Ghana’s financial sector closed 2024 with a strong performance, recording a 34.6% year-on-year surge in total assets to GH₵525.59 billion, up from GH₵390.17 billion in 2023, the Bank of Ghana’s 2024 Financial Stability Review has revealed.
The growth outpaced nominal GDP expansion, though the sector’s share of the economy dipped marginally to 45.2% from 46.4% in the previous year.
Banking Sector Leads Growth
Banks remained the dominant force in the financial industry, controlling 76.4% of total assets. Pension funds followed with 16.4%, while securities firms and insurance companies accounted for 3.8% and 3.4% respectively.
Rising Interconnections
The report highlighted increasing interlinkages across the financial system. Banks’ exposure to other financial institutions rose to GH₵286 million in 2024, with GH₵272.73 million linked to the securities market.
Similarly, other financial institutions’ exposure to banks climbed sharply to GH₵11.56 billion, up from GH₵8.14 billion in 2023. Securities firms made up the largest share at GH₵5.9 billion, 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 ended the year at GH₵11.27 billion, compared to GH₵7.94 billion in 2023 underscoring deepening sector linkages and the growing systemic interdependence of Ghana’s financial ecosystem.
The Bank of Ghana said these developments reflect both sectoral growth and the increasing importance of cross-institutional relationships in maintaining financial stability.
