The total value of secured loans granted and registered by banks and Specialised Deposit-Taking Institutions (SDIs) in the 4th quarter of 2023 was GH¢5.9 billion.
This is compared with GH¢13.2 billion in quarter 4, 2022, indicating a decrease of 54.9% on year-on-year terms.
According to the 4th Quarter Collateral Registry Report, banks accounted for GH¢4.5 billion of total secured loans in quarter 4 of 2023, indicating a decline of 63.0% from the GH¢12.3 billion recorded in Q4 2022.
This suggests a general slowdown in credit growth in 2023, reflecting portfolio reallocation by banks.
On the other hand, the SDIs recorded a total of GH¢1.4 billion secured loans in Q4 2023, an increase of 53.0% from the GH¢918.7 million recorded for the same period in 2022.
Distribution of secured loans
Banks registered the largest share of the total value of secured loans in quarter 4 2023, with 76.3%, relative to the share of 93.0% in Q4 2022.
The share of secured loans by Savings and Loans Companies increased to 13.3% in Q4 2023 from 4.2% recorded in Q4 2022.
This was followed by the Rural and Community Bank with a percentage share of 6.9% from 1.9% in Q42022.
The share of secured loans by Microfinance Companies also increased to 1.7% in Q4 2023 from 0.3% in Q4 2022.
Similarly, the share of the total value of secured loans by Finance Houses increased marginally from 0.1% in Q4 2022 to 0.5% in Q4 2023
Latest Stories
-
Paris 2024: Opening ceremony showcases grandiose celebration of French culture and diversity
3 hours -
How decline of Indian vultures led to 500,000 human deaths
4 hours -
Paris 2024: Ghana rocks ‘fabulous fugu’ at olympics opening ceremony
4 hours -
Trust Hospital faces financial strain with rising debt levels – Auditor-General’s report
4 hours -
Electrochem lease: Allocate portions of land to Songor people – Resident demand
5 hours -
82 widows receive financial aid from Chayil Foundation
5 hours -
The silent struggles: Female journalists grapple with Ghana’s high cost of living
5 hours -
BoG yet to make any payment to Service Ghana Auto Group
5 hours -
‘Crushed Young’: The Multimedia Group, JL Properties surprise accident victim’s family with fully-furnished apartment
6 hours -
Asante Kotoko needs structure that would outlive any administration – Opoku Nti
6 hours -
JoyNews exposé on Customs officials demanding bribes airs on July 29
6 hours -
JoyNews Impact Maker Awardee ships first consignment of honey from Kwahu Afram Plains
8 hours -
Joint committee under fire over report on salt mining lease granted Electrochem
8 hours -
Life Lounge with Edem Knight-Tay: Don’t be beaten the third time
8 hours -
Pro-NPP group launched to help ‘Break the 8’
8 hours