Economy

Ghana's insurance industry remains one of the less-developed segments of the country's financial sector, with insurance penetration still around 1% of GDP. The gap becomes particularly striking when Ghana is compared with other African markets. According to the Bank of Ghana's 2024 Financial Stability Review, Ghana's insurance penetration based on gross premiums remained at 1.0% in 2024, unchanged from 2023. When measured using Insurance Service Revenue under IFRS 17, the rat

Ghana's domestic aviation market reached an important milestone in 2025, but the headline is not simply about the number of people flying. The bigger story is where that traffic is concentrated and what it says about the future of domestic air travel. Data from the Ghana Civil Aviation Authority (GCAA) shows that Kumasi remains the clear centre of Ghana's domestic aviation market. More than half of domestic passenger movements to and from Accra were associated with Kumasi, pu

6 Insurers Control 61.4% of the Market Ghana’s non-life insurance industry generated almost GH¢5.9 billion in insurance revenue in 2025. But while the market is growing, the growth is far from evenly distributed. Six insurers accounted for 61.4% of the market, leaving the other 18 insurers to compete for the remaining 38.6%. That is the biggest story behind Ghana’s 2025 non-life insurance market. Analyzing Ghana's Non-Life Insurance Market in 2025 Ghana’s insurance market is

For years, mobile money has been viewed as a convenient payment platform. Today, it has become something much bigger. MTN Ghana's Mobile Money (MoMo) Float has reached GH¢38.4 billion, making it one of the largest pools of customer funds in the country. When compared with the customer deposits reported by Ghana's banks, MTN's float would rank second nationwide, surpassed only by GCB Bank's GH¢41.05 billion. While the comparison is illustrative because a MoMo float is not lega

Which Banks Operate the Most Efficient Workforce? Employee costs represent one of the largest operating expenses for banks. While higher spending can reflect greater investment in talent and technology, lower spending may indicate leaner operations or different business models. Understanding cost per employee helps investors, analysts, and policymakers compare operational efficiency across institutions. Cost per employee in Ghana's Banking Sector FY 2025 Using FY2025 audited

Ghana's macroeconomic outlook has improved significantly in the first half of 2026, according to the 2026 Mid-Year Fiscal Policy Review. After several years of economic adjustment under the IMF-supported programme, the country's key economic indicators point to stronger growth, lower inflation, declining public debt, and healthier external reserves. Ghana's Economy in H1 2026: Four Strong Signals and One Key Risk Growth Continues to Outperform Expectations Real GDP expanded b

Ghana's cocoa industry remains one of the country's most important economic pillars, generating export earnings, supporting rural livelihoods, and contributing significantly to government revenue. However, the latest financial results from the 2024 State Ownership Report reveal a difficult year for the major state-linked institutions operating across the cocoa value chain. Together, the Ghana Cocoa Board (COCOBOD), Cocoa Processing Company (CPC), and PBC Ltd recorded a combin

Full Ranking of All 23 Banks Ghana's banking industry delivered another year of strong profitability in 2025, although the gains were concentrated among a handful of institutions. Based on published financial statements, the country's 23 banks generated approximately GH¢23 billion in profit before tax (PBT), highlighting the continued resilience of the sector despite a challenging macroeconomic environment. Ranking Banks in Ghana by Profitability (2025 Financials) Leading the

Ghana's 54 state-owned enterprises (SOEs) collectively lost GHS 10.3 billion in FY2024, even though almost two-thirds of them turned a profit. That contradiction, most SOEs in the black, the portfolio still deep in the red, is the story hiding inside the government's own numbers. Ranking Ghana's State Owned Enterprises by Profitability The data comes from the [2024 State Ownership Report](https://siga.gov.gh/siga-resources/2024-state-ownership-report-2/), published by Ghana's

Introduction Asset quality remains one of the most important indicators of banking sector stability. In Ghana, non-performing loans (NPLs) have long constrained profitability, weakened capital positions, and limited banks' ability to expand lending. The FY2025 financial statements provide a fresh view of how individual banks are managing credit risk and how close the industry is to meeting the Bank of Ghana's ambitious target of reducing sector-wide NPLs to 10% by the end of

