The share of private sector credit in total credit declined to 88.8% in April 2023, from 90.0% in April 2022, data from the Bank of Ghana has revealed.

The share of public sector credit however rose to 11.2%, from 10% a year earlier.

According to the May 2023 Monetary Sector Report, private sector credit comprising credit to private enterprises and households posted a lower growth of 19.8% to ¢64.9 billion in April 2023, from 26.5% in the corresponding period in the previous year.

On the other hand, public sector credit, went up by 23.9% to ¢7.5 billion at end-April 2023, compared to the growth of 19.6%in April 2022.

In terms of the distribution of credit by sectors, the services sector accounted for the largest share of 33.7% as at end-April 2023, from 33.4 percent in April 2022.

This was followed by the commerce and finance sectors with a relative share of 20.8%, from 20.5%, while the manufacturing sector accounted for a share of 10.7%, from 10.0%.

Together, these sectors accounted for 65.2% of total credit in April 2023, compared with 63.9% in April 2022.

The mining and quarrying sector remained the lowest recipient of industry credit, despite a marginal share increase to 3.2%, from 1.8% during the period under review