Secured loans totaled 5.6 billion in the third quarter.
In the third quarter of 2024, the total value of secured loans from banks and Specialised Deposit-Taking Institutions (SDIs) increased to GH̼5.6 billion.
In comparison to the GH̼5.5 billion reported in the third quarter of 2023, this indicates a 2.8 percent rise year over year.
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This is in accordance with the most recent information from the Bank of Ghana’s (BoG) collateral registry.In the third quarter of 2024, banks held GH̼3.5 billion of the total value of secured loans, representing an 18.7% decline from GH̼4.3 billion in the same period in 2023. However,
Compared to 78.8 percent in the third quarter of 2023, banks recorded the biggest percentage of the total value of secured loans in the third quarter of 2024, accounting for 62.3 percent.
Savings and Loans Companies’ percentage of secured loans rose from 12.7 percent in the third quarter of 2023 to 23.4 percent in the third quarter of 2024.
The Rural and Community Banks came next, with a 10.2 percent share in the third quarter of 2024 compared to a 5.3 percent share in the third quarter of 2023.
Similarly, Microfinance Institutions’ proportion of secured loans rose from 1.7 percent in the third quarter of 2023 to 2.2 percent in the third quarter of 2024.
From 0.5 percent in the third quarter of 2023 to 0.3 percent in the third quarter of 2024, Finance Houses’ percentage of the total value of secured loans fell slightly.
Over the same comparison period in 2023, the total share of secured loans from the remaining lending institutions rose from 1.0 percent to 1.6 percent.
