Total Deposit Money Banks’ (DMBs’) credit to the private sector and public institutions increased by 15.5 per cent in June 2024, the Bank of Ghana has said in its Monetary Policy Report of July 2024.

This was marginally higher than the 15.4 per cent recorded in June 2023.

Credit to the private sector also grew by 17.6 per cent in June 2024, compared to 16.1 per cent recorded in the corresponding period of 2023.

Also, private sector credit accounted for 103.0 per cent of the flow in total outstanding credit in June 2024, relative to 94.3 per cent recorded in the corresponding period of 2023.

The top five sectors with significant share of credit flows were: services (31.3%); import trade (19.8%); commerce and finance (14.4%); manufacturing (10.7%); and transport, storage, and communication (8.9%).

Total outstanding credit to the private sector at the end of June 2024 was GH¢78.06 billion, compared with GH¢66.37 billion recorded in June 2023.

In real terms, credit to the private sector contracted by 4.2 per cent, relative to a contraction of 18.5 per cent recorded over the same comparative period last year.