Credit growth rose 34% to GH¢128.3 billion as of August 2026 – BoG

Ghana's banking sector saw a significant surge in credit growth during the first eight months of 2026, with loans and advances expanding by 34.6% to a total of GH¢128.3 billion by the end of August, as reported by the Bank of Ghana (BoG). This marked a sharp contrast to the 10.0% growth observed in the same period a year prior. The BoG's September 2026 Monetary Policy Report attributes this credit expansion to a boost in lending to the private sector alongside a recovery in public sector credit.

The report highlights that the private sector's share of total credit rose to 96.1% from 95.5%, underscoring the ongoing emphasis on private sector lending. Notably, credit allocation to the public sector also showed positive movement, increasing by 16.1% in August 2026. This growth marked a significant turnaround from the 26.9% contraction witnessed in the previous year.

In terms of sectoral distribution, the services sector retained its dominant position, with credit comprising 37.7% of total lending, surpassing the previous year's proportion. The commerce and finance sector followed, holding a share of 22.4%, while the construction sector experienced a notable increase, accounting for 11.3% of total credit.

Collectively, these three sectors together accounted for 71.3% of the total credit lent during the period, slightly lower than the 73.5% recorded a year earlier. This slight decrease suggests a modest shift towards a more diversified sectoral allocation of credit, reflecting broader economic adjustments.