in  2007  and  marginally  to  36.1  percent  in  May  2008. ��The  BoG  maintains  that  growth  in  broad   money  supply  is  mainly  supported  by  expansion  of  Net  Domestic  Assets  of  the  banking  sector   due   to   the   strong   private   sector   credit   expansion.   Net   Domestic   Assets   increased   by   47.78   percent  from  2,049  million  Ghana  cedis  in  2006  to  3,028.9  million  Ghana  cedis  in  2007.  As  at   May  2008  Net  Domestic  Assets  stood  at  4264.7  million  Ghana  cedis  while  the  Net  Foreign  Asset   on  the  other  hand  reduced  by  2.87  percent  from  about  2,180.7  million  Ghana  cedis  in  2006  to   about   2,118.1   million   cedis   in   2007.   As   at   May   2008   the   Net   Foreign   Asset   was   about   1966.5   million  cedis     Inflation   was   sustained   at   about   10.1   percent   from   January   to   October   2007   but   the   figure   increased  to  11.4  and  12.7  percent  in  November  and  December  2007  and  to  about  18  percent   in  June  2008  largely  as  a  result  of  external  conditions-­‐  oil  and  food  price  hikes.  Consequently,   the  cedi  depreciated  against  the  major  currencies.  Cumulative  depreciation  of  the  cedis  to  the   US   dollars,   Euro   and   British   Pound   Sterling   was   5.4,   18.8   and   7.0   percent   respectively.   The   situation   has   not   improved   in   2008.  Following   the   creation   of   the   national   electronic   payments   system  -­‐  the  Ghana  Interbank  Payment  and  Settlement  System  (GIPSS),  the  BoG  introduced  the   E-­‐zwich   card   in   2008   and   the   creation   of   a   common   platform   for   ATMs,   credit   cards,   money   transfers,   as   well   as   accelerated   transaction   settlement   with   automated   cheque   clearing.   It   is   expected  that  these  measures  will  speed  up  financial  transactions.       68