Ghana’s banking industry recorded a significant expansion in customer deposits in 2025, with total deposits rising by 25.44% to GH¢334.3 billion, strengthening banks’ funding position and signalling renewed confidence in the financial system.

The latest figures, contained in the PwC Ghana Banking Survey 2026, show that customer deposits increased from GH¢266.5 billion in 2024 to GH¢334.3 billion in 2025. The GH¢67.8 billion increase represents one of the strongest expansions in the industry’s deposit base in recent years.

The growth comes as Ghana’s macroeconomic environment began to stabilize following a prolonged period of economic and financial pressures, including high inflation, sharp exchange-rate volatility and elevated interest rates.

It also follows the significant balance-sheet adjustments triggered by Ghana’s domestic debt restructuring, which placed considerable pressure on banks and other financial institutions.

Stronger funding base

The surge in deposits provides banks with a stronger and potentially more stable source of funding, improving their capacity to support lending and other financial intermediation activities.

Deposits remain a critical component of banks’ balance sheets, providing the primary pool of funds that financial institutions deploy to households, businesses and other economic sectors.

The increase therefore points to improved liquidity conditions across the industry and suggests that customers were increasingly willing to keep funds within the formal banking system as economic conditions improved.

The expansion also reflects heightened competition among banks for deposits, particularly as institutions sought to strengthen liquidity and rebuild balance sheets following the disruptions associated with the domestic debt exchange.

Confidence returns

The 2025 performance marks a notable shift from the uncertainty that characterized Ghana’s financial sector in the preceding years.

High inflation and currency depreciation had eroded household purchasing power and increased operating costs for businesses, while high interest rates raised the cost of borrowing and complicated banks’ efforts to expand credit.

At the same time, the domestic debt restructuring affected banks’ investment portfolios and profitability, forcing the industry to absorb significant financial losses and undertake balance-sheet adjustments.

Against that backdrop, the strong growth in deposits in 2025 could be interpreted as an indication that confidence was gradually returning to the banking sector.

Improved macroeconomic stability, easing inflationary pressures and greater certainty around the direction of economic policy provided a more favourable environment for banks to attract and retain customer funds.

Competition intensifies

The increase in deposits also highlights the intensifying competition among banks for retail and corporate funds.

As banks compete for a larger share of household savings and corporate cash balances, customers are likely to have greater access to a wider range of savings and investment products, alongside more competitive pricing.

Digital banking and mobile-based financial services are also reshaping the way banks attract and retain customers, making it easier for individuals and businesses to move and manage funds.

For banks, however, the challenge will be to convert the stronger deposit position into sustainable growth in lending without compromising asset quality.

A stronger platform for growth

The GH¢334.3 billion deposit base gives Ghana’s banking industry a stronger platform as the economy moves into a period of recovery.

The key question now is whether banks can translate the increased pool of deposits into productive credit for the private sector while maintaining adequate capital, liquidity and risk-management buffers.

If sustained, the deposit growth could support increased financial intermediation, help businesses access working capital and investment financing, and contribute to broader economic activity.

For now, the 25.44% expansion represents a clear improvement in the industry's funding position—and a potentially important indicator that confidence in Ghana's banking system is recovering after several difficult years.