Total value of secured loans hits ȼ5.6bn in Q3

The total value of secured loans granted by banks and Specialised Deposit-Taking Institutions(SDIs) in the third quarter of 2024 rose to GHȼ5.6 billion.

This represents a 2.8 percent year-on-year increase relative to the GHȼ5.5 billion recorded in the third quarter of 2023.

That’s according to the latest data from the collateral registry of the Bank of Ghana (BoG).Tourism packages

Banks accounted for GHȼ3.5 billion of the total value of secured loans in the third quarter of 2024, depicting a decrease of 18.7 per cent from GHȼ4.3 billion in the third quarter of 2023. On the other hand,

SDIs recorded a total value of GHȼ2.1 billion secured loans in the third quarter of 2024, an increase of 75 per cent from GHȼ1.2 billion recorded for the same period in 2023.

In terms of distribution of secured loans, banks registered the largest share of the total value of secured loans in the third quarter of 2024 with 62.3 percent, relative to 78.8 percent in the third quarter of 2023.

The share of secured loans by Savings and Loans Companies increased to 23.4 percent in the third quarter of 2024 from 12.7 percent in the third quarter of 2023.

This was followed by the Rural and Community Banks with a percentage share of 10.2 percent in third quarter of 2024 from 5.3 percent in the third quarter of 2023.

Similarly, the share of secured loans by Microfinance Institutions increased to 2.2 percent in third quarter of 2024 from 1.7 percent in the third quarter of 2023.

The share of the total value of secured loans by Finance Houses decreased marginally from 0.5 percent in in the third quarter of 2023 to 0.3 percent in third quarter of 2024.

The cumulative share of secured loans from the remaining lending institutions increased to 1.6 percent from 1.0 percent during the same comparative period in 2023.