In the third quarter of 2024, the total value of secured loans issued by banks and Specialised Deposit-Taking Institutions (SDIs) increased to GHȼ5.6 billion.
In the third quarter of 2023, there was a recorded increase of 2.8 percent compared to the GHȼ5.5 billion which was previously reported.
The most recent information from the collateral registry of the Bank of Ghana (BoG) confirms this.
In the third quarter of 2024, the total value of secured loans was GHȼ7 billion, with banks contributing GHȼ3.5 billion. This amount represented a decrease of 18.7 per cent from the same period in 2023 when banks contributed GHȼ4.3 billion.
During the third quarter of 2024, SDIs recorded a remarkable increase of 75 per cent in secured loans, amounting to a total value of GHȼ2.1 billion. This was up from the GHȼ1.2 billion reported for the same period in 2023.
In the third quarter of 2024, banks held 62.3 percent of the total value of secured loans, down from 78.8 percent in the same period in 2023.
In the third quarter of 2024, Savings and Loans Companies saw a significant rise in the proportion of secured loans, jumping to 23.4 percent compared to 12.7 percent in the same quarter of 2023.
The Rural and Community Banks came in second place with a percentage share of 10.2 percent in the third quarter of 2024, up from 5.3 percent in the same quarter of 2023.
In contrast, the portion of secured loans held by Microfinance Institutions rose to 2.2 percent in the third quarter of 2024, up from 1.7 percent a year prior in the third quarter of 2023.
In the third quarter of 2023, Finance Houses held 0.5 percent of the total value of secured loans, but by the third quarter of 2024, this share had dropped slightly to 0.3 percent.
The cumulative share of secured loans from the remaining lending institutions rose to 1.6 percent from 1.0 percent in 2023, showing an increase during the same comparative period.
