The total value of secured loans granted and registered by banks and Specialized Deposit-Taking Institutions (SDIs) in the second quarter of 2024 reached an impressive Gh¢10.8 billion, representing an 83% increase compared to the same period in 2023.
Banks contributed Gh¢9.1 billion of the total secured loans, while SDIs accounted for Gh¢1.7 billion. This growth is a significant leap from the Gh¢5.9 billion recorded in Q2 2023. Banks saw an 86% increase in secured loans, up from Gh¢4.9 billion in 2023, while SDIs experienced a 75.1% rise, climbing from Gh¢971.1 million last year.
Despite the overall growth, secured loans from savings and loans companies dropped by 10%, while those from Microfinance and Microcredit institutions declined marginally.
According to the Collateral Registry Report, banks recorded a 14.8% increase in secured loans in the second quarter of 2023, accounting for 83.7% of the total secured loans at that time.
The performance of the Collateral Registry saw a marked improvement in Q2 2024 compared to 2023, with notable increases in collateral registrations, discharges, and security interest realizations. This growth reflects a rise in the utilization of the Registry’s services during the period.