Strong Growth with Liquidity Worth Monitoring. GCB Bank delivered an impressive FY2025 performance, reinforcing its position as one of Ghana's leading commercial banks. Based on its audited bank-level financial statements, the institution recorded significant growth across profitability, assets, deposits and shareholders' equity while continuing to strengthen its capital position. GCB Bank FY2025 Financial Health Review. Profit after tax increased by 69% to GH¢2.04 billion, s

A Look at the Deposit Rankings of Ghana's 23 Banks in FY2025 Customer deposits remain one of the strongest indicators of confidence in a bank. They reflect where households, businesses, and institutions choose to keep their money and often signal a bank's market strength, liquidity, and customer reach. Based on disclosed FY2025 financial statements, Ghana's banking industry held approximately GH¢324.2 billion in customer deposits across 23 banks. The data reveals a sector dom

Board diversity has become an increasingly important measure of corporate governance across the world. Diverse boards bring broader perspectives, improve decision-making, strengthen risk oversight, and help organizations better reflect the customers and communities they serve. Yet the latest data from Ghana's banking sector shows that gender parity in the boardroom remains the exception rather than the norm. Gender Diversity on Ghanaian Bank Boards An analysis of board compos

Anyone tracking the Ghana cedi will quickly realize that there is no single “true” dollar rate in the country. On May 26, 2026, official Bank of Ghana rates showed the US dollar selling at GHS 11.63, while forex bureaus and card processors quoted rates as high as GHS 12.50. This wide spread highlights the fragmented nature of Ghana’s foreign exchange market and explains why consumers, businesses and investors often experience different exchange rates depending on where they t

The legal dispute between GN Bank and the Bank of Ghana (BoG) has become one of the most closely watched financial sector cases in Ghana’s recent history. What began as part of Ghana’s banking sector clean-up in 2018 and 2019 has evolved into a prolonged legal battle involving regulatory authority, banking solvency, constitutional questions, and the future of financial sector reforms. GN Bank v Bank of Ghana. A Timeline of Legal Events The origins of the dispute trace back to

Ghana’s banking industry recorded strong customer deposit growth in 2025, signaling improving confidence in the financial sector despite ongoing economic pressures and competitive funding conditions. According to published financial statements from 21 banks, total customer deposits increased from GHS 268.18 billion in 2024 to GHS 309.79 billion in 2025, representing a year-on-year growth rate of 15.5%. Customer Deposit Growth/Decline in Ghana's Banking Sector The growth was d

Ghana’s actual fiscal outturn for 2025 presents a revealing picture of how government finances are evolving under mounting economic pressure. The latest figures show total revenue and grants reaching GH¢224.88 billion, while total expenditure climbed slightly higher to GH¢233.78 billion, resulting in an overall fiscal deficit of approximately GH¢8.9 billion. At first glance, the gap between revenue and expenditure may appear manageable. However, a deeper look into the composi

Ghana’s banking sector is once again under the spotlight, and this time the story is written in the numbers behind non-performing loans. At the extreme end, one bank records an NPL ratio of 70.5%, while at the other, a regional peer reports just 2.1%. This wide dispersion is not just a statistic; it reflects deeper structural realities within the financial system. Non-Performing Loans (NPL) in Ghana 2025 Non-performing loans, commonly defined as loans overdue by more than 90

Ghana’s financial system is quietly revealing a powerful story, one that challenges how we typically think about money, influence, and economic control. In 2025, customer deposits held within Ghana’s banking sector (drawn from the Financial Statements of 21 banks) reached approximately GHS 309.79 billion, surpassing total government expenditure of GHS 233.78 billion for the same period. On the surface, this comparison is striking, but its deeper implications are even more imp

Ghana’s banking sector is sitting on a significant pool of liquidity. With total customer deposits reaching GHS 309.79 billion, the expectation would be that a substantial portion of these funds is being channeled into loans to support businesses and economic growth. But the data tells a more cautious story. A comparative analysis of customer deposits, loans, and lending efficiency across banks in Ghana (2025). Across the industry, banks have extended only GHS 90.24 billion i