Ghana’s banking sector has recorded a notable recovery, with total industry assets rising to GHS465.4 billion as of February 2026, according to the latest Monetary Policy Report released by the Bank of Ghana. This development reflects renewed stability within the financial system following recent economic adjustments and policy interventions.

The report indicates that total assets grew by approximately 21% on a year-on-year basis. Although this represents a moderation compared to the higher growth recorded in the previous year, it signals a shift toward a more sustainable and balanced expansion of the sector. The steady growth underscores improved confidence in the banking industry and stronger financial intermediation.

A key structural trend highlighted in the report is the increasing dominance of domestic assets. Domestic holdings accounted for about 94% of total industry assets, up from 88% in the same period last year. This shift suggests that banks are increasingly focusing on local investment opportunities while reducing their exposure to external market risks, thereby strengthening resilience against global economic shocks.

Investment activity emerged as a major driver of asset growth during the period. Total investments expanded significantly by 57.5% to reach GHS192.8 billion. This growth was largely supported by increased allocations to short-term financial instruments, reflecting improved liquidity conditions and attractive yields within the money market.

On the liabilities side, customer deposits continued to rise, growing by 18% to GHS338.5 billion. This increase points to renewed depositor confidence in the banking system, supported by enhanced regulatory oversight and improved financial sector stability. In addition, shareholders’ funds recorded a strong growth of 44.1%, reaching GHS60.6 billion, driven by retained earnings and recapitalisation efforts across the industry.

Despite these positive developments, credit growth remained relatively subdued during the review period. Banks adopted a more cautious lending approach, prioritising risk management and asset quality in response to prevailing macroeconomic conditions. This conservative stance reflects efforts by financial institutions to safeguard balance sheets while maintaining long-term stability.

Overall, the performance of the banking sector indicates a firm recovery supported by stronger capital positions, increased deposits, and improved investment activity. The sector is gradually repositioning itself to play a more effective role in financing economic growth and supporting Ghana’s broader economic recovery agenda.