Ghana’s Financial and Insurance Sector is in Crisis

Ghana’s financial system underwent rapid growth and major transformation over the last two decades, which brought new opportunities and risks. The government implemented reforms to enhance the financial system’s resilience to shocks and its contribution to economic growth. The reforms were also aimed at strengthening the regulatory and supervisory framework and financial infrastructures. Despite these reforms, financial stability risks have heightened considerably in the last few years, with high nonperforming loans, under-capitalization, supervision and regulatory weaknesses, and governance lapses.

As a result, the country’s financial sector is in crisis, with most Ghanaians feeling the crunch and the sector’s contribution to the national economy declining very fast. Some of the banks have become insolvent, with their liabilities far outweighing their assets and putting them in positions where they cannot meet their liquidity demands.

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December 1, 2018

Ghana’s Financial and Insurance Sector is in Crisis

Ghana’s Financial and Insurance Sector is in Crisis Ghana’s financial system underwent rapid growth and major transformation over the last two decades, which brought new opportunities and risks. The government implemented reforms to enhance the financial system’s resilience to shocks and its contribution to economic growth. The reforms were also aimed at strengthening the regulatory and supervisory framework and financial... Read more
August 2, 2018

No.5: Integrity: The foundation for a Strong Financial Sector

Policy Brief 5. Integrity: The foundation for a Strong Financial Sector

The financial sector is a critical component for economic development in any country. It is the heart of any vital economy, contributing to prosperity and wealth creation through the provision of financial resources to support businesses, mobilizing savings, and accelerating commerce by facilitating payments and transfers. In this special policy brief, Hon. Dr. Kwabena Duffuor, the former Minister of Finance and Economic Planning discussed the importance of integrity in building a strong financial sector.