Credit growth accelerated sharply in the first eight months, with gross loans and advances rising 34.6% (GH¢32.96 billion) to GH¢128.3 billion by the end of August 2026.
This is compared with 10.0% (GH¢32.96 billion) growth a year earlier.
According to the September 2026 Monetary Policy Report, stronger lending to the private sector and a rebound in public sector credit drove the expansion.
Consequently, the private sector’s share of total credit increased to 96.1% from 95.5%, highlighting the continued concentration of bank lending toward private sector activities.
Credit to the public sector also increased over the same comparative period, growing by 16.1% in August 2026, compared to a contraction of 26.9% in the previous year.
Sectoral Allocation
The sectoral allocation of bank credit at end-August 2026 remained concentrated in a few key sectors of the economy.
The services sector continued to receive the largest proportion of industry credit, representing 37.7% of total lending, which was higher than its share in the corresponding period of 2025.
The commerce and finance sector followed with a share of 22.4%, while the construction sector recorded a notable increase, accounting for 11.3% of total credit.
Collectively, these three sectors absorbed 71.3% of total industry lending, slightly below the 73.5% recorded a year earlier, indicating a modest diversification in the sectoral distribution of credit.
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