Ghana’s savings and loans sector recorded a significant increase in lending, rising from GH¢1.7 billion in 2023 to GH¢2.1 billion as of December 2024. This represents a 27.2 percent year-on-year growth.

The figures were presented at the 15th Annual General Meeting of the Ghana Association of Savings and Loans Companies (GHASALC) held in Accra.

The Chief Executive Officer of GHASALC, Tweneboah Kodua Boakye, attributed the strong performance to disciplined lending practices and customer-focused strategies.

“Some of our members are recording single-digit non-performing loan rates, which is very commendable,” he said.
“Our approach is simple: stay close to the customer, understand their needs, and lend within what they can realistically afford and repay on time. That way, we reduce default and free up more credit for others.”

According to the Association’s 2024 financial report, the sector’s total assets grew by 30.6 percent, from GH¢7.37 billion in December 2023 to GH¢9.63 billion in December 2024.

Customer deposits also saw strong growth, increasing by 39.4 percent year-on-year to reach GH¢6.1 billion, while net loans rose by 20.5 percent, reflecting renewed confidence in the sector’s lending capacity.

Mr. Boakye noted that by prioritizing manageable loan sizes and building strong customer relationships, savings and loans companies are helping to widen access to credit particularly for MSMEs and underserved individuals while maintaining financial stability.