nDec-23 \n \n \nOct-24 \n \nDec-24 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nComponents of Banks' Credit Portfolio (%) \n \nDistribution of Credit by Sector (%) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nDec-24 \n \n \nDec-23 \nNPL ratio in each Sector (%) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nDec-24 \n \n \nDec-23 \nPUBLIC \n29 \n \n \n5.2 Credit Risk \nThe industry’s asset quality deteriorated in December 2024, relative to December 2023, reflected in a \nrise in the non-performing loan (NPL) ratio and the NPL stock during the review period. \n \n5.2.1 Credit Portfolio Analysis \nThe stock of gross loans and advances increased by 24.1 percent to GH¢95.5 billion in December 2024, \nrelative to a growth of 10.8 percent in December 2023, reflecting increases in private sector credit. \nPrivate sector credit (comprising credit to private enterprises and households) grew by 26.3 percent to \nGH¢89.1 billion in December 2024, as against a growth of 12.9 percent in the previous year. However, \npublic sector credit contracted further by 0.5 percent to GH¢6.4 billion at end-December 2024, after the \ninitial decline of 8.4 percent in December 2023. Consequently, the share of private sector credit in total \ncredit inched up marginally to 93.3 percent 2024 in December, from 91.6 percent in December 2023, \nwhile the share of public sector declined to 6.7 percent in December 2024, from 8.4 percent a year \nearlier. \n \nIn terms of the distribution of credit by sectors, the services sector remained the largest recipient of the \nindustry’s credit, accounting for a share of 31.7 percent at end-December 2024 (down from 33.1 percent \nin December 2023), followed by the commerce and finance sector with a share of 27.0 percent (up from \n22.8 percent in December 2023). The share for the manufacturing sector declined marginally to 10.5 \npercent in December 2024, from 10.7 percent in December 2023. These three sectors constituted 69.3 \npercent of total credit in December 2024, compared with 66.6 percent in December 2023. The mining \nand quarrying sector remained the lowest recipient of total credit, with a share of 2.8 percent in \nDecember 2024, same as recorded a year ago. \n \n5.2.2 Off-Balance Sheet Transactions \nOff-balance sheet transactions (largely trade finance and guarantees) went up during the review period. \nBanks’ contingent liabilities rose by 6.2 percent to GH¢24.0 billion as at end-December 2024, from \nGH¢22.5 billion as at end-December 2023, representing a year-on-year growth of 17.0 percent. In \nrelative terms, however, contingent liabilities as a percentage of total liabilities declined marginally to \n7.3 percent in December 2024, from 9.2 percent in December 2023. \n \n5.2.3 Asset Quality \nAsset quality risks were elevated in December 2024, reflecting the lingering impact of the 2022 \nmacroeconomic challenges on the banking sector. The industry’s NPL ratio increased to 21.8 percent \nin December 2024, from 20.7 percent in December 2023. Similarly, the NPL ratio adjusted for the fully \nprovisioned loan loss category inched up from 8.4 percent to 8.5 percent during the same comparative \nperiod. The NPL stock increased by 31.4 percent to GH¢20.8 billion in December 2024, relative to a \ngrowth of 37.4 percent recorded in December 2023. \n \nDecomposition of the NPLs showed that the private sector accounted for the most non-performing \nloans, due to its dominant share of total credit. The proportion of NPLs attributable to the private sector \nincreased to 96.2 percent in December 2024, from 91.6 percent in December 2023, while that of the \npublic sector declined to 3.8 percent, from 6.9 percent a year earlier. \n \nThe increase in the industry NPL ratio year-on-year reflected the deterioration in loans in the \ntransportation, storage and communication, manufacturing and services sectors. The NPL ratio in the \ntransportation, storage and communication sector increased from 32.7 percent in December 2023 to \nPUBLIC \n30 \n \n \n49.1 percent in December 2024, while NPL ratios in the manufacturing and services sectors increased \nfrom 12.6 percent and 15.8 percent to 19.3 percent and 18.0 percent, respectively. All other sectors \nrecorded improvements in asset quality during the review period. \n \n5.3 Financial Soundness Indicators \nThe financial soundness indicators in December 2024 were broadly positive following improvements \nin solvency, liquidity and efficiency indicators. Profitability and asset quality indicators, however, \nmoderated during the review period. \n \nFigure 5.2: Key Financial Soundness Indicators \n \n \nSource: Bank of Ghana \n \n5.3.1 Liquidity Indicators \nThe industry’s liquidity position remained strong following increases in core and broad liquidity \nmeasures during the review period. The ratio of core liquid assets (mainly cash and due from banks) to \ntotal deposits increased to 51.5 percent