Foreign-Owned banks dominate Ghana’s secured lending market

Foreign-owned banks dominated Ghana’s secured lending market in the second quarter of 2026, accounting for 71.1% of the GH¢19.86 billion ($1.757 billion) in secured credit registered by banks.

According to a report by the Collateral Registry Department of the Bank of Ghana, published on Sunday, September 20, 2026, foreign-owned banks registered GH¢14.12 billion ($1.245 billion) in secured credit during the quarter.

The figure represents a 19.3% year-on-year increase from GH¢11.84 billion ($1.042 billion) recorded in the same period of 2025.

Ghanaian-owned banks, meanwhile, registered GH¢5.74 billion ($503.3 million), representing a stronger 112.4% annual increase from GH¢2.70 billion ($238.4 million) recorded in the same period a year earlier.

The figures show that while foreign-owned banks retained the largest share of secured lending, Ghanaian-owned banks recorded significantly faster annual growth.

Foreign Banks Hold 71.1% Share

Foreign-owned banks maintained their lead in Ghana’s secured lending market between April and June 2026, accounting for more than two-thirds of the $1.757 billion in secured credit registered by banks.

Ghanaian-owned banks increased secured credit to $503.3 million from $238.4 million a year earlier, representing 112.4% annual growth.

• Total registered secured credit reached $2.781 billion in the second quarter, up 73.4% from $1.607 billion in the corresponding period of 2025, with banks accounting for 63.1% of the total.
• Foreign-owned banks increased secured credit from $1.024 billion in the first quarter to $1.245 billion in the second quarter, a 22.2% rise, while Ghanaian-owned banks grew from $423.8 million to $503.3 million, representing a 19.7% increase.
• Searches on the Bank of Ghana’s collateral registry also rose 13.9% year on year to 19,518, suggesting greater use of the platform for credit due diligence and secured transactions.

The increase in lending activity comes amid declining interest rates across Ghana’s banking industry, with industry lending rates reported at around 10%, potentially supporting stronger borrowing and credit activity.

Ghana’s Banking Sector Enters Easing Cycle

Ghana’s banking sector has experienced significant changes in lending conditions, interest rates and foreign-bank activity in recent years.

• In late May 2025, Nairametrics reported that the Ghanaian operations of FirstBank, UBA, GTCO, Access Bank and Zenith Bank recorded combined pre-tax profit of GHS1.20 billion in the first quarter of 2025, supported by stronger interest income. The banks also recorded growth in customer deposits and total assets, highlighting the scale of Nigerian-owned institutions in Ghana’s banking sector.
• In September 2025, Nairametrics reported that the Bank of Ghana reduced its benchmark policy rate from 25% to 21.5% as inflationary pressures eased.
• On November 26, 2025, Nairametrics reported that the central bank cut its policy rate by 350 basis points to 18%, its third consecutive reduction at the time.
• On April 1, 2026, Nairametrics reported that Ghana’s inflation rate fell to 3.2% in March 2026, its lowest level since 2021, while the Bank of Ghana had lowered its policy rate to 14% the previous month.

These developments show that Ghana’s banking sector has been operating amid easing monetary conditions, lower borrowing costs and continued activity from foreign-owned institutions.

Ghana Secured Credit Expands 73.4%

On July 23, 2026, Nairametrics reported that the Bank of Ghana maintained its policy rate at 14% after a series of cuts that significantly reduced borrowing costs from previous years.

The lower-rate environment provides context for the 73.4% year-on-year increase in Ghana’s secured credit market in the second quarter, as reduced financing costs may have supported higher borrowing and lending activity.

Improving inflation conditions also gave the central bank room to maintain a more accommodative monetary stance, while the 13.9% increase in collateral registry searches indicates greater activity in secured lending and credit due diligence.

Although foreign-owned banks continued to account for most secured credit, the 112.4% annual growth recorded by Ghanaian-owned banks points to a significant expansion in their lending activity. The latest figures therefore show a Ghanaian credit market expanding alongside lower interest rates, with foreign-owned banks retaining the largest share of secured lending while domestic institutions recorded faster year-on-year growth.