Bank deposits rise 8.9% as cedi strength hits foreign currency holdings

The total banking deposits stood at GH¢302.0 billion at the end of October 2025.
According to the November 2025 Banking Sector Development Report, the growth in deposits moderated from 38.7% in October 2024 to 8.9% in October 2025.

This moderate growth in year-on-year terms was driven mainly by domestic deposits.

The foreign currency component of deposits in cedi terms contracted by 21.1% to GH¢71.3 billion in October 2025, compared to a growth of 39.8% in the same period last year.
This was due to the appreciation of the Ghana cedi during the period.

Meanwhile, the banking industry’s shareholders’ funds comprising paid-up capital and reserves grew at a lower rate of 41.0% to GH¢53.5 billion in October 2025.

This is compared to a growth of 49.5% in October 2024.
The growth was driven by a strong outturn in industry profit and some recapitalization efforts by banks.