in December 2024 from 39.3 percent at end-December 2023. \nSimilarly, the ratio of core liquid assets to total assets increased from 30.7 percent to 38.7 percent over \nthe same comparative period. The increases in the core liquidity measures reflect, in part, the upward \nrevision in the cash reserve ratio during the year. Despite the moderation in the growth of banks’ \nholdings in short-term investments, the ratio of broad liquid assets to total deposits increased from 85.9 \npercent to 92.3 percent while the ratio of broad liquid assets to total assets increased from 67.0 percent \nto 69.3 percent during the review period. \n \n5.3.2 Capital Adequacy Ratio \nThe industry’s solvency position, measured by the Capital Adequacy Ratio (CAR) was 11.3 percent in \nDecember 2024, compared to 8.3 percent a year ago, higher than the revised prudential minimum of 10 \npercent. This improvement in the solvency of the banking sector was due to the rebound in profitability \nSolvency % \n55.0 \n18.0 \n50.0 \n14.0 \n45.0 \n13.9 \n16.0 \n14.0 \n40.0 \n12.0 \n11.3 \n35.0 \n30.0 \n8.3 \n25.0 \n10.0 \n8.0 \n6.0 \n20.0 \n4.0 \n15.0 \n2.0 \n10.0 \n- \nDec-23 \nFeb-24 \nApr-24 \nJun-24 \nCAR (with Reliefs) \nAug-24 \nOct-24 \nDec-24 \nRWA/Total Assets \nCAR (w/o Reliefs) \n140.0 \nEfficiency Indicators (%) \n18.2 \n120.0 \n \n100.0 \n14.0 \n12.1 \n10.8 \n80.0 \n10.5 \n8.3 \n60.0 \n7.2 \n7.0 \n40.0 \n20.0 \n \n0.0 \n20.0 \n18.0 \n16.0 \n14.0 \n12.0 \n10.0 \n8.0 \n6.0 \n4.0 \n2.0 \n0.0 \nDec-21 \nCost to income \nCost to total assets (RHS) \nDec-22 \nDec-23 \nDec-24 \nOperational Cost to gross income \nOperational Cost to total assets (RHS) \nAsset Quality \n25,000.0 \n25.0 \n20,000.0 \n20.0 \n15,000.0 \n15.0 \n10,000.0 \n8.4 \n9.4 \n8.5 \n5.8 \n6.6 \n10.0 \n5,000.0 \n5.0 \n- \n- \nDec-21 \nDec-22 \nDec-23 \nOct-24 \nDec-24 \nSUB-STD (GH¢m) \nAdjusted NPL Ratio (%) \nDOUBTFUL (GH¢m) \nNPL Ratio (% Right Axis) \nLOSS (GH¢m) \n15.2 \n16.6 \n20.7 \n21.8 \n22.7 \nProfitability (%) \n40.0 \n \n30.0 \n20.6 \n30.8 \n20.0 \n \n4.5 \n5.0 \n-3.8 \n \nDec-21 \nDec-22 \nDec-23 \nDec-24 \n \n \n \n \n(30.0) \nReturn On Equity (%) after tax \nReturn On Assets (%) before tax \n-25.5 \n5.4 \n34.2 \nPUBLIC \n31 \n \n \nacross the banking sector and the recapitalisation efforts by undercapitalised banks. As part of reliefs to \nminimise the impact of the DDEP, banks were allowed to spread derecognition losses on the \nrestructured bonds till the end of 2025. When the DDEP regulatory reliefs are considered, the CAR \nincreases to 14.0 percent in December 2024, compared to 13.9 percent in December 2023. \n \n5.3.3 Profitability \nProfitability of the banking sector increased in 2024 relative to the outturn in 2023, although the pace \nof growth moderated. The industry recorded profit-after-tax (PAT) of GH¢10.4 billion for the year 2024 \ncompared to GH¢8.3 billion in 2023. However, growth in PAT moderated to 26.2 percent in December \n2024, from 224.6 percent in the previous year when the sector recovered from the DDEP-related losses. \nSimilarly, profit-before-tax (PBT) recorded a growth of 24.4 percent in December 2024, relative to a \ngrowth of 267.1 percent in December 2023. \n \nApart from fees and commissions, which recorded a higher growth rate in 2024 relative to 2023, all \nincome lines grew but at slower pace in December 2024 compared to the same period last year. Growth \nin net interest income was 18.0 percent in 2024, down from 41.5 percent in 2023, reflecting the \nmoderation in growth in interest income which was due to the decline in lending rates and rates on \nmoney market instruments during the review period. Fees and commissions, however, grew by 25.8 \npercent in 2024 relative to a growth of 25.2 percent in 2023. \n \nSimilar declines in growth in cost lines moderated the impact of the decline in growth in income lines \non the bottom line. The industry’s operating expenses grew by 22.0 percent in December 2024, \ncompared to 34.9 percent in 2023, reflecting the moderation in growth in non-staff-related expenses. \nProvisions for depreciation, bad debt and impairment losses on financial assets also contracted by 11.7 \npercent in December 2024, compared to the 79.2 percent contraction recorded in December 2023. \n \n(a) Return on Assets and Return on Equity \nProfitability indicators for the banking sector moderated in December 2024 on the back of the slowdown \nin profit-before-tax and profit-after-tax recorded during the year. The sector’s Return on Assets (ROA) \ndeclined to 5.0 percent in December 2024, from 5.4 percent in December 2023. Also, banks’ Return on \nEquity (ROE) fell to 30.8 percent in December 2024, from 34.2 percent over the same comparative \nperiod in 2023. \n \n(b) Interest Margin and Spread \nThe sector’s interest spread widened marginally from 12.7 percent in December 2023 to 12.9 percent \nin December 2024. The increase in spread resulted from the decline in interest