He said the average lending rate of the banking sector declined significantly to 15.9 percent in August 2026, from 24.2 percent recorded in the corresponding period of 2025.
This decline, together with an easing in banksβ credit stance and a recovery in credit demand, has contributed to a strong rebound in private sector credit, Dr Asiama during a post 132nd Monetary Policy Committee (MPC) meeting with CEOS of banks in Accra on Tuesday.
He highlighted that credit to the private sector grew by 35.5 percent in August 2026, compared with 13.3 percent a year earlier. In real terms, credit growth was 29.0 percent, compared with just 1.7 percent over the same period last year.
Banking Sector Developments
Dr Asiama said he was particularly encouraged by the continued resilience of the banking sector.
Total banking sector assets increased, supported by robust deposit mobilisation and growth in other funding sources.
"The sector remains well capitalised, while asset quality has also improved. These are positive developments and reflect the strengthening of the sector as well as the collective efforts of banks to improve their balance sheets and support economic activity," he said.
External Sector Developments
He tld the CEOs of banks that the external sector has also continued to provide an important source of resilience.
In the first eight months of 2026, he said, the trade surplus increased to US$8.85 billion, from US$6.69 billion in the corresponding period of 2025.
"Gross International Reserves stood at US$12.0 billion, equivalent to 4.5 months of import cover, as at 22 September 2026.
"The reserve position continues to benefit from improved gold export receipts, notwithstanding elevated external sector payments," he said.
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