Accra: The Ghanaian financial sector displayed a mixed performance in the third quarter of 2024, according to the latest data released by the Bank of Ghana.
According to Ghana News Agency, the banking sector continued to exhibit growth in credit to the economy, with total advances increasing from GHC 27,480 million in Q3 2023 to GHC 34,590 million in Q3 2024, translating to an annual growth rate of 25.9 percent. Asset quality within the sector showed improvement, with Non-Performing Loans (NPLs) as a percentage of total loans slightly decreasing from 26.7 percent in Q3 2023 to 24.3 percent in Q3 2024.
Profitability, however, experienced a marginal decline. Return on Equity (ROE) after tax dipped from 36.4 percent in Q3 2023 to 33.4 percent in Q3 2024. The equity market witnessed a surge in activity, with the benchmark GSE-Composite Index (GSE-CI) soaring significantly, closing at 48,865 points in Q3 2024 compared to 31,302 points in Q3 2023, representing a year-on-year growth of 56 percent. Market capitalization also experienced substantial growth during the period.