payable to 5.8 percent, \nfrom 6.1 percent a year earlier. Gross yields, however, remained fairly flat at 18.7 percent in December \n2024 compared to 18.8 percent a year ago. The ratio of gross income to total assets (asset utilisation) \nalso dropped from 15.2 percent to 13.6 percent whereas the profitability ratio recorded an increase to \n20.9 percent in December 2024 from 19.9 percent in December 2023. \n \n(c) Composition of Banks’ Income \nInterest income from investments continued to be the largest component of banks’ total income in \nDecember 2024, with its share unchanged at 41.5 percent. The share of interest income from loans rose \nmarginally to 35.5 percent in December 2024 from 35.3 percent in December 2023, in line with the \nincrease in gross advances during the year. The share of banks’ income from fees and commissions, \nlikewise, increased to 11.3 percent in December 2024 from 10.8 percent in December 2023, while the \nPUBLIC \n32 \n \n \nshare of income from other sources declined to 11.7 percent from 12.4 percent during the same reference \nperiod. \n \nFigure 5.3: Composition of Income, Cost and Borrowings \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nSource: Bank of Ghana \n \n \n5.3.4 Operational Efficiency \nThe banking sector was relatively cost efficient due to slowdown in the growth of operating expenses \nduring the period under review. The cost-to-income ratio fell to 79.1 percent in December 2024 from \n80.1 percent in December 2023, while the cost-to-total assets ratio improved to 10.8 percent from 12.1 \npercent. The operational cost to gross income ratio also declined to 53.1 percent from 55.1 percent, \nwhereas the operational cost to total asset ratio improved to 7.2 percent from 8.3 percent over the same \ncomparative period. \n \n5.3.5 Banks’ Counterparty Relationships \nTotal offshore balances grew by 110.1 percent to GH¢41.5 billion in December 2024, compared to the \n47.7 percent growth recorded in the previous year, driven largely by growth in nostro balances and \nplacements. Nostro balances grew by 118.4 percent in December 2024 compared with a contraction of \n0.7 percent in December 2023. Growth in industry placements was also strong but lower at 102.9 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nPercent \nPercent \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nPUBLIC \n33 \n \n \npercent in December 2024, compared to the growth of 169.6 percent during the same period last year. \nConsequently, the ratio of offshore balances to net worth increased significantly to 104.1 percent in \nDecember 2024, from 67.7 percent in December 2023. \n \nThe share of banks’ external borrowings in total borrowings declined to 16.6 percent in December 2024, \nfrom 38.7 percent in December 2023, while the share of domestic borrowings increased to 83.4 percent \nfrom 61.3 percent in December 2023 as interbank activities picked up more strongly during the year. \nBanks’ external borrowings were largely long-term in nature, although the share of long-term \nborrowings in total external borrowings declined to 61.2 percent in December 2024, from 63.3 percent \nin December 2023, while the share of short-term borrowings increased to 38.8 percent in December \n2024, from 36.7 percent a year earlier. \n \n5.4 Credit Conditions Survey \nNotwithstanding banks’ relative eased stance on loans in 2024 relative to 2023, banks reported a net \ntightening in the stance on loans to enterprises and households in the December 2024 Credit Conditions \nSurvey round relative to the October 2024 survey round. The net tightening in the overall credit stance \nto enterprises was due to the tight stance on all sub-categories of corporate loans as a result of high cost \nof funds. Banks projected a net ease in the overall stance on corporate loans in the first two months of \n2025, driven by a net ease in the stance on loans to all sub-categories of corporates. \n \nFigure 5.4: Credit Conditions Survey Results \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nSource: Bank of Ghana \n \nThe stance on loans to households also tightened during the last two months of 2024 from a net tightened \nstance on consumer credit and other lending. Banks project the overall stance on loans to households to \nIndex, a rise denotes tightening \nIndex, a rise denotes tightening \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nLarge Enterprises \n \n \n \n \nIndex, a rise denotes increase in demand \nIndex, a rise denotes increase in demand \n30 \n \n20 \n \n10 \n \n0 \n \n-10 \n \n-20 \n \n-30 \n \n-40 \n \n \n \n \n \n \n \nHouseholds \nCorporates \nHouseholds \nCorporates \nNPR (%) \nNPR (%) \nNPR (%) \nNPR (%) \nPUBLIC \n34 \n \n \nease during the first two months of 2025 from a projected net ease in the stance on both consumer credit \nand mortgages. \n \nThe December 2024 survey round pointed to a softening in the overall demand for credit by enterprises, \nwhich