Ghana’s financial sector closed 2024 on a strong note, with total assets jumping 34.6% to GH₵525.59 billion, up from GH₵390.17 billion in 2023.
This is according to the 2024 Financial Stability Review.
Despite the growth, its share of the economy dipped slightly — making up 45.2% of GDP compared to 46.4% the year before.
Banks remain the dominant player, holding 76.4% of all financial sector assets.
Pensions followed with 16.4%, while securities and insurance held 3.8% and 3.4% respectively.
Interconnections in the system are growing. Banks’ exposure to other financial institutions rose to GH₵286 million, most of it — GH₵272.73 million tied to the securities market.
However, other financial institutions’ exposure to banks surged to GH₵11.56 billion, up from GH₵8.14 billion a year earlier. Securities firms led with GH₵5.9 billion, followed by insurance companies at GH₵3.1 billion, and pensions at GH₵2.6 billion.
Regarding net claims, other financial institutions had GH₵11.27 billion more with banks at the end of 2024, up from GH₵7.94 billion the year before.
