The growth in monetary aggregates moderated further in April 2026, largely reflecting the tight monetary policy stance.According to the Bank of Ghana, the reserve money growth slowed significantly to 3.6% in April 2026, compared to 38% growth a year earlier.Similarly, broad money supply expanded at a slower pace by 22.2%, down from 26.7% over the same period.On the money market, interest rates on short-term instruments declined further, reflecting easing inflation expectations and the monetary policy stance.The yields on the benchmark 91-day Treasury bill fell to 4.9% in April 2026, from 15.5% a year earlier. Similarly, the Ghana Reference Rate eased to 10.06% in April 2026, compared to 23.99% a year earlier. Also, the average bank lending rates declined to 16.3% from 27.4%.In line with this, the private sector credit rebounded strongly in April, up by 28.7% in nominal terms.This is compared with a 19.9% growth in April 2025.In real terms, this represents a growth of 24.5% compared to a contraction of 1.1% over the same comparative period.