The total value of secured loans issued by banks and Specialized Deposit-Taking Institutions (SDIs) in the third quarter of 2024 reached GH¢5.6 billion, marking a 2.8% year-on-year increase compared to GH¢5.5 billion in Q3 2023.
According to the latest figures from the Bank of Ghana’s (BoG) Collateral Registry, banks contributed GH¢3.5 billion of the secured loans, representing an 18.7% decrease from the GH¢4.3 billion recorded in Q3 2023. Conversely, SDIs reported a significant rise, with their secured loans increasing by 75% to GH¢2.1 billion, up from GH¢1.2 billion during the same period last year.
Distribution of Secured Loans
Banks maintained the largest share of the total secured loans in Q3 2024, accounting for 62.3%, though this was a drop from 78.8% in Q3 2023.
Other institutions demonstrated notable growth:
- Savings and Loans Companies: Share increased to 23.4% in Q3 2024, up from 12.7% in Q3 2023.
- Rural and Community Banks: Share rose to 10.2% from 5.3% during the same period.
- Microfinance Institutions: Share climbed to 2.2%, compared to 1.7% in Q3 2023.
Finance Houses experienced a marginal decline, with their share slipping from 0.5% in Q3 2023 to 0.3% in Q3 2024. The cumulative share of secured loans from other lending institutions increased from 1.0% in Q3 2023 to 1.6% in Q3 2024.
The data reflects evolving lending trends, with SDIs showing significant growth and diversifying the distribution of secured loans in Ghana’s financial sector.