The total value of secured loans granted by banks and Specialised Deposit-Taking Institutions (SDIs) in the third quarter of 2024 was GH¢5.6 billion.

This was relative to the GH¢5.5 billion recorded in quarter 3 of 2023, indicating an increase of 2.8% on year-on-year terms.

According to the Quarter 3 Collateral Registry Brief, banks accounted for GH¢3.5 billion of the total value of secured loans in quarter 3, 2024, depicting a decrease of 18.7% from GH¢4.3 billion in quarter 3, 2023. On the other hand, SDIs recorded a total value of GH¢2.1 billion secured loans in quarter 3 2024, an increase of 75.0% from GHS 1.2 billion recorded for the same in 2023.

Banks registered largest share of secured loans

Banks registered the largest share of the total value of secured loans in the third quarter of 2024, with 62.3%, relative to 78.8% in quarter 3, 2023.

Similarly, the share of secured loans by Saving and Loans Companies increased to 23.4% in quarter 3 2024 from 12.7% in quarter 3, 2023.

This was followed by the Rural Community Banks (RCBs) with a percentage share of 10.2% in Q3 2024 from 5.35 in Q3 2023.

Equally, the share of secured loans by Microfinance Institutions increased to 2.2% in Q3 2024 from 1.7% in Q3 2023.

The share of the total value of secured loans by Finance Houses decreased marginally from 0.5% in Q3 2023 to 0.3 percent in Q3 2024.

The cumulative share of secured loans from the remaining lending institutions increased to 1.6% from 1.0% during the same comparative period in 2023.