ETIQUETTE: Ghana has a deserved reputation for hospitality. Manners and etiquette are important, which means that using correct honorifics and respectful greetings in business meetings is expected. Shaking hands is customary, and it is polite to spend a few moments engaged in casual conversation...
The banking sector underwent a major round of recapitalisation between 2008 and 2012, when institutions were required by the regulator to increase their minimum capital from GHS7m ($1.9m) to GHS60m ($16.7m), and this lifted the relevant ratios, which were already high, to levels that suggest safety and soundness by a comfortable margin.
Ghana has long had an outsized presence on the diplomatic stage. This can be seen not only in the country’s role in multilateral organisations, but also in the strategic way it has cultivated links with some of the world’s largest economies.
Despite the challenges faced in the economy in general – for example, the decline in the currency, the rise in government debt, low commodity prices and a persistent deficit – the Ghanaian banking sector has remained profitable, growing and well capitalised. The country’s lenders have managed not only to survive but also to thrive.
As an early adopter of technologies that allow for the quick and easy transfer of funds, Ghana has maintained a highly efficient payments system. It is at present moving rapidly towards making the country’s commerce as cashless as possible.
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