Bank of Ghana Governor Dr Johnson Pandit Asiama says the average lending rate in the banking sector fell sharply to 15.9% in August 2026, down from 24.2% in the same month of 2025.
He said the easing of domestic financial conditions was helping monetary policy feed through to different parts of the economy, including the credit market.
Dr Asiama made the comments during a meeting with bank CEOs in Accra on Tuesday, following the 132nd Monetary Policy Committee (MPC) meeting.
The fall in lending rates, combined with a more accommodative approach to lending by banks and a recovery in demand for credit, has helped drive a strong rebound in borrowing by the private sector.
Private sector credit grew by 35.5% in August 2026, compared with 13.3% during the corresponding period a year earlier. In real terms, growth increased to 29.0%, from 1.7% over the same period in 2025.
Banking sector remains resilient
Dr Asiama said he was encouraged by the continued resilience of Ghana’s banking sector.
Total assets held by banks increased during the period, supported by strong deposit mobilisation and growth in other sources of funding.
“The sector remains well capitalised, while asset quality has also improved. These are positive developments and reflect the strengthening of the sector as well as the collective efforts of banks to improve their balance sheets and support economic activity,” he said.
The governor’s assessment came as the easing of financial conditions continued to support both the availability of credit and the transmission of monetary policy across the banking system.
Trade surplus and reserves increase
Dr Asiama also told bank CEOs that developments in the external sector continued to provide an important source of resilience for the economy.
Ghana’s trade surplus rose to US$8.85 billion during the first eight months of 2026, compared with US$6.69 billion in the corresponding period of 2025.
Gross International Reserves stood at US$12.0 billion as at 22 September 2026. That was equivalent to 4.5 months of import cover.
“The reserve position continues to benefit from improved gold export receipts, notwithstanding elevated external sector payments,” Dr Asiama said.
The improved reserve position and larger trade surplus were among the external developments highlighted by the governor alongside the fall in lending rates and the recovery in private sector credit.
