Cedi in Circulation Outside Banks Hits GHS 64.1 Billion at End-2024 – BoG Data
The amount of Cedi in circulation outside the banking sector reached GHS 64.1 billion at the end of December 2024, according to the Bank of Ghana’s (BoG) January 2025 Summary of Economic and Financial Data.
This represents a 77.07% increase from the GHS 36.2 billion recorded in January 2024.
Demand deposits held by banks also surged during the year under review, rising from GHS 80.8 billion in January 2024 to GHS 104.1 billion by December 2024.
Together, currency in circulation and demand deposits—defined as narrow money (M1)—amounted to GHS 168 billion at the close of the year.
Broad money (M2), which includes savings and time deposits, stood at GHS 247.8 billion, reflecting a 36.4% rise from the GHS 181.6 billion recorded at the start of 2024.
Total liquidity in the economy, measured by M2+, reached GHS 329.7 billion at end-2024, marking an increase of GHS 83.5 billion from the GHS 246.2 billion recorded in January 2024.
The significant growth in money supply signals increased liquidity in the economy, which could have implications for inflation, interest rates, and overall economic activity.
