Domestic credit to private sector by banks in Ghana
Ghana: Domestic credit to private sector by banks was 8.2% in 2024. ◆ Volatile
Domestic credit to private sector by banks in Ghana, 1960–2024
Source: International Financial Statistics database, International Monetary Fund (IMF). Measured in % of GDP.
Analysis
In 2024, domestic credit to private sector by banks in Ghana stood at 8.2%.
Compared with earlier readings it is down 4.8% on the previous year and down 47.7% over ten years.
Over the whole period, domestic credit to private sector by banks in Ghana peaked at 17.6% in 2009 and was at its lowest, 1.5%, in 1983.
Ghana ranks 174th of 187 countries on this measure, in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Domestic credit to private sector by banks in Ghana, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1960 | 4.6% | — |
| 1961 | 5.8% | +27.6% |
| 1962 | 6.2% | +6.0% |
| 1963 | 7.6% | +22.7% |
| 1964 | 7.0% | -8.2% |
| 1965 | 8.5% | +22.4% |
| 1966 | 8.5% | -0.8% |
| 1967 | 7.6% | -10.5% |
| 1968 | 8.7% | +14.4% |
| 1969 | 9.2% | +6.4% |
| 1970 | 8.3% | -10.4% |
| 1971 | 12.6% | +52.5% |
| 1972 | 10.1% | -20.1% |
| 1973 | 5.3% | -46.9% |
| 1974 | 5.7% | +6.2% |
| 1975 | 5.8% | +1.9% |
| 1976 | 5.9% | +2.0% |
| 1977 | 5.0% | -15.0% |
| 1978 | 3.5% | -29.8% |
| 1979 | 2.8% | -19.9% |
| 1980 | 2.2% | -22.2% |
| 1981 | 1.8% | -15.7% |
| 1982 | 1.8% | -2.4% |
| 1983 | 1.5% | -14.4% |
| 1984 | 2.2% | +43.3% |
| 1985 | 3.1% | +40.7% |
| 1986 | 3.6% | +16.7% |
| 1987 | 3.2% | -13.1% |
| 1988 | 3.1% | -0.5% |
| 1989 | 5.8% | +86.2% |
| 1990 | 4.9% | -15.7% |
| 1991 | 3.7% | -25.8% |
| 1992 | 4.9% | +35.1% |
| 1993 | 4.8% | -2.1% |
| 1994 | 5.3% | +8.5% |
| 1995 | 5.1% | -3.4% |
| 1996 | 6.0% | +18.4% |
| 1997 | 8.2% | +36.5% |
| 1998 | 9.2% | +12.3% |
| 1999 | 12.4% | +34.8% |
| 2000 | 13.8% | +11.4% |
| 2001 | 11.7% | -15.0% |
| 2002 | 12.0% | +2.2% |
| 2003 | 12.4% | +3.2% |
| 2004 | 13.1% | +5.4% |
| 2005 | 15.4% | +18.2% |
| 2006 | 10.8% | -30.1% |
| 2007 | 14.4% | +33.7% |
| 2008 | 12.6% | -12.9% |
| 2009 | 17.6% | +40.3% |
| 2010 | 16.0% | -9.5% |
| 2011 | 16.5% | +3.6% |
| 2012 | 17.2% | +3.8% |
| 2013 | 14.5% | -15.3% |
| 2014 | 15.7% | +8.2% |
| 2015 | 17.1% | +8.8% |
| 2016 | 16.5% | -3.4% |
| 2017 | 15.1% | -8.4% |
| 2018 | 12.8% | -15.6% |
| 2019 | 13.0% | +2.0% |
| 2020 | 12.1% | -7.3% |
| 2021 | 12.0% | -0.5% |
| 2022 | 11.3% | -6.3% |
| 2023 | 8.7% | -23.2% |
| 2024 | 8.2% | -4.8% |
Ghana compared with similar countries
- Ghana's 8.2% is below the median for lower middle income countries, which is 23.4%, 35% of the median. (46 countries reporting)
- Ghana's 8.2% is below the median for Sub-Saharan Africa, which is 15.6%, 53% of the median. (48 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 7.4% | 4.6% | 9.2% | 10 |
| 1970s | 6.5% | 2.8% | 12.6% | 10 |
| 1980s | 2.8% | 1.5% | 5.8% | 10 |
| 1990s | 6.4% | 3.7% | 12.4% | 10 |
| 2000s | 13.4% | 10.8% | 17.6% | 10 |
| 2010s | 15.5% | 12.8% | 17.2% | 10 |
| 2020s | 10.5% | 8.2% | 12.1% | 5 |
Countries ranked near Ghana
More financial sector data for Ghana
- Reserve position in the IMF, US dollar, annual growth rate 5.01 % change on previous year (2025)
- Reserve position in the IMF, US dollar, per unit of GDP 0.0011 units per US$ of GDP (2025)
- Reserve position in the IMF, US dollar, per capita 3.61 units per person (2025)
- Reserve position in the IMF, SDR, annual growth rate 0 % change on previous year (2025)
- Reserve position in the IMF, SDR, per unit of GDP 0.0008 units per US$ of GDP (2025)
- Reserve position in the IMF, SDR, per capita 2.64 units per person (2025)
- Reserve tranche position, US dollar, annual growth rate 5.01 % change on previous year (2025)
- Reserve tranche position, US dollar, per unit of GDP 0.0011 units per US$ of GDP (2025)
- Reserve tranche position, US dollar, per capita 3.61 units per person (2025)
- Reserve tranche position, SDR, annual growth rate 0 % change on previous year (2025)
Frequently asked questions
- What is domestic credit to private sector by banks in Ghana?
- Domestic credit to private sector by banks in Ghana was 8.2% in 2024, according to International Financial Statistics database, International Monetary Fund (IMF).
- What is the highest domestic credit to private sector by banks recorded in Ghana?
- The highest recorded value was 17.6% in 2009.
- What is the lowest domestic credit to private sector by banks recorded in Ghana?
- The lowest recorded value was 1.5% in 1983.
- How does Ghana rank for domestic credit to private sector by banks?
- Ghana ranks 174th out of 187 countries with data for 2024.
- Is domestic credit to private sector by banks rising or falling in Ghana?
- Over the last ten years it is down 47.7%. The long-run trend across the full record is volatile.
- Where does this Ghana data come from?
- The figures come from International Financial Statistics database, International Monetary Fund (IMF), published as part of Domestic credit to private sector by banks (% of GDP). Statizoid updates them automatically from the source API.
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About this data
Domestic credit to private sector by banks refers to financial resources provided to the private sector by other depository corporations (deposit taking corporations except central banks), such as through loans, purchases of nonequity securities, and trade credits and other accounts receivable, that establish a claim for repayment. For some countries these claims include credit to public enterprises. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.