In the second quarter of 2024, the sum of secured loans granted and registered by banks and Specialised Deposit-Taking Institutions (SDIs) in Ghana reached GH¢10.8 billion, marking an 83.1% increase from the GH¢5.9 billion recorded in the same period last year, according to the Bank of Ghana’s Collateral Registry.

Banks dominated the secured loans market, accounting for GH¢9.1 billion in Q2 2024.

This represents an 85.7% jump from the GH¢4.9 billion recorded in Q2 2023. SDIs, on the other hand, recorded GH¢1.7 billion in secured loans in Q2 2024, up 75.1% from GH¢971.1 million in the same period in 2023.

Banks maintained the largest share of the total value of secured loans in Q2 2024, with 83.8%, a slight increase from the 83.7% share in Q2 2023.

Savings and Loans Companies (S&Ls) saw their share decline to 9.5% in Q2 2024, down from 9.8% in Q2 2023. Rural and Community Banks (RCBs) increased their share to 5.2% in Q2 2024, compared to 4.4% in the same period last year.

The share of secured loans held by Microfinance Institutions decreased marginally to 1.0% in Q2 2024 from 1.1% in Q2 2023, while Micro Credit Companies saw their share fall slightly from 0.3% in Q2 2023.