Financial Sector Assets Surge 34.6% to GHS 525.6 Billion in 2024
Ghana’s financial sector ended 2024 on a strong footing, with total assets rising 34.6% year-on-year to GH₵525.59 billion from GH₵390.17 billion in 2023, according to the 2024 Financial Stability Review.
The sector’s expansion outpaced nominal GDP growth but its share of the economy slipped to 45.2% from 46.4% the previous year.
Banking Dominance
Banks maintained their dominant position, accounting for 76.4% of total assets. Pension funds followed with a 16.4% share, while securities and insurance companies controlled 3.8% and 3.4% respectively.
Rising Interlinkages
The report highlights growing interconnections within the financial system. Banks’ exposure to other financial institutions increased to GH₵286 million in 2024, with GH₵272.73 million linked to the securities market.
Other financial institutions’ exposure to banks climbed sharply to GH₵11.56 billion from GH₵8.14 billion in 2023. Securities firms accounted for GH₵5.9 billion of the exposure, followed by insurance companies with GH₵3.1 billion and pension funds with GH₵2.6 billion.
Net claims of other financial institutions on banks reached GH₵11.27 billion at the close of 2024, up from GH₵7.94 billion a year earlier, underscoring the deepening linkages between segments of the financial sector.
