loans

The Bank of Ghana has reported that in 2023, an average of 21.2 million loan records were submitted monthly to credit bureaux by data providers, marking a dramatic 455 percent increase from the 3.8 million records submitted in 2022. This revelation was included in the Central Bank’s 2023 Annual Credit Activity Report. Notably, 99 percent of these submissions involved data on individual borrowers, underscoring a shift towards consumer lending. The surge is primarily attributed to the improved reporting of digital loan data to credit bureaux. Savings and loan companies, along with finance houses, led in submitting individual loan data, surpassing…

The total value of secured loans granted and registered by banks and special deposit-taking institutions (SDIs) grew by 15.5 percent year-on-year – reaching GH¢5.9billion at end of second-quarter 2023 (2Q23), fresh data from the Bank of Ghana (BoG) have shown. The latest figure represents a 12.7 percent improvement over the GH¢5.26billion recorded in first-quarter 2023. The data, contained in the second quarter of the 2023 Collateral Registry Report, showed the dominance of banks in this segment as they accounted for 83.7 percent – GH¢4.9billion – of all loans given out during the period. This was 14.8 percent more than the GH¢4.3billion given…