reflected in all components of enterprise loans. Credit demand by corporates is, however, \nprojected to be stronger in January and February 2025. \n \nBanks reported an increase in the demand for loans by households in the last two months of 2024, driven \nby increases in demand for loans for house purchases as well as consumer credit. Demand for household \nloans is, however, projected to decline in the first two months of 2025, in line with decrease in demand \nfor mortgages and consumer credit. \n \n5.5 Conclusion and Outlook \nThe banking sector’s performance in 2024 pointed to a gradual recovery from the macroeconomic \nchallenges faced in 2022. Growth in the banking industry’s assets was strong in December 2024 relative \nto December 2023, driven by increased liquidity flows from deposits and other funding sources. The \nbanking industry also recorded relative improvements in liquidity and efficiency indicators in 2024 as \nagainst the 2023 performance. The industry’s solvency position improved in December 2024 relative to \nDecember 2023, with the industry Capital Adequacy Ratio (CAR) without reliefs improving due to on-\ngoing recapitalisation efforts of the banking sector. Asset quality concerns, however, remained, \nrepresenting an upside risk to the entire banking industry. Overall, the industry’s outlook remains stable \nand sound, conditional on the recapitalisation of the sector by the end of December 2025 as well as the \nimplementation of rigorous credit risk underwriting standards and intensification of loan recovery \nefforts to address asset quality concerns in the sector. \nPUBLIC \n35 \n \n \n6. Price Developments \n \n6.0 Highlights \nRecent price developments show a slowdown in the pace of disinflation and, subsequent to the last MPC \nmeeting, headline inflation experienced upticks in November and December, largely driven by food \nprice increases. Overall, headline inflation rose steadily from 20.4 percent in August to 23.8 percent in \nDecember 2024. This was after inflation had experienced a smooth decline in the early part of the year. \nOn a year-on-year basis, the inflation rate of 23.8 percent for December 2024 was slightly higher than \n23.2 percent recorded in December 2023. \n \n \n6.1 Domestic Inflation \nDomestic price developments since the last MPC indicate a disinflation process that has slowed down. \nThis has been driven mainly by food inflation and lagged pass-through of the exchange rate \ndepreciation. Inflation, which was 23.2 percent in December 2023, increased to 25.8 percent by the end \nof the first quarter of 2024. It then eased steadily to 20.4 percent in August. Subsequently, however, it \nincreased gradually to 23.0 percent in November and then 23.8 percent in December. The increase in \nthe December inflation was mainly due to pick-up in price pressures of food, reflecting the disruptive \nimpact of the dry spell on crop production, especially that of cereals. Non-food inflation, however, \ndeclined to 20.3 percent in December from 20.7 percent in November 2024. \n \nThe underlying inflationary pressures have remained sluggish. The Bank’s main core measure of \ninflation, which isolates price increases of energy and utility items from the consumer basket, increased \nto 23.1 percent in December 2024, from 22.4 percent in November and 21.4 percent in October. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nSource: GSS and Bank of Ghana Staff Calculations \nFigure 6.1: Headline Inflation (%) \nFigure 6.2: Headline vs Core \nInflation (%) \n64 \n60 \n54 \n50 \n44 \n40 \nHeadline \n30 \n34 \nLower Band \n20 \nUpper Band \nCore 1 (Excluding Fuel, and \nUtilities) \n24 \n10 \nHeadline Inflation \n14 \n0 \n4 \nDec-21 \nMar-22 \nJun-22 \nSep-22 \nDec-22 \nMar-23 \nJun-23 \nSep-23 \nDec-23 \nMar-24 \nJun-24 \nSep-24 \nDec-24\nDec-21 \nMar-22 \nJun-22 \nSep-22 \nDec-22 \nMar-23 \nJun-23 \nSep-23 \nDec-23 \nMar-24 \nJun-24 \nSep-24 \nDec-24\nPUBLIC \n36 \n \n \n7 \n6 \n5 \n4 \n3 \n2 \n1 \n0 \n-1 \n-2 \n-3 \nOn a month-on-month basis, headline inflation increased by 1.8 percent in December 2024, from 2.6 \npercent in November 2024 and 0.9 percent in October. During the same period, monthly food inflation \nincreased by 2.8 percent in December, from 3.8 percent in November and 1.8 percent in October. \nMonthly non-food inflation edged down by 0.7 percent in December 2024, from 1.6 percent in \nNovember and 1.4 percent in October. \n \nFigure 6.3: Month-on-Month Inflation (%) \n \n \n \n \n \n \n \n \n \n \n \n \nJan- \n23 \nFeb- \n23 \nMar \n-23 \nApr- \n23 \nMay \n-23 \nJun- \n23 \nJul- \n23 \nAug- \n23 \nSep- \n23 \nOct- \n23 \nNov- \n23 \nDec- \n23 \nJan- \n24 \nFeb- \n24 \nMar \n-24 \nApr- \n24 \nMay \n-24 \nJun- \n24 \nJul- \n24 \nAug- \n24 \nSep- \n24 \nOct- \n24 \nNov-\n24 \nDec- \n24 \nHeadline \n1.7 \n1.9 -1.2 2.4 \n4.8 \n3.2 \n3.6 -0.2 1.9 \n0.3 \n1.8 \n1.2 \n2.0 \n1.6 \n0.8 \n1.8 \n3.2 \n2.9 \n2.1 -0.7 2.8 \n0.9 \n2.6 \n1.8 \nFood \n2.8 \n2.0 -0.9 4.3 \n6.2 \n3.9 \n3.8 -0.3 1.6 -0.3 1.2 \n1.3 \n1.6 \n1.9 \n1.0 \n2.1 \n2.7 \n5.1 \n1.7 -2.2 4.2 \n0.3 \n3.8 \n2.8 \nNon-food \n0.8 \n1.7 -1.5 0.7 \n3.5 \n2.6 \n3.4 -0.2 2.1 \n0.9 \n2.3 \n1.0 \n2.4 \n1.3 \n0.7 \n1.5 \n3.6 \n0.9 \n2.4 \n0.7 \n1.6 \n1.4 \n1.6 \n0.7 \nSource: Ghana Statistical Service \n \nA disaggregation of the Consumer Price Index by sub-groups shows a broad decline in inflation across \nthe basket in 2024. However, four items with significant weight in the sub-groups drove the marginal \nuptick in headline inflation in the year. These were housing and utilities, transport, education, and \ninsurance and financial services. \n \nTable 6.1 CPI Components \nCPI Components (%) \nWeghts \n(%) \n2021 \n2022 \n2023 \n2024 \nDec \nDec \nSept \nOct \nNov \nDec \nJan \nMar \nJun \nJul \nAug \nSept \nOct \nNov \nDec \nOverall \n100.0 \n12.6 \n54.1 \n38.1 \n35.2 \n26.4 \n23.2 \n23.5 \n25.8 \n22.8 \n20.9 \n20.4 \n21.5 \n22.1 \n23.0 \n23.8 \nFood and Beverages \n42.7 \n12.8 \n59.7 \n49.3 \n44.8 \n32.2 \n28.7 \n27.1 \n29.6 \n24.0 \n21.5 \n19.1 \n22.1 \n22.8 \n25.9 \n27.8 \nNon-food \n57.4 \n12.5 \n49.9 \n29.3 \n27.7 \n21.7 \n18.7 \n20.5 \n22.6 \n21.6 \n20.5 \n21.5 \n20.9 \n21.5 \n20.7 \n20.3 \nAlcoholic Beverages, Tobacco & Narcotics \n3.9 \n9.6 \n38.5 \n49.4 \n45.7 \n39.0 \n38.2 \n38.5 \n41.0 \n32.3 \n26.8 \n25.0 \n27.6 \n31.5 \n30.0 \n28.4 \nClothing and footwear \n8.0 \n8.6 \n41.9 \n32.5 \n30.6 \n24.8 \n22.3 \n22.8 \n24.5 \n18.2 \n16.9 \n17.9 \n19.0 \n20.2 \n20.1 \n20.0 \nHousing and Utilities \n10.2 \n20.7 \n82.3 \n28.6 \n25.3 \n21.5 \n19.5 \n22.6 \n24.9 \n26.0 \n28.6 \n31.8 \n26.4 \n26.9 \n29.2 \n26.3 \nFurnishings, Household Equipment \n3.2 \n9.6 \n71.5 \n44.9 \n40.9 \n32.2 \n26.9 \n27.6 \n23.0 \n17.0 \n14.3 \n12.6 \n14.5 \n16.8 \n16.7 \n16.7 \nHealth \n0.7 \n6.0 \n34.4 \n31.3 \n28.1 \n23.6 \n23.0 \n26.6 \n32.0 \n22.6 \n21.2 \n20.6 \n22.3 \n23.9 \n22.2 \n21.4 \nTransport \n10.5 \n17.6 \n71.4 \n25.9 \n25.0 \n11.5 \n4.4 \n5.6 \n7.9 \n19.0 \n18.1 \n17.4 \n16.3 \n16.1 \n16.5 \n16.8 \nInformation and Communication \n3.6 \n9.0 \n21.5 \n21.1 \n19.3 \n16.8 \n14.2 \n13.6 \n15.2 \n10.4 \n10.1 \n12.4 \n14.2 \n13.1 \n11.9 \n12.0 \nRecreation & Culture \n3.5 \n11.4 \n42.4 \n30.1 \n28.8 \n23.4 \n24.9 \n25.9 \n29.4 \n20.5 \n17.1 \n19.6 \n18.7 \n19.2 \n17.9 \n17.4 \nEducation \n6.6 \n1.0 \n11.3 \n11.3 \n12.9 \n14.1 \n13.9 \n19.8 \n23.7 \n20.9 \n18.0 \n22.0 \n23.7 \n21.7 \n19.5 \n19.1 \nRestaurants and accommodation services \n4.3 \n8.9 \n9.2 \n19.5 \n22.6 \n27.1 \n28.0 \n29.2 \n32.7 \n30.7 \n28.3 \n29.5 \n27.9 \n24.6 \n18.4 \n16.5 \nInsurance and Financial services \n0.4 \n6.3 \n10.8 \n5.0 \n5.5 \n8.5 \n8.1 \n8.6 \n9.3 \n6.2 \n11.3 \n12.4 \n13.3 \n16.6 \n16.5 \n16.5 \nPersonal care, social protection & Miscellaneous services \n2.5 \n10.6 \n60.9 \n49.2 \n45.0 \n35.4 \n31.1 \n32.0 \n33.5 \n19.5 \n16.0 \n14.9 \n17.3 \n19.8 \n19.9 \n19.3 \nSource: Ghana Statistical Service \nSource: Ghana Statistical Service \n \n6.2 Inflation Risk Assessment and Outlook \nThe inflation profile remains elevated, largely driven by food price movements, especially in the last \nquarter of the year. Climate-related factors, including the dry spell in some parts of the food-growing \nPUBLIC \n37 \n \n \nregions of the country and the late onset of rains, negatively affected production, while supply chain \nweaknesses generally affected food prices. While the inflation outturn for 2024 deviated from target, it \nis expected that the disinflation process will resume, contingent on renewed efforts at fiscal \nconsolidation, which is anticipated in the new administration’s economic policy agenda and the yet-to- \nbe-presented 2025 Budget Statement. The Bank’s latest inflation forecast shows a steady decline and \nreturn to the path of disinflation, with an extended time horizon of achieving the medium-term target of \n8±2 percent in the second quarter of 2026. \n \nDecision on the Monetary Policy Rate \nUnder the circumstances, the Monetary Policy Committee decided to keep the policy rate unchanged \nat 27.0 percent. \nPUBLIC \n38 \n \n \nAPPENDIX \n \nTable A1: Sources of Growth in Total Liquidity (GH¢ Millions, unless otherwise stated) \nAppendix 1: Sources of Growth in Total Liquidity (M2+) (millions of Ghana cedis unless otherwise stated) \nDec-22 \nDec-23 \nMar-24 \nJun-24 \nJul-24 \nAug-24 \nSep-24 \nOct-24 \nNov-24 \nDec-24 \n1 Net Foreign Assets \n(10321.15) \n21710.89 \n34085.37 \n49084.99 \n53866.25 \n53694.05 \n65801.73 \n70066.63 \n74315.55 \n87417.32 \nBank of Ghana \n(17487.62) \n4021.06 \n13251.29 \n23057.19 \n27477.05 \n27734.59 \n34489.38 \n33675.59 \n35652.90 \n47647.12 \nCommercial Banks \n7166.46 \n17689.83 \n20834.09 \n26027.80 \n26389.20 \n25959.46 \n31312.35 \n36391.04 \n38662.65 \n39770.20 \n2 Net Domestic Assets \n190587.99 \n228308.31 \n227034.13 \n231954.03 \n233815.58 \n240594.18 \n245378.55 \n254687.83 \n251851.07 \n242321.48 \n3\now: Claims on