Total assets of the banking sector was GH¢95.1 billion in February 2018 compared with GH¢83.7 billion in February 2017, representing a growth of 13.7%. The figures were disclosed in the latest publication of the Bank of Ghana (BoG) on the Summary of Economic and Financial Data dated March 2018.

According to the Governor of BoG, the growth in total assets was mainly funded by deposits. Total deposits increased by 12.6% for the period from GH¢53.2 billion in February 2017 to GH¢59.9 billion in February 2018.

The report also indicated that total advances was GH¢35.8 billion in February 2018 compared with GH¢36.0 billion in February 2017, reflecting a marginal decline of 0.6%.  The quality of credit however continues to be a concern for the industry. Banks average non-performing loans (NPL) worsened from 17.7% in February 2017 to 21.6% in February 2018. The NPL ratio however reduced to 10.9% in February 2018 after adjusting for loan loss provision compared with an adjusted ratio of 8.9% in February 2017.

The graph below reflects trend in total assets, total advances and total deposits from February 2017 to February 2018.