Banking

Ghana has a relatively active banking sector, with 27 universal banks, 135 rural banks and 49 non-bank financial institutions, including leasing firms, mortgage providers, and savings and loan institutions. The contribution of the banking and insurance sectors to GDP has risen steadily in recent years, from 2.7% of GDP in 2006 to 5.2% in 2010. Deposits have also been on the rise, increasing from $2.6bn in December 2007 to $7.6bn in September 2011. The sector is currently seeking to provide a greater variety of technology-enabled banking services and increase the ability of banks to lend and fund major projects in other sectors of the economy. This chapter contains an interview with Samuel Ashitey Adjei, Managing Director, Ecobank Ghana; and a viewpoint by Kofi Wampah, Acting Director and Deputy Governor, Bank of Ghana.