Ghana’s Financial Sector Assets Surge 34.6% to GH₵525.6bn in 2024 Despite Smaller GDP Share

Ghana’s financial sector ended 2024 on a high, with total assets climbing by 34.6% to GH₵525.59 billion, compared to GH₵390.17 billion in 2023, according to the latest Financial Stability Review.

Despite the robust expansion, the sector’s contribution to the economy edged down slightly, accounting for 45.2% of GDP, down from 46.4% the previous year.

Banks remained the dominant force, controlling 76.4% of the industry’s assets. Pensions followed with 16.4%, while the securities and insurance sectors held 3.8% and 3.4% respectively.

System interconnections continued to deepen in 2024. Banks’ exposure to other financial institutions reached GH₵286 million, with GH₵272.73 million linked to the securities market. Meanwhile, other financial institutions’ exposure to banks rose sharply to GH₵11.56 billion, up from GH₵8.14 billion in 2023. Securities firms led this category with GH₵5.9 billion, followed by insurance companies at GH₵3.1 billion, and pensions at GH₵2.6 billion.

Net claims from other financial institutions on banks also grew, hitting GH₵11.27 billion by the end of 2024, up from GH₵7.94 billion the year before.