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Since the enactment of the 2006 Insurance Act, which promoted the development of local content requirements, the Ghanaian insurance industry has experienced a decade of rapid growth, and the proliferation of private companies and brokers.

The proliferation of insurance companies in Ghana in recent years is indicative of the growth potential of the industry, but has also hindered its maturation. As with many financial sectors in Africa’s frontier markets, fragmentation has limited growth. Larger, heavily capitalised companies are needed to take on the scale of risk inherent in...

Regulators are aiming to use higher capital requirements as a means of encouraging consolidation in the Ghanaian banking sector, in a bid to repeat the success of neighbouring Nigeria. In 2004 the Central Bank of Nigeria’s then newly appointed governor, Charles Soludo, faced a weak and thinly spread financial sector that failed to meet the...

In 2007 Ghana became the first West African nation to issue a eurobond. Demand for the $750m issuance – a 10-year bond with a yield of 8.5% – exceeded supply by a factor of four, prompting other African nations to follow suit. This means that in 2018 nearly $25bn worth of sovereign debt in the region is set to mature. Since its first foray...