Financial Services

Regulation of banking in Ghana has evolved considerably over the years. In a little more than two decades, the banking system went from being heavily state-led and state-controlled to being more lightly and deftly supervised. Laws, rules, notices and guidelines have encouraged best practices, sound management and prudent lending, and it has been a significant and...

As in many African markets, much of Ghana’s population remains unbanked. Previous asset freezes, limited infrastructure, regional income disparities, a large informal sector and an elevated poverty rate have all combined to limit the ability of the broader population to access financial services.

Small and medium-sized enterprises (SMEs) play an important role in Ghana’s economy, accounting for around 90% of all businesses, according to a 2013 survey on the banking sector by PwC. A 2010 study by the University of Ghana reported that SMEs account for 70% of GDP, although PwC says this figure fell to around 49% by 2012, largely due to the commencement of oil and...

For a frontier market, Ghana’s banking system is very developed. It is well capitalised, the non-performing loan (NPL) ratio has been declining for a number of years, and regulators are continually pushing to ensure the sector is both sound and inclusive. The main urban centres are well banked, and rural parts of the country are served by a wide range of specialist...