Credit to the private sector by banks was GH¢31.6 billion as at the end of October 2017, compared with GH¢28.9 billion in October 2016. The figure was disclosed in the latest Summary of Economic and Financial Data report by the Bank of Ghana.

The figure reflected a year-on-growth of 9.4%, compared with a growth of 12.1% for the same period in 2016. The figure also represented a marginal growth of 1.3% over the GH¢31.2 billion reported in September 2017.

The report also disclosed that PSC in constant 2012 prices as at October 2017 was GH¢155.9 million, representing a year-on-year decline of 1.9%. This compared with GH¢158.9 million in October 2016, representing annual decline of 2.7%.

Banks have been tightening credit disbursement this year on the back of high non-performing loans in the industry. PSC credit constituted 35.5% of banks total assets as at October 31, 2017.

The graph below shows credit to the private sector f July 2016 to October 2017.