government (net) \n127515.37 \n115681.46 \n118345.15 \n117391.93 \n118552.67 \n131576.91 \n130147.19 \n132334.10 \n131327.71 \n113291.69 \n4\now: Claims on Private sector( Incl. PE's) \n85078.76 \n86096.51 \n86193.53 \n93719.28 \n94573.89 \n96451.37 \n101487.64 \n104305.33 \n105396.23 \n105901.21 \nBOG OMO Sterilisation Acc. \n(7725.48) \n(24795.37) \n(22605.87) \n(16244.51) \n(21158.62) \n(26026.81) \n(21138.18) \n(21570.86) \n(23492.53) \n(18142.88) \n5 Total Liquidity (M2+) \n180266.84 \n250019.20 \n261119.50 \n281039.02 \n287681.83 \n294288.23 \n311180.28 \n324754.46 \n326166.62 \n329738.77 \n6\now: Broad Money Supply (M2) \n135142.49 \n185425.80 \n190181.12 \n203530.25 \n209091.58 \n214821.11 \n229253.49 \n238258.07 \n244128.78 \n247761.93 \n7\now: Foreign Currency Deposits(¢million) \n45124.35 \n64593.40 \n70938.38 \n77508.78 \n78590.25 \n79467.11 \n81926.79 \n86496.39 \n82037.84 \n81976.84 \nChange from previous year (in per cent) \n8 Net Foreign Assets \n(237.04) \n(310.35) \n(383.89) \n7455.25 \n(1952.81) \n(1745.76) \n(3972.59) \n6613.61 \n1316.76 \n302.64 \n9 Net Domestic Assets \n48.87 \n19.79 \n3.67 \n11.00 \n8.47 \n10.44 \n11.10 \n13.30 \n10.17 \n6.14 \n10\now: Claims on government (net) \n69.31 \n(9.28) \n(17.95) \n(14.41) \n(16.78) \n(8.89) \n9.93 \n11.49 \n8.35 \n(2.07) \n11\now: Claims on Private sector( Incl. PE's) \n37.70 \n1.20 \n(2.36) \n6.69 \n7.05 \n9.92 \n15.14 \n17.41 \n26.20 \n23.00 \n12\now: BOG OMO Sterilisation Acc. \n(36.62) \n(220.96) \n17.62 \n40.44 \n37.64 \n25.06 \n42.22 \n43.03 \n27.55 \n26.83 \n12 Total Liquidity (M2+) \n32.98 \n38.69 \n26.15 \n34.07 \n35.28 \n37.14 \n41.99 \n43.80 \n39.48 \n31.89 \n13\nBroad Money Supply (M2) \n27.81 \n37.21 \n28.39 \n35.62 \n36.68 \n38.62 \n44.50 \n45.19 \n43.23 \n33.62 \n14\nForeign Currency Deposits (FCDs) \n51.33 \n43.15 \n20.53 \n30.16 \n31.70 \n33.27 \n35.38 \n40.10 \n29.39 \n26.91 \nCummulative change from previous year end (in per cent) \n15 Net Foreign Assets \n(237.04) \n(310.35) \n57.00 \n126.08 \n148.11 \n147.31 \n203.08 \n222.73 \n242.30 \n302.64 \n16 Net Domestic Assets \n48.87 \n19.79 \n(0.56) \n1.60 \n2.41 \n5.38 \n7.48 \n11.55 \n10.31 \n6.14 \n17\no/w: Claims on government (net) \n69.31 \n(9.28) \n2.30 \n1.48 \n2.48 \n13.74 \n12.50 \n14.40 \n13.53 \n(2.07) \n18 Broad Money(M2+) \n32.98 \n38.69 \n4.44 \n12.41 \n15.06 \n17.71 \n24.46 \n29.89 \n30.46 \n31.89 \nAnnual per cent contribution to money growth \n19 Net Foreign Assets \n(13.17) \n17.77 \n22.27 \n23.11 \n26.70 \n26.54 \n30.80 \n30.56 \n29.54 \n26.28 \n20 NDA \n46.15 \n20.92 \n3.88 \n10.96 \n8.58 \n10.60 \n11.19 \n13.24 \n9.94 \n5.60 \n21 Total Liquidity (M2+) \n32.98 \n38.69 \n26.15 \n34.07 \n35.28 \n37.14 \n41.99 \n43.80 \n39.48 \n31.89 \nMemorandum items \n22 Reserve Money \n68103.84 \n87987.66 \n89011.62 \n110578.33 \n108211.32 \n116795.08 \n120771.47 \n128961.15 \n134567.43 \n130481.72 \n23 NFA ($million) \n(1203.49) \n1827.52 \n2647.00 \n3365.21 \n3632.66 \n3534.85 \n4164.67 \n4298.57 \n4866.77 \n5946.76 \n24 Currency ratio \n0.21 \n0.18 \n0.18 \n0.19 \n0.19 \n0.20 \n0.20 \n0.21 \n0.24 \n0.24 \n25 FCD/M2+ \n0.25 \n0.26 \n0.27 \n0.28 \n0.27 \n0.27 \n0.26 \n0.27 \n0.25 \n0.25 \n26 FCD/Total Deposit \n0.30 \n0.30 \n0.32 \n0.33 \n0.33 \n0.32 \n0.32 \n0.32 \n0.31 \n0.31 \n27 RM multiplier \n1.98 \n2.11 \n2.14 \n1.84 \n1.93 \n1.84 \n1.90 \n1.85 \n1.81 \n1.90 \nSource: Bank of Ghana Staff Calculations \n \nTable A2: Sources of Growth in Reserve Money (GH¢ Millions, unless otherwise stated) \nAppendix 2: Sources of Growth in Reserve Money (millions of Ghana cedis unless otherwise stated) \nDec-22 \nDec-23 \nMar-24 \nJun-24 \nJul-24 \nAug-24 \nSep-24 \nOct-24 \nNov-24 \nDec-24 \n1 Net Foreign Assets ( NFA) \n(17487.6) 4021.1 \n13251.3 \n23057.2 \n27477.0 \n27734.6 \n34489.4 \n33675.6 \n35652.9 \n47647.1 \n2 Net Domestic Assets ( NDA) \n85591.5 \n84278.4 \n75760.0 \n87521.1 \n80734.3 \n89060.5 \n86282.1 \n95285.6 \n98914.5 \n82834.6 \nof which: \n3\now: Claims on government (net) \n78871.2 \n54356.1 \n50086.8 \n55138.4 \n56916.9 \n64947.6 \n69537.6 \n70877.4 \n68939.8 \n56031.5 \n4\nClaims on DMB's (net) \n(4057.4) \n(9878.4) \n(16020.1) (13451.5) (19716.9) (18523.3) (26897.1) (21593.3) (17002.5) (21783.3) \n5\nOMO Sterilisation Account. \n(7725.5) \n(24795.4) (22605.9) (16244.5) (21158.6) (26026.8) (21138.2) (21570.9) (23492.5) (18142.9) \n6 Reserve Money ( RM) \n68103.8 \n88299.4 \n89011.3 \n110578.3 108211.3 116795.1 120771.5 128961.2 134567.4 130481.7 \n7\now:Currency \n31420.6 \n37620.7 \n39677.6 \n44895.6 \n46752.9 \n48951.9 \n52752.8 \n57354.0 \n62344.8 \n64127.7 \n8\nDMB's reserves \n31727.8 \n38050.2 \n42754.5 \n58972.2 \n54035.5 \n60668.6 \n60760.4 \n64317.5 \n65111.7 \n58769.1 \n9\nNon-Bank deposits \n4955.3 \n12628.5 \n6579.2 \n6710.6 \n7422.9 \n7174.5 \n7258.3 \n7289.6 \n7110.9 \n7584.9 \nChange from previous year (in per cent) \n10 Net Foreign Assets \n(312.0) \n(123.0) \n(155.3) \n(267.7) \n(274.5) \n(264.0) \n(312.1) \n(337.9) \n(466.7) \n1084.9 \n11 Net Domestic Assets \n144.6 \n(1.5) \n(7.4) \n15.0 \n5.6 \n11.8 \n8.2 \n23.4 \n14.4 \n(1.7) \n12\now: Claims on government (net) \n168.4 \n(31.1) \n(42.5) \n(33.5) \n(34.4) \n(25.9) \n11.5 \n15.3 \n12.7 \n3.1 \n13\nClaims on DMB's (net) \n243.9 \n(143.5) \n(62.2) \n(58.2) \n(138.0) \n(103.9) \n(131.1) \n(44.9) \n(78.3) \n(120.5) \n14\nOMO Sterilisation Account. \n(36.6) \n(221.0) \n17.6 \n40.4 \n37.6 \n25.1 \n42.2 \n43.0 \n27.6 \n26.8 \n15 Reserve Money ( RM) \n57.5 \n29.7 \n0.8 \n25.2 \n22.6 \n32.3 \n36.8 \n46.0 \n52.4 \n47.8 \n16\now:Currency \n44.3 \n19.7 \n5.5 \n19.3 \n24.3 \n30.1 \n40.2 \n52.5 \n65.7 \n70.5 \nCumulative change from previous year end (in per cent) \n17 Net Foreign Assets ( NFA) \n(312.0) \n(123.0) \n229.5 \n473.4 \n583.3 \n589.7 \n757.7 \n737.5 \n786.7 \n1084.9 \n18 Net Domestic Assets ( NDA) \n144.6 \n(1.5) \n(10.1) \n3.8 \n(4.2) \n5.7 \n2.4 \n13.1 \n17.4 \n(1.7) \n19\no/w: Claims on government (net) \n168.4 \n(31.1) \n(7.9) \n1.4 \n4.7 \n19.5 \n27.9 \n30.4 \n26.8 \n3.1 \n20 Reserve Money ( RM) \n57.5 \n29.7 \n0.8 \n25.2 \n22.6 \n32.3 \n36.8 \n46.0 \n52.4 \n47.8 \nAnnual per cent contribution \n21 Net Foreign Assets \n(59.51) \n31.58 \n64.31 \n59.04 \n71.18 \n71.17 \n79.93 \n75.84 \n59.15 \n49.41 \n22 Net Domestic Assets ( NDA) \n116.99 \n(1.93) \n(10.42) \n18.33 \n7.01 \n15.02 \n10.27 \n28.65 \n16.27 \n(1.64) \n23 RM growth ( y-o-y) \n57.48 \n29.65 \n53.89 \n77.37 \n78.19 \n86.18 \n90.20 \n104.49 \n75.42 \n47.77 \nSource: Bank of Ghana Staff Calculations \nPUBLIC \n39 \n \n \nTable A.3: Asset and Liability Structure of the Banking Sector \nDec-21 \nDec-22 \nDec-23 \nOct-24 \nDec-24 \nComponents of Assets (% of Total) \nCash and Due from Banks \n20.0 \n29.1 \n30.7 \n37.2 \n38.7\nInvestments \n46.2 \n32.0 \n36.4 \n32.1 \n30.7\nNet Advances \n26.3 \n28.2 \n23.8 \n21.2 \n21.5\nOthers \n7.5 \n10.6 \n9.1 \n9.5 \n9.1\nComponents of Liabilities and Shareholders' Funds (% of Total) \nTotal Deposits \n67.3 \n75.5 \n78.0 \n75.5 \n75.1 \nTotal Borrowings \n12.3 \n8.9 \n5.5 \n7.1 \n7.6 \nShareholders' Funds \n13.8 \n8.7 \n10.6 \n10.3 \n10.8 \nOther Liabilities \n6.6 \n7.0 \n5.9 \n6.8 \n6.3 \nSource: Bank of Ghana Staff Calculations \n \nTable A.4: Credit Growth \nEconomic Sector \nDec-22 \nGh¢million \nDec-23 \nOct-24 \nDec-24 \ny/y growth (%) \nDec-23 \nDec-24 \nPublic Sector \n7,043.8 \n6,450.3 \n7,635.0 \n6,418.7 \n-8.4 \n-0.5 \nPrivate Sector \n62,473.0 \n70,559.3 \n86,842.4 \n89,121.6 \n12.9 \n26.3 \n- Private Enterprises \n45,978.9 \n51,833.3 \n64,183.2 \n65,068.7 \n12.7 \n25.5 \no/w Foreign \n2,801.4 \n2,917.6 \n4,798.6 \n4,111.0 \n4.1 \n40.9 \nIndigeneous \n43,177.5 \n48,915.7 \n59,384.6 \n60,957.6 \n13.3 \n24.6 \n- Households \n15,032.3 \n17,315.3 \n21,085.1 \n21,212.0 \n15.2 \n22.5 \nGross Loans \n69,516.9 \n77,009.7 \n94,477.3 \n95,540.3 \n10.8 \n24.1 \nSource: Bank of Ghana Staff Calculations \n \n \nTable A.5: Contingent Liabilities \nDec-21 \nDec-22 \nDec-23 \nOct-24 \nDec-24 \nContingent Liabilities (GH¢million) \n17,485.5 \n19,271.5 \n22,549.7 \n27,195.9 \n23,953.9 \nGrowth (y-o-y) \n42.3 \n10.2 \n17.0 \n39.8 \n6.2 \n% of Total Liabilities \n11.3 \n10.0 \n9.2 \n8.3 \n7.3 \nSource: Bank of Ghana Staff Calculations \n \n \nTable A.6: Distribution of Loans and NPLs by Economic Sector (%) \nDec-22 \nDec-23 \nOct-24 \nDec-24 \nShare in Total \nCredit \nShare in \nNPLs \nShare in Total \nCredit \nShare in \nNPLs \nShare in Total \nCredit \nShare in \nNPLs \nShare in Total \nCredit \nShare in \nNPLs \na. Public Sector \n10.1 \n7.7 \n8.4 \n6.9 \n8.1 \n4.0 \n6.7 \n3.8 \ni. Government \n4.8 \n4.5 \n2.9 \n2.2 \n2.0 \n1.0 \n1.6 \n1.1 \nii. Public Institutions \n2.4 \n0.2 \n2.0 \n0.8 \n2.5 \n0.0 \n1.1 \n0.2 \niii. Public Enterprises \n2.9 \n3.0 \n3.6 \n3.9 \n3.6 \n2.9 \n4.0 \n2.6 \nb. Private Sector \n89.9 \n92.3 \n91.6 \n93.1 \n91.9 \n96.0 \n93.3 \n96.2 \ni. Private Enterprises \n66.1 \n82.7 \n67.3 \n80.2 \n67.9 \n83.4 \n68.1 \n83.1 \no/w Foreign \n4.0 \n2.3 \n3.8 \n2.0 \n5.1 \n2.4 \n4.3 \n2.2 \nIndigeneous \n62.1 \n80.4 \n63.5 \n78.2 \n62.9 \n81.0 \n63.8 \n80.9 \nii. Households \n21.6 \n8.8 \n22.5 \n12.3 \n22.3 \n11.7 \n22.2 \n12.2 \niii. Others \n2.1 \n0.8 \n1.8 \n0.6 \n1.7 \n0.9 \n3.0 \n0.9 \nSource: Bank of Ghana Staff Calculations \nPUBLIC \n40 \n \n \n \nTable A.7: Liquidity Ratios \nDec-21 \nDec-22 \nDec-23 \nOct-24 \nDec-24\nLiquid Assets (Core) - (GH¢'million) \n35,955.8 \n61,396.7 \n84,399.6 \n136,713.0 \n142,259.4 \nLiquid Assets (Broad) -(GH¢'million) \n118,853.5 \n129,071.8 \n184,325.0 \n254,364.6 \n254,934.3 \nLiquid Assets to total deposits (Core)-% \n29.7 \n38.4 \n39.3 \n49.3 \n51.5 \nLiquid Assets to total deposits (Broad)- % \n98.2 \n80.7 \n85.9 \n91.7 \n92.3 \nLiquid assets to total assets (Core)- % \n20.0 \n29.0 \n30.7 \n37.2 \n38.7 \nLiquid assets to total assets (Broad)- % \n66.1 \n60.9 \n67.0 \n69.3 \n69.3 \nSource: Bank of Ghana Staff Calculations \n \nTable A.8: Profitability Indicators (%) \nDec-21 \nDec-22 \nDec-23 \nDec-24 \nGross Yield \n15.4 \n16.0 \n18.8 \n18.7 \nInterest Payable \n5.4 \n5.8 \n6.1 \n5.8 \nSpread \n10.0 \n10.2 \n12.7 \n12.9 \nAsset Utilitisation \n13.1 \n15.0 \n15.2 \n13.6 \nInterest Margin to Total Assets \n7.1 \n7.2 \n7.8 \n6.9 \nInterest Margin to Gross income \n54.5 \n47.8 \n51.8 \n50.9 \nProfitability Ratio \n20.2 \n-20.8 \n19.9 \n20.9 \nReturn On Equity (%) after tax \n20.6 \n-25.5 \n34.2 \n30.8 \nReturn On Assets (%) before tax \n4.5 \n-3.8 \n5.4 \n5.0 \nSource: Bank of Ghana Staff Calculations \n \nTable A.9: DMBs’ Income Statement \nDec-21 \nDec-22 \nDec-23 \n (GH ¢'million) \nDec-24 \nDec-22 \nDec-23 \nDec-24 \nY-on-y Growth (%) \nInterest Income \n18,959.1 \n24,142.6 \n31,989.8 \n38,489.4 \n27.3 \n32.5 \n20.3 \nInterest Expenses \n(6,122.7) \n(8,901.8) \n(10,420.0) \n(13,032.6) \n45.4 \n17.1 \n25.1 \nNet Interest Income \n12,836.5 \n15,240.8 \n21,569.8 \n25,456.8 \n18.7 \n41.5 \n18.0 \nFees and Commissions (Net) \n2,931.8 \n3,598.6 \n4,505.8 \n5,670.0 \n22.7 \n25.2 \n25.8 \nOther Income \n1,662.8 \n4,131.5 \n5,144.3 \n5,832.6 \n148.5 \n24.5 \n13.4 \nOperating Income \n17,431.0 \n22,970.9 \n31,219.9 \n36,959.4 \n31.8 \n35.9 \n18.4 \nOperating Expenses \n(7,920.8) \n(10,078.9) \n(13,592.9) \n(16,588.4) \n27.2 \n34.9 \n22.0 \nStaff Cost \n(4,254.1) \n(5,241.6) \n(6,525.4) \n(8,222.0) \n23.2 \n24.5 \n26.0 \nOther operating Expenses \n(3,666.7) \n(4,837.2) \n(7,067.4) \n(8,366.4) \n31.9 \n46.1 \n18.4 \nNet Operating Income \n9,510.2 \n12,892.1 \n17,627.1 \n20,370.9 \n35.6 \n36.7 \n15.6 \nTotal Provision (Loan losses, Depreciation & \nothers) \n(2,085.7) \n(20,850.5) \n(4,331.0) \n(3,825.6) \n899.7 \n(79.2) \n(11.7) \nIncome Before Tax \n7,424.5 \n(7,958.4) \n13,296.1 \n16,545.3 \n(207.2) \n267.1 \n24.4 \nTax \n(2,659.8) \n1,323.3 \n(5,028.3) \n(6,107.9) \n(149.8) \n(480.0) \n(21.5) \nNet Income \n4,764.7 \n(6,635.1) \n8,267.8 \n10,437.4 \n(239.3) \n224.6 \n26.2 \nGross Income \n23,553.7 \n31,872.7 \n41,640.0 \n49,992.0 \n35.3 \n30.6 \n20.1 \nSource: Bank of Ghana Staff Calculations \n \nTable A.10: Developments in Offshore Balances \nDec-21 \nDec-22 \nDec-23 \nOct-24 \nDec-24 \nOffshore balances as % to Networth \n33.8 \n72.9 \n67.7 \n102.2 \n104.1 \nAnnual Growth in Offshore balances (%) \n-23.8 \n59.5 \n47.7 \n125.7 \n110.1 \nAnnual Growth in Nostro Balances (%) \n-26.3 \n120.7 \n-0.7 \n176.6 \n118.4 \nAnnual Growth in Placement (%) \n-21.1 \n-5.7 \n169.6 \n90.8 \n102.9 \nSource: Bank of Ghana Staff Calculations \nPUBLIC \n41 \n \n \nTable A.11: Headline Inflation \nAnnual Changes in CPI (%) \nMonthly Changes in CPI (%) \nCore Inflation (%) \nCombined \nFood \nNon-food \nCombined \nFood \nNon-food \nCore 1 \nCore 2 \nCore 3 \nCore 4 \nDec-20 \n10.4 \n14.1 \n7.7 \n0.9 \n1.5 \n0.4 \n11.2 \n8.5 \n11.4 \n8.3 \nDec-21 \n12.6 \n12.8 \n12.5 \n1.2 \n1.2 \n1.2 \n11.9 \n11.9 \n11.5 \n10.7 \nDec-22 \n54.1 \n59.7 \n49.9 \n3.8 \n4.1 \n3.6 \n53.2 \n53.5 \n54.4 \n47.2 \n2023 \nJan \n53.6 \n61.0 \n47.9 \n1.7 \n2.8 \n0.8 \n52.8 \n52.8 \n54.0 \n45.7 \nFeb \n52.8 \n59.1 \n47.9 \n1.9 \n2.0 \n1.7 \n52.0 \n52.3 \n53.4 \n45.6 \nMar \n45.0 \n50.8 \n40.6 \n-1.2 \n-0.9 \n-1.5 \n44.6 \n45.4 \n46.7 \n39.0 \nApr \n41.2 \n48.7 \n35.4 \n2.4 \n4.3 \n0.7 \n41.7 \n41.1 \n43.4 \n35.6 \nMay \n42.2 \n51.8 \n34.6 \n4.8 \n6.2 \n3.5 \n42.8 \n40.8 \n45.3 \n35.0 \nJun \n42.5 \n54.2 \n33.4 \n3.2 \n3.9 \n2.6 \n43.5 \n40.9 \n46.1 \n34.8 \nJul \n43.1 \n55.0 \n33.8 \n3.6 \n3.8 \n3.4 \n44.2 \n41.5 \n47.2 \n35.6 \nAug \n40.1 \n51.9 \n30.9 \n-0.2 \n-0.3 \n-0.2 \n41.0 \n38.3 \n44.0 \n32.5 \nSept \n38.1 \n49.3 \n29.3 \n1.9 \n1.6 \n2.1 \n39.0 \n35.3 \n40.0 \n29.5 \nOct \n35.2 \n44.8 \n27.7 \n0.6 \n0.1 \n1.0 \n36.2 \n33.1 \n37.2 \n28.3 \nNov \n26.4 \n32.2 \n21.7 \n1.5 \n0.8 \n2.2 \n27.2 \n24.8 \n28.6 \n22.9 \nDec \n23.2 \n28.7 \n18.7 \n1.2 \n1.3 \n1.0 \n24.2 \n22.3 \n25.5 \n20.7 \n2024 \nJan \n23.5 \n27.1 \n20.5 \n2.0 \n1.6 \n2.4 \n24.2 \n22.4 \n25.4 \n21.8 \nFeb \n23.2 \n27.0 \n20.0 \n1.6 \n2.0 \n1.3 \n24.0 \n22.2 \n25.0 \n21.8 \nMar \n25.8 \n29.6 \n22.6 \n0.8 \n1.0 \n0.7 \n26.3 \n24.0 \n27.2 \n23.8 \nApr \n25.0 \n26.8 \n23.5 \n1.8 \n2.1 \n1.5 \n24.8 \n22.9 \n25.9 \n22.9 \nMay \n23.1 \n22.6 \n23.6 \n3.2 \n2.7 \n3.6 \n22.6 \n21.5 \n23.2 \n21.9 \nJun \n22.8 \n24.0 \n21.6 \n2.9 \n5.1 \n0.9 \n22.1 \n19.5 \n23.2 \n19.1 \nJul \n20.9 \n21.5 \n20.5 \n2.1 \n1.7 \n2.4 \n19.9 \n16.7 \n20.8 \n17.3 \nAug \n20.4 \n19.1 \n21.5 \n-0.7 \n-2.2 \n0.7 \n19.4 \n16.9 \n20.0 \n18.9 \nSep \n21.5 \n22.1 \n20.9 \n2.8 \n4.2 \n1.6 \n20.8 \n17.6 \n21.5 \n18.4 \nOct \n22.1 \n22.8 \n21.5 \n0.9 \n0.3 \n1.4 \n21.4 \n19.5 \n22.2 \n19.1 \nNov \n23.0 \n25.9 \n20.7 \n2.6 \n3.8 \n1.6 \n22.4 \n18.7 \n23.2 \n17.6 \nDec \n23.8 \n27.8 \n20.3 \n1.8 \n2.8 \n0.7 \n23.1 \n18.5 \n24.0 \n17.1 \nSource: Ghana Statistical Service \nBank of Ghana", "source": "BOG", "stratum": "cb_requests", "fetch_date": "2026-05-11", "url": "file:///SARB/Monetary_Policy_Reports/Monetary-Policy-Report-Jan-2025.pdf"}
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