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Lending to small and medium-sized enterprises (SMEs) in Ghana has slowed in late 2016. In light of rising non-performing loans (NPLs) in 2015, banks have slimmed down their lending books significantly. With interest rates for blue-chip borrowers in established sectors of the economy surpassing 30%, rates for SMEs can often go far higher. This...

The Payment Systems Act 662 of 2003 set Ghana on a path towards a system of electronic transactions. The cash-lite initiative envisions a transition from a cash-dependent economy to one that is heavily reliant on bank cards, mobile money, internet payments and other forms of modern cashless transactions. Since the act was passed, the Bank of...

The Ghanaian banking sector had a difficult year in 2015, amid weakening macroeconomic conditions in the country. Growth fell below the rate seen in 2014, while non-performing loans (NPLs) rose significantly. However, the sector remains one of the economy’s brightest performers, and the large unbanked population offers plenty of scope for...

As part of the three-year fiscal consolidation programme with the IMF that began in 2015, Ghana is looking to accomplish three overarching goals: ensure macroeconomic stability and debt sustainability; promote growth, development and job creation; and maintain social spending to protect the vulnerable. To meet these goals, the Ministry of...

While currencies across Africa slid against the dollar over 2015, the cedi was among the worst performing, falling by 19.6%. After a volatile summer, Ghana’s currency began to stabilise in the third quarter of 2015, ending the year at GHS3.82:$1. This held through the first half of 2016, with the cedi trading in the range of 3.78-4.06 to the...