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

Credit growth surged by 34.6% in the first eight months of 2026, reaching a total of GH¢128.3 billion by the end of August, according to the Bank of Ghana (BoG). This marks a significant acceleration compared to the 10.0% growth observed in the same period last year.

The September 2026 Monetary Policy Report attributes the surge to a combination of factors. Stronger lending to the private sector, coupled with a rebound in public sector credit, played a crucial role in driving this expansion. As a result, the private sector's share of total credit increased to 96.1%, up from 95.5%, underscoring the ongoing concentration of bank lending towards private sector activities.

Furthermore, credit to the public sector also saw a positive trend, expanding by 16.1% in August 2026. This represents a stark contrast to the 26.9% contraction experienced in the previous year.

The sectoral allocation of bank credit at the end of August 2026 remains heavily skewed towards a few key sectors. The services sector continued to dominate, accounting for 37.7% of total lending, which is higher than its share in the corresponding period of 2025. The commerce and finance sector followed closely with a share of 22.4%. The construction sector, however, experienced a notable increase, recording a share of 11.3% of total credit.

Despite this, the concentration of credit in these three sectors amounts to 71.3% of total industry lending, slightly below the 73.5% recorded a year earlier. This suggests a modest diversification in the sectoral distribution of credit during this period.