In a June 2026 assessment, S&P Global flagged Ghana’s banking sector as still carrying a high non‑performing loan (NPL) ratio of 16.1%. The agency linked the figure to the 2022 domestic debt exchange programme, the government’s sizeable arrears to suppliers and contractors, and recent exchange‑rate and inflationary pressures on households and businesses.
According to the ratings firm, credit risk in the banking system remains elevated after years of macroeconomic instability, a government default and the debt restructuring. It added that 13 local banks required recapitalisation following the 2022 restructuring, yet five banks – one state‑owned – remain under‑capitalised. “Although most have met the recapitalisation requirements, five of them (including a state‑owned bank) are still undercapitalised,” S&P said.
These findings contrast with the Bank of Ghana’s assertion that all banks have met the new minimum capital requirement. On inflation, the agency noted that while pressures have increased in 2026, they are expected to stay below historical norms. “The credibility and effectiveness of the country’s monetary policy are improving. After years of sizable fiscal deficit financing, the government seems to have put an end to monetary financing of the deficit. Nevertheless, we do not expect the low inflation seen at the start of 2026 to last; average inflation is more likely to be at the upper end of the Bank of Ghana’s 6‑10% target, until 2029,” it concluded.
With the NPL ratio still above the international benchmark, S&P urges continued vigilance and stronger capital buffers to safeguard Ghana’s banking stability.
