Bank of Ghana Reports 77% Concentration of Secured Credit in Greater Accra as Foreign Banks Lead Lending Market

The Bank of Ghana’s Collateral Registry has revealed a significant regional concentration in the country’s credit market, with the Greater Accra Region accounting for GH4.5 billion—or 77.8%—of all secured credit as of June 30, 2026. This dominance highlights the centralized nature of Ghana's financial activity, with the Ashanti Region following at a distant second with GH3.4 billion, representing 10.8% of the total share. Despite the high volume of credit, the registry recorded a 25.8% year-on-year decline in the total number of assets registered as collateral, which fell to 117,428 in the second quarter.

Detailed analysis of the collateral types shows that movable assets remain the primary form of security, making up 79.1% of registrations. Within this category, cash collateral was the most frequently utilized, appearing in 68.7% of all pledges. The lending landscape also continues to be heavily influenced by international players; foreign-owned banks dominated the market in the second quarter of 2026, registering GH14.1 billion in secured credit. This accounts for over 71% of the GH19.9 billion reported across the entire banking sector, underscoring the critical role of foreign capital in supporting domestic credit.

In the debt market, the government’s latest Treasury bill auction faced challenges, recording a 4% undersubscription as total bids reached GH3.96 billion against a target of GH4.12 billion. Analysts suggest this weakened demand stems from reduced bank participation, as financial institutions pivot toward more attractive Bank of Ghana bills. While yields for the 91-day and 364-day bills recently sat at approximately 4.9% and 10% respectively, Databank Research projections indicate a slight upward trend for the second half of 2026. Forecasts suggest the 91-day bill will trade between 5.5% and 7.5%, while the 364-day bill could reach between 12.5% and 14.0% due to rising funding requirements and cost-containment strategies.

These domestic financial shifts occur against a backdrop of regional pressure for greater fiscal independence. Commissioner-General of the Ghana Revenue Authority (GRA), Anthony Sarpong, has emphasized that West Africa faces an annual development financing gap exceeding $100 billion. Sarpong warned that reliance on external aid and borrowing is no longer sustainable, urging Ghana and its neighbors to intensify domestic revenue generation to fund public services. As the government prepares for its next auction with a target of GH2.75 billion, the balance between managing domestic liquidity and closing the broader infrastructure financing gap remains a central challenge for the national economy.