Credit growth in Ghana’s banking sector slowed to 15.6 percent in February 2026, with total net credit flows easing to GH¢14.57 billion, as banks adopted a more cautious lending stance and shifted toward safer assets.
This is according to the March 2026 Bank of Ghana Monetary Policy Report.
This marks a slowdown from the GH¢18.88 billion recorded in February 2025, which translated into a stronger 25.3 percent growth rate. The latest figures indicate tightening credit conditions, driven by reduced risk appetite and a continued preference for government and central bank securities.
The slowdown was largely driven by a significant contraction in public sector credit.
Lending to the government fell by GH¢1.76 billion, representing a 27.8 percent decline, in contrast to a GH¢357.58 million expansion recorded a year earlier. This reflects ongoing fiscal consolidation, which has curtailed government borrowing from the banking system.
Private sector credit remained the main driver of lending activity, but also showed signs of moderation. Growth slowed to 18.7 percent, with credit expansion of GH¢16.33 billion, down from 26.9 percent growth in February 2025.
Despite this, total outstanding private sector credit rose to GH¢103.67 billion, up from GH¢87.33 billion, increasing its share of total credit to 95.8 percent from 93.7 percent.
Sectoral trends reveal a concentration of credit in services, which attracted GH¢9.16 billion, accounting for 32.6 percent of total flows, significantly higher than last year.
Mining and quarrying also recorded strong growth, with credit flows rising to GH¢2.97 billion from GH¢451.11 million. However, credit to the transport, storage and communication sector declined markedly.
In real terms, private sector credit growth remained positive, supported by the significant decline in inflation.
Real private sector credit grew by 14.9 percent in February 2026, compared to 3.1 percent in February 2025. This reflected an improving trend in real private sector growth since the second half of 2025.
