Ghana's banking sector is enjoying healthy profitability, with a pre-tax return on equity of 22% and a return on assets of 4.3%, according to Fitch Ratings. This assessment highlights the strong financial performance of banks operating in the country.
Fitch Ratings made this observation during its analysis of Attijariwafa bank's acquisition of a 55.2% stake in Société Générale's Ghanaian subsidiary. The credit rating agency noted that Ghanaian banks' healthy profitability metrics could slightly diversify Attijariwafa bank's earnings base. This positive outlook reinforces the Bank of Ghana Governor's view that the sector remains profitable.
This strong performance comes as Ghana's economy shows signs of stabilization following recent sovereign debt restructuring. The Bank of Ghana reported that the sector's total assets increased by 20.5% year-on-year to GHS 500.2 billion by August 2026. This growth was driven by robust deposit mobilization and other funding sources. The capital adequacy ratio, a measure of a bank's financial strength, improved to 19.1% in August 2026 from 18.3% in August 2025.
The Governor of the Bank of Ghana, during the 132nd Monetary Policy Committee press conference on September 24, stated that the banking sector remains solvent, profitable, and liquid. He also highlighted improving asset quality. The Non-Performing Loan (NPL) ratio, which indicates the percentage of loans not being repaid on time, declined to 15.7% from 20.8% over the same period. This improvement was supported by a strong rebound in credit growth across the industry.
Despite these positive trends, credit risk remains elevated, prompting banks to adhere strictly to NPL guidelines. This adherence is crucial for bolstering confidence in Ghana's financial system. Fitch's upgrade of Ghana's Long-Term Issuer Default Ratings to 'B'/Positive in May reflected a sharp decline in government debt relative to GDP. It also showed a marked increase in international reserves, reducing external liquidity risks for the nation.
The acquisition of Société Générale Ghana by Attijariwafa bank is unlikely to significantly increase the Moroccan bank's exposure to the rest of Africa. Société Générale Ghana had assets of less than USD 1 billion at the end of 2025. This represents only about 1% of Attijariwafa bank's total assets. The small size of the Ghanaian subsidiary means the acquisition will not materially pressure Attijariwafa bank's capital ratios.
Fitch expects Société Générale Ghana to contribute modestly to Attijariwafa bank's assets and net income over the medium term. Domestic growth in Morocco is expected to remain broadly in line with the growth of Attijariwafa bank's other African operations. The transaction should also have no material effect on Attijariwafa bank's regulatory capital ratios. This is due to the subsidiary's modest size and Attijariwafa bank's strong internal earnings generation. Attijariwafa bank's exposure to Ghanaian cedi volatility and any resulting impact on its regulatory capital ratios should be very limited.
The Positive Outlook on Ghana's ratings reflects expectations of continued fiscal prudence and a further build-up of external buffers. This stable macroeconomic environment provides a solid foundation for the banking sector's continued profitability. The resilience demonstrated by Ghanaian banks is a key factor attracting foreign investment and strengthening the financial system.