Secured Loans Hit GHS 5.6 Billion in Q3 2024, Up 2.8% Year-on-Year
Secured Loans Hit GHS 5.6 Billion in Q3 2024, Up 2.8% Year-on-Year
The total value of secured loans granted by banks and Specialised Deposit-Taking Institutions (SDIs) in the third quarter of 2024 amounted to GH¢5.6 billion, marking a 2.8% increase compared to the GH¢5.5 billion recorded in the same period in 2023.
According to the Q3 2024 Collateral Registry Brief by the Bank of Ghana, banks contributed GH¢3.5 billion to the total secured loans, representing an 18.7% decline from the GH¢4.3 billion recorded in Q3 2023.
In contrast, SDIs saw significant growth, disbursing GH¢2.1 billion in secured loans during Q3 2024, a 75.0% surge compared to GH¢1.2 billion in the prior year.
Banks Retain Majority Share Despite Decline
Banks continued to dominate the secured loans market in Q3 2024, accounting for 62.3% of the total value, although this was a reduction from 78.8% in Q3 2023.
Savings and Loans Companies followed, with their share climbing to 23.4% in Q3 2024 from 12.7% a year earlier.
Source: norvavanreports.com