To the relief of many Ghanaian business owners and households, the “cost of borrowing”, widely known as the lending rate, has recorded a considerable decline, inspiring businesses to seek more loans.
The latest Ghana Banking Survey 2026 released by PwC has revealed that industry loans and advances witnessed a massive 23.4% expansion, swelling from GHS 85.1 billion in 2024 to GHS 105.1 billion by the end of 2025.
This credit growth, as indicated by PwC, was driven by a significant decline in interest rates, which directly enhanced credit affordability and bolstered the confidence of both businesses and consumers. By June 2026, the average lending rate had receded to 15.6%, a far cry from the punishing 35.6% seen during the 2022 crisis era.
This stabilization has created a ripe environment for companies seeking to finance expansion, investment, and essential working capital.
Digital Banking: The Small Loan Revolution
The surge in credit wasn’t just reserved for large corporate entities. The growth of digital banking played a pivotal role by facilitating a high volume of low-value lending, particularly within the retail and SME segments.
This shift has made it easier for the average Ghanaian to access credit through their mobile devices, turning a historically tedious process into a tap-and-go experience.
While the industry as a whole is growing, two leading banks, which are GCB Bank and Ecobank Ghana, continue to flex their muscles, commanding a combined 32% share of the loan market.
Their success reflects a deep customer reach and the funding capacity required to power Ghana’s largest projects.
The Great Sectoral Divide: Services vs. The Real Sector
However, the 2026 Survey reveals a bittersweet reality about where this money is flowing. Despite the record-breaking credit injection, the real sector, which includes agriculture, manufacturing, and industry, is still fighting for a seat at the table.
According to the PwC report, the Services sector emerged as the dominant recipient, accounting for GHS 23.23 billion or 22.1% of all total credit. When combined with the Miscellaneous and Commerce and Finance sectors, these areas swallowed a staggering GHS 60.8 billion of the GHS 105.1 billion advanced in 2025.
Industry experts observed this ironic development. Sectors like Manufacturing often receive a modest share of credit despite exhibiting lower default rates than the more dominant sectors.
Seth Twum-Akwaboah, CEO of the Association of Ghana Industries, highlighted this gap, noting that banks must take more risks on productive sectors by providing not just money, but the technical support needed to create bankable projects.
The Hidden Cost of the Credit Boom
The rapid expansion of the loan book has not come without a price. While credit became more affordable, the industry’s non-performing loans (NPL) ratio climbed from 18% in 2024 to 25% in 2025.
This spike was largely driven by a 68% growth in impaired loans, particularly in the construction sector, where borrowers faced liquidity constraints.
The Bottomline
As interest rates continue to ease, the PwC report warns that banks must reinvent themselves to stay profitable. With interest income still accounting for nearly 70% of total industry revenue, the narrowing margins mean that banks can no longer rely on high yields to do the heavy lifting.
The PwC 2026 Banking Survey therefore notes that the credit market is more affordable and active than ever, but the next chapter of economic transformation will depend on whether banks are willing to shift their gaze from the services sector toward the factories and farms that form the backbone of the nation.
