Average lending rates in Ghana’s banking sector have declined significantly to 15.6 per cent from 27.0 per cent, contributing to a sharp increase in private sector credit growth, Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has announced.
Speaking at the 131st Monetary Policy Committee (MPC) press conference in Accra on July 22, Dr Asiama said the lower cost of borrowing and stronger demand for credit helped drive private sector credit growth to 41.2 per cent in June 2026, up from 8.6 per cent recorded in June 2025.
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He said the banking sector continued to demonstrate resilience, recording robust performance in June 2026, supported by strong asset growth, improved solvency and better asset quality.
Dr Asiama also noted that the government’s cash-based fiscal operations in the first quarter of the year reflected prudent expenditure management despite revenue shortfalls, resulting in fiscal balances that exceeded programme targets.
On the external sector, he said Ghana recorded a strong performance during the first half of 2026, driven by robust export earnings.
However, he noted that the country’s import bill increased sharply due to higher energy prices and related costs arising from the conflict in the Middle East.
Commenting on developments in the foreign exchange market, the BoG Governor said the cedi came under demand pressures in the interbank market in May but has since recovered.
He disclosed that, despite the recent recovery, the local currency had cumulatively depreciated by 9.5 per cent against the US dollar as of July 17, 2026.
