Ghana’s savings and loans sector is experiencing renewed public confidence, with deposit mobilisation rising by 39.4% year-on-year (YoY) to reach GHS 6,104.29 million in 2024.
This strong performance underscores the sector’s growing role in financial intermediation and its importance to micro, small, and medium-sized enterprises (MSMEs).
According to the Ghana Association of Savings and Loans Companies (GHASALC), the sector’s total assets increased by 30.6%, hitting GHS 9,632.13 million in December 2024, up from GHS 7,374.66 million in the previous year.
The Gross Loan Portfolio stood at GHS 6.48 million, with the services sector maintaining its lead, securing GHS 3,591.31 million in credit.
Net loans recorded a 20.5% YoY increase, rising from GHS 4,691.47 million to GHS 5,654.15million, signalling greater credit support to the real economy.
Borrowings also saw a 27.2% increase, climbing from GHS 1,668.21 million to GHS 2,122.60 million, reflecting continued reliance on external financing to fund loan portfolios.
Speaking at the 15th Annual General Meeting (AGM) of GHASALC, themed “Empowering MSMEs for Inclusive Growth,” CEO Tweneboah Kodua Boakye emphasised the importance of borrower transparency in sustaining sector stability.
“We want to be very sure that you have the liquidity, you have the cash flow to pay your loan as you have promised. However, when a customer is in the process of paying the loan and he has a challenge, we encourage the customer to walk to the financial institution. Don’t wait until you have defaulted before they chase you around,” he stated.
He also revealed that ongoing engagements with the Bank of Ghana have led to positive signals toward regulatory adjustments that could reshape the industry’s identity and structure.
“The governor of the Central Bank has assured us they will continue to work with us, change how they relate with us, and consider restructuring the industry, including possible changes to the industry’s name,” Boakye added.
He reaffirmed the sector’s commitment to deepening financial inclusion, expanding digital delivery channels, and building homegrown financial institutions that can serve the last mile.
GHASALC believes these performance trends demonstrate the sector’s readiness to play an even greater role in inclusive economic development, particularly by scaling support for Ghana’s MSMEs.
