Banks in Ghana wrote off GH¢1.64 billion in bad debts in 2025, representing a sharp 57.1 percent decline compared to the previous year, according to data released by the Bank of Ghana.

Figures from the central bank’s Domestic Money Banks Income Statement show that in 2024, banks made provisions amounting to GH¢3.82 billion for bad loans, depreciation and other related losses. The significant drop in write-offs in 2025 signals a relative easing in credit losses across the industry.

Despite this improvement, asset quality risks within the banking sector remain elevated. The January 2026 Banking Developments Report indicates that the industry’s Non-Performing Loans ratio declined to 18.9 percent in December 2025, down from 21.8 percent recorded in December 2024.

When adjusted to exclude fully provisioned loan loss categories, the NPL ratio fell more sharply from 8.5 percent to 5.0 percent over the same period, reflecting stronger recovery and provisioning efforts by banks.

However, the total stock of non-performing loans increased marginally by 0.8 percent to GH¢21.0 billion in December 2025. This contrasts with the much higher growth rate of 31.4 percent recorded in December 2024, suggesting that while bad loans are still rising in absolute terms, the pace of growth has slowed considerably.

A breakdown of the NPL figures shows that the private sector continues to account for the overwhelming share of distressed loans. Its proportion of total non-performing loans rose to 97.5 percent in December 2025, up from 96.2 percent a year earlier. In contrast, the public sector’s share declined to 2.5 percent from 3.8 percent over the same period.

The central bank noted that the overall decline in the NPL ratio reflects broad-based improvements in asset quality across most sectors of the economy. However, two sectors recorded worsening loan performance. The construction sector saw its NPL ratio rise from 29.8 percent to 30.7 percent, while the agriculture, forestry and fishing sector experienced a more significant increase from 38.0 percent to 46.3 percent.

All other sectors reported improvements in asset quality during the review period, pointing to gradual stabilization in credit conditions within the banking industry.

Some Oil Marketing Companies (OMCs) have begun revising fuel prices upward at service stations nationwide, effective March 1, 2026, following industry projections of marginal increases in petroleum product prices.

Market checks conducted on March 2, 2026, indicate that GOIL has increased its petrol price to GH¢10.46 per litre, up from GH¢10.24. Diesel prices, however, remain unchanged at GH¢12.53 per litre.

According to GOIL, the announced figures represent discounted rates available at about 200 selected service stations across the country, suggesting that prices at other outlets may be slightly higher. The adjustment also shows compliance with the petrol price floor set by the National Petroleum Authority (NPA), while diesel prices remain above the approved minimum of GH¢11.42 per litre.

Star Oil Implements Similar Adjustments

Industry leader Star Oil has also revised its fuel prices nationwide, with the new rates taking effect from 8:00 a.m. on March 1. Petrol prices increased from GH¢10.24 to GH¢10.46 per litre, while diesel rose from GH¢11.42 to GH¢11.97 per litre.

Market observations indicate that although Star Oil adhered to the NPA’s petrol price floor, its diesel pricing exceeded the regulator’s minimum threshold.

Other major OMCs have indicated they may implement price adjustments in the coming days, with some operators choosing to monitor competitor pricing before making final decisions.

Under the current pricing framework, strict compliance with the NPA price floor means petrol cannot be sold below GH¢10.42 per litre, while diesel must not fall below GH¢11.42 per litre.

Global Market Trends Driving Price Changes

The latest fuel price adjustments have been largely attributed to rising crude oil and refined petroleum product prices on the international market over the past two weeks. Analysts note that the increases could have been steeper if not for the cedi’s marginal appreciation against major trading currencies during the same period.

Data from the Chamber of Oil Marketing Companies (COMAC) suggest petrol prices could rise by as much as 2.89 percent, potentially reaching around GH¢12.04 per litre, while diesel may increase by approximately 0.86 percent to about GH¢13.22 per litre in subsequent pricing windows.

Liquefied Petroleum Gas (LPG), however, is expected to record a slight decline to GH¢13.87 per kilogramme, marking its first price reduction this year.

Oil Market Outlook

On the global front, Brent crude oil traded at around US$78 per barrel as of March 2, 2026, influenced by ongoing geopolitical tensions in the Middle East. Market analysts warn that continued instability could push prices toward the US$100 per barrel mark, a development that may further impact domestic fuel prices in the coming months.

Industry watchers expect fuel pricing trends in Ghana to remain closely tied to global oil movements, exchange rate performance, and regulatory price benchmarks set by the NPA.