Ghana’s credit cycle is finally showing signs of life again. After months of sluggish lending and real contraction, data from the Bank of Ghana points to a clear turnaround in the final stretch of 2025.
From October 2024 to October 2025, the story of credit has been one of long struggle, nominal growth drifting downward through mid-2025, and real private-sector credit often buried in negative territory as inflation eroded the value of loans.
By July 2025, real credit growth had fallen to –7.3%, one of the deepest contractions in recent years. Confidence was low, borrowing was cautious, and banks remained conservative.
But the picture has shifted dramatically in the last four months. Real private-sector credit, which had been stuck below zero for most of the year, surged into positive territory, climbing from –3.7% in August to 1.7% in September, then 5.2% in October, and 5.4% by November. Nominal credit growth followed the same upward arc, recovering from single-digit lows to firm double-digit expansion at the end of October 2025.
This rebound suggests that monetary easing, especially the steady decline in interest rates through the third and fourth quarters, is beginning to filter through the economy.
Businesses appear more willing to borrow for operations and expansion, while banks, flush with slightly improved liquidity, are opening their lending windows wider than they have all year.
If inflation continues easing and interest rates remain favourable, the final quarter of 2025 may mark the beginning of a stronger credit cycle heading into 2026.
