How private sector credit changed in five West African economies
In 2023, domestic credit to the private sector was equivalent to 31.45% of GDP in Senegal and 9.45% in Ghana. In 2000 the two ratios were much closer, at 14.58% and 13.97%.
Sources checked
West Africa Dispatch Editorial Team
1990 to 2023Domestic credit to the private sector by country
BeninLowest observation 4.83% of GDP · Highest observation 19.13% of GDP
Côte d’IvoireLowest observation 8.85% of GDP · Highest observation 36.5% of GDP
GhanaLowest observation 3.66% of GDP · Highest observation 18.07% of GDP
NigeriaLowest observation 4.96% of GDP · Highest observation 19.63% of GDP
SenegalLowest observation 11.24% of GDP · Highest observation 32.18% of GDP
The chart spans each country’s lowest and highest recorded ratio over the published period.
Senegal went from 14.58% of GDP in 2000 to 29.55% in 2018 and 31.45% in 2023. Ghana was at 13.97% in 2000, reached 17.93% in 2015 and stood at 9.45% in 2023. Source 1
Benin and Côte d’Ivoire recovered from lower ratios
Benin was at 7.76% of GDP in 2000 and 18.61% in 2023. Côte d’Ivoire rose from 9.76% to 21.90% across the same years. Both 2023 readings were still below their respective 1990 ratios. Source 1
The numerator extends beyond loans
The definition includes claims created through loans, some securities purchases, trade credits and other receivables. It records credit outstanding relative to economic output. New lending during the year and the number of borrowers are different measures. Source 2
The ratio changes when credit or GDP changes
A rise can follow growth in outstanding claims or slower nominal GDP growth. To tell which side drove the move, compare the underlying local-currency amounts and check the source’s sector coverage. Source 2