The Savings and Loans segment of Ghana’s finance industry experienced unprecedented consumer confidence in the 2024 financial year recording a deposit mobilisation surge of 39.4% year-on-year (YoY) to reach GH¢6,104.29 million.
The Ghana Association of Savings and Loans Companies (GHASALC) also reported total assets growth of 30.6%, to record GH¢9,632.13 million by end of December 2024, up from GH¢7,374.66 million a year previously
This reported performance manifests the sector’s growing role in financial intermediation and its importance to micro, small, and medium-sized enterprises (MSMEs).
“We want to be very sure that you have the liquidity, you (customers) have the cash flow to pay your loans as you have promised”, GHASALC CEO, Tweneboah Kodua Boakye, noted while speaking at the 15th Annual General Meeting (AGM). “However, when a customer is in the process of paying the loan and he has a challenge, we encourage the customer to walk to the financial institution. Don’t wait until you have defaulted before they chase you around.”
The industry’s Gross Loan Portfolio stood at GH¢ 6.48 billion, with the services sector maintaining its lead, securing GH¢ 3,591.31 million in credit.
Net loans recorded a 20.5% year on year (YoY) increase, rising from GH¢ 4,691.47 million to GH¢5,654.15million, signaling greater credit support to the real economy.
Borrowings also saw a 27.2% increase, climbing from GH¢1,668.21 million to GH¢ 2,122.60 million, reflecting continued reliance on external financing to fund loan portfolios.
Mr Boakye further revealed that ongoing engagements with the Bank of Ghana have led to positive signals toward regulatory adjustments that could reshape the industry’s identity and structure.
“The governor of the Central Bank has assured us they will continue to work with us, change how they relate with us, and will consider restructuring the industry, including possible changes to the industry’s name.”
He reaffirmed the sector’s commitment to deepening financial inclusion, expanding digital delivery channels, and building homegrown financial institutions that can serve the last mile.
GHASALC believes this performance trends demonstrate the sector’s readiness to play an even greater role in inclusive economic development, particularly by scaling support for Ghana’s MSMEs.
