Ghana’s banking sector closed 2025 with a sharp expansion in its aggregate balance sheet, as total assets increased by GHS 13.2 billion month-on-month in December, following solid gains in November, according to the BoG Summary of Macroeconomic and Financial Data.
The data show that total assets rose from GHS 433.7 billion in November 2025 to GHS 446.9 billion by end-December, marking the largest monthly increase in the final quarter. This December jump followed an earlier expansion of GHS 10.4 billion between October and November, confirming a sustained late-year acceleration in balance sheet growth.
This recovery is particularly notable because October 2025 saw a dip across almost all aggregates. Total assets fell from GHS 428.6 billion in September 2025 to GHS 423.3 billion in October, while total deposits dropped from GHS 309.8 billion to GHS 302.0 billion, and total advances remained largely flat at GHS 103.1 billion.
The October slowdown highlighted temporary liquidity constraints and cautious balance sheet management, before the system rebounded in November and surged further in December.
Between October and November, total assets rose GHS 10.4 billion to GHS 433.7 billion, supported by a rebound in deposits to GHS 308.7 billion and an increase in advances to GHS 110.2 billion.
The momentum continued in December, with total assets jumping GHS 13.2 billion month-on-month to GHS 446.9 billion, while deposits climbed to GHS 325.3 billion and advances edged up slightly to GHS 111.0 billion.
The two-month surge, following October’s dip, underscores a strong year-end balance sheet build-up, reflecting improved liquidity conditions and conservative asset allocation rather than aggressive private sector lending.
Deposit growth closely mirrored the asset expansion. Total deposits rose from GHS 308.7 billion in November to GHS 325.3 billion in December, a GHS 16.6 billion jump in a single month, providing the funding base for the sharp rise in assets.
By contrast, credit expansion remained subdued, with total advances increasing only slightly from GHS 110.2 billion in November to GHS 111.0 billion in December, indicating that the December asset surge was driven primarily by accumulation of non-loan assets.
Overall, the strong November–December gains, following October’s dip, suggest that banks ended 2025 with larger and more liquid balance sheets, reflecting year-end positioning and cautious balance sheet management, rather than an aggressive expansion in private sector credit.
