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With total assets rising 34.6% to GH525.59 billion, up from GH390.17 billion in 2023, Ghana’s financial sector ended 2024 on a high note.
The Financial Stability Review for 2024 states that this is the case. Despite the expansion, its share of the economy decreased slightly to 45.2% of GDP, down from 46.4% the previous year. With 76.4% of all assets in the financial sector, banks continue to be the dominant player.
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.
Source: myghanadaily
