Bank of Ghana tightens credit rules amid lending surge

The Bank of Ghana is implementing new regulatory measures to manage a significant surge in private-sector lending, which grew by 35.5% in August 2026. Governor Dr. Johnson Asiama announced a new Credit Risk Management Directive to ensure that rapid credit expansion, supported by falling average lending rates, does not compromise loan quality or financial stability.

In a separate regulatory move, the central bank has identified 20 unlicensed mobile loan applications operating illegally. The Bank of Ghana warned the public against using these providers, citing violations of data privacy and consumer protection standards. The bank is also consolidating foreign exchange guidelines to improve transparency and compliance among financial institutions.

Economic forecasts suggest a period of shifting stability. While the Monetary Policy Rate has held at 14% amid single-digit inflation, Fitch Solutions projects that inflation could rise to 11.3% in 2027. This potential increase, driven by money supply growth and weather-related pressures, may prompt the central bank to raise interest rates by a cumulative 200 basis points. Meanwhile, the Ghana Reference Rate has shown a downward trend, reaching 10.04% in October 2026.