Ghana's financial sector assets climbed to GHS 647.25 billion in 2025. This figure represents about 45.1% of the country's Gross Domestic Product. The significant recovery follows a year of strong economic growth, according to the latest Financial Stability Review.
The financial sector's improvement was underpinned by a real GDP growth rate of 6.0% in 2025. This growth surpassed the 5.8% recorded in the previous year. Economic gains were largely due to strong performance in the services and agriculture sectors. Inflation also fell sharply from 23.8% in December 2024 to 5.4% by December 2025.
This recovery is critical for Ghana's overall economic stability and growth trajectory. It indicates the country's ability to navigate past economic turbulence and debt restructuring challenges. The financial sector's resilience is a key factor in attracting foreign investment and maintaining investor confidence. This performance aligns with broader government efforts to stabilise the economy after recent difficulties.
Matilda Asante-Asiedu, the Second Deputy Governor of the Bank of Ghana, spoke at the review's launch in Accra. She stated, “The theme reflects how the financial sector has navigated through the twin stresses — the macroeconomic shocks and the debt restructuring risks over the past few years — to the current state of stability that we enjoy.” This highlights the strategic importance of current regulatory actions.
Regulators will further strengthen oversight and risk management to sustain this recovery. The implementation of conglomerate supervision aims to improve monitoring of financial groups. Increased attention to emerging financial technologies and digital assets is also underway. Decision-makers and markets will closely watch how these measures address persistent risks, such as elevated Non-Performing Loans in the banking sector.
The banking industry showed improved financial soundness and strong profitability. Their liquidity remained robust throughout the year. However, the Bank of Ghana noted that Non-Performing Loans (NPLs) are still high. New directives are in place to improve credit risk management. The pensions industry saw remarkable growth, driven by private schemes and better enforcement.
Ghana's Stock Exchange became Africa’s second-best performing market in 2025. This performance was boosted by gains in financial stocks. Investor confidence also improved during this period. The insurance sector experienced steady revenue growth and maintained high solvency levels. New policies, including mandatory local insurance for commercial cargo, contributed to this growth.
The Financial Stability Review also introduced initiatives to strengthen regulation. A new framework for conglomerate supervision will improve oversight of complex financial groups. This aims to minimise regulatory loopholes. The Bank of Ghana is also monitoring new financial technologies and digital assets more closely. The Virtual Assets Services Providers Act 2025 has led to a technical committee studying risks in virtual assets.
Ghana’s recovery happened during a generally favourable global economic period. Global GDP growth remained steady at 3.3%. Global inflation eased to 4.1%. Sub-Saharan Africa saw average growth of 4.1%. The domestic economic conditions, including tight monetary policy and a stable cedi, were crucial for Ghana's strong comeback.
Despite positive trends, regulators warned of ongoing risks. Sovereign debt pressures remain a concern. Climate-related financial risks are also on the watch list. Cybersecurity threats are another area of focus. The rapid adoption of Artificial Intelligence (AI) and cryptocurrencies presents potential systemic risks that are being monitored.
Mrs Asante-Asiedu cautioned that financial institutions are already adapting their operational models. This adaptation is in response to these evolving risks. She affirmed the Bank of Ghana's commitment to collaboration. The Financial Stability Council will continue to coordinate policies and develop the financial services sector. This ongoing vigilance is essential to maintain financial stability in the long term.