Tweneboa Kodua Boakye
The Savings and Loans sector recorded a significant growth in total assets by 30.6%. The sector grew its assets to GH₵9,632.13 million in 2024 up from GH₵7,374.66 million in December 2023.
The growth was primarily driven by an increase in net loans which expanded from GH₵4,691.47 million to GH₵5,654.15 million accounting for 20.5% of the overall asset growth.
Chief Executive of the Ghana Association of Savings and Loans Companies, (GHASALC), Tweneboah Kodua Boakye, who disclosed this at the 15th Annual General meeting held in Accra said credit was directed towards key economic sectors with services getting GH₵3,591.31 million, Commerce and Finance GH₵1,939.75 million and Manufacturing GH₵302.44 million.
According to him, deposits also posted robust growth increasing by 39.4% to GH₵6,104.29 million in December 2024 compared to GH₵4,378.21 million in 2023.
“Borrowings grew from GH₵1,668.21 million to GH₵2,122.60 million representing an increase of 27.2% year on year indicating reliance on borrowed funds to fuel asset growth. Investment on the other hand grew from GH₵1,195.37 million in 2024,” he said.
Officer in Charge of other Financial Institutions at the Bank of Ghana (BoG), Desmond Agbogah, also called on GHASALC members not to leverage only on digital channels to expand their customer base but to also build resilient risk management frameworks while exploring partnerships with fintechs, telcos, and commercial banks to serve informal markets at lower cost.
He also urged the Association to facilitate certification pathways, technology upgrades, and board governance reforms to help shape the future trajectory of the industry.
Mr. Agbogah also stated that the Bank of Ghana remains committed to policies that deepen financial inclusion, especially for Micro Small Medium Enterprises (MSMEs) with regulatory reforms, guidelines on non-performing loans, and resolvability frameworks aimed at building a more stable, diversified, and accessible financial sector.
“I assure you that we are ready to support you through policy dialogue, and technical assistance. Let us remember that empowering MSMEs to grow is not an act of charity, it is a strategic imperative. It is how we build a Ghana that is inclusive, innovative, and globally competitive,” he added.
By Ebenezer K, Amponsah