In the second quarter of 2024, the total value of secured loans granted by banks and Specialized Deposit-Taking Institutions (SDIs) reached GH¢10.8 billion, marking an impressive 83% increase from GH¢5.9 billion in the same period last year.
Banks contributed GH¢9.1 billion of this total, showing an 86% rise from GH¢4.9 billion in Q2 2023. Meanwhile, SDIs provided GH¢1.7 billion in secured loans, reflecting a 75.1% increase from GH¢971.1 million the previous year.
Despite the overall growth, the share of secured loans by savings and loans companies dropped significantly by 10%, and microfinance institutions and microcredit companies also saw marginal declines.
The overall performance of the Collateral Registry improved notably in Q2 2024, with increased volumes in collateral registration, discharges, and realisation of security interests, indicating a rise in the use of these services.
The strong performance of the Collateral Registry underscores a broader uptick in financial activity, with banks continuing to dominate the secured loan market. This trend highlights a robust recovery and growing confidence in the financial sector.