Bank lending increased 34.6%, but the distribution of credit raises questions about which businesses are benefiting.

Bank lending in Ghana increased 34.6% to GH¢128.3 billion by the end of August 2026, compared with growth of approximately 10% during the comparable period a year earlier. According to the Bank of Ghana’s September Monetary Policy Report, stronger private-sector lending and renewed public-sector borrowing helped drive the expansion. But figures reported by MyJoyOnline on October 17 show that services, commerce and finance, and construction received a combined 71.3% of industry credit.

Services alone accounted for 37.7%, followed by commerce and finance at 22.4% and construction at 11.3%. The concentration is slightly lower than the previous year’s 73.5%, suggesting modest diversification, but it still leaves other sectors competing for a smaller share of lending. Credit growth can signal improving confidence in the economy. Whether that improvement reaches agricultural enterprises, small manufacturers and emerging businesses depends on more than the total amount banks lend. Access to capital remains one measure of how broadly a recovery is being shared.