Meanwhile, Specialized Deposit-Taking Institutions reported a total of ¢971.1 million in secured loans, representing a 16.5% share and a remarkable 19.1% growth from the ¢815.0 million recorded in the corresponding period in 2022.

As per the second quarter Collateral Registry Report released by the Bank of Ghana, banks were responsible for ¢4.9 billion of the total secured loans during this period, signifying a notable 14.8% increase from the same period in 2022. Banks dominated the secured loan landscape, accounting for 83.7% of the total secured loans.

Savings and Loans companies increased their share of secured loans to 9.8%, compared to the same quarter in 2022. In contrast, Finance Houses saw their share drop to 0.3% from 0.8% in the second quarter of 2022. Microfinance Companies, however, increased their share to 1.1% from 0.9% during the same period the previous year.

Furthermore, the total number of collateral registrations surged to 50,695 in the second quarter of 2023, reflecting a robust 15.5% growth compared to 43,861 registrations in the same quarter of 2022, a year-on-year increase of 15.6%.

Breaking down the registrations by various categories of lenders, Savings and Loans Companies took the lead with 39,796 registrations in the second quarter of 2023. This indicated a substantial increase of 23.8% from the 32,147 registrations recorded in the second quarter of 2022.