The Bank of Ghana (BoG) reports that total assets in the banking sector increased by 3.4% month-on-month to reach GHC367.2 billion in October 2024.

This figure represents a significant 32.1% growth from January 2024, when total assets stood at GHC278.0 billion, underscoring the sector’s resilience and expansion over the year.

The data, published in the BoG's Summary of Economic and Financial Data – November 2024, highlights a steady month-on-month growth trajectory. Total assets rose from GHC316.0 billion in May to GHC328.1 billion in July and further to GHC355.0 billion in September before hitting the October peak.

Similarly, total deposits, a critical component of the sector's funding base, experienced consistent growth. Deposits increased by 3.4% month-on-month to GHC277.3 billion in October, up from GHC268.3 billion in September. From the year's start in January, deposits surged by 27.3%, rising from GHC217.9 billion.

Another key performance indicator, total advances, also exhibited significant growth. Advances grew by 3.2% month-on-month to GHC94.6 billion in October, up from GHC91.7 billion in September. Since January 2024, when total advances were GHC73.8 billion, the sector has recorded a substantial 28.2% increase.

This steady rise reflects the banking sector's growing role in financing economic activities, including businesses, households, and infrastructure projects, as well as growing public confidence in the financial system.