According to the May 2020 Summary of Economic and Financial Data, foreign currency deposits grew by 36.9 percent in January 2020 but took a nosedive thereafter.
The dollar which started the year well also lost some grounds in March 2020 and fell further in April 2020.
According to the Bank of Ghana (BoG), the cedi appreciated in value by 4.5 per cent in February 2020 but fell sharply, appreciating by only 1.7 percent in March 2020. It however declined by 1.2 percent in April 2020.
Demand deposits or current accounts also went down significantly by 6.1 percent to 14.8 percent in March 2020.
This indicates that more money found itself into the savings and investment (fixed deposits) accounts in the last month of the first quarter of this year.
According to the data by the Bank of Ghana, demand deposits grew by 18.9 percent in January 2020 and 20.9 percent in February 2020, but declined significantly to 14.8 percent in March 2020.
For savings and time deposits, it grew by a paltry 0.7 percent, 0.1 percent
credit: The Finder
(By August Amoah)
Ghana Financial Market 