Ghana’s financial sector achieved a major recovery in 2025, with total assets rising to GH¢647.25 billion (about 45.1% of GDP), according to the latest Financial Stability Review.

This rebound coincided with a strong macroeconomic performance, as real GDP growth accelerated to 6.0%, up from 5.8% the previous year.

Speaking at the review launch in Accra, Bank of Ghana Second Deputy Governor Matilda Asante-Asiedu noted that the theme, “From Stress to Stability: Staying on Course,” highlights the sector's resilience after surviving recent macroeconomic shocks and debt restructuring pressures.

Sector Performance

The economic turnaround was largely fueled by expansion in the services and agriculture sectors. Backed by tight monetary policy and a stable cedi, inflation dropped heavily from 23.8% in December 2024 to 5.4% by December 2025.

Recovery was visible across all major financial segments:

- Banking: Recorded higher profitability, better financial soundness, and steady liquidity, though elevated Non-Performing Loans (NPLs) prompted new central bank directives on credit risk.

- Capital Markets: The Ghana Stock Exchange became Africa’s second-best performing market in 2025, lifted by financial stocks and renewed investor confidence.

- Pensions: Achieved remarkable growth through expanded private schemes and stricter enforcement against defaulting employers, with portfolios shifting toward equities.

- Insurance: Documented steady revenue growth and solid solvency levels, aided by new policies like compulsory local insurance for commercial cargo.

Regulatory and Oversight Updates

To protect the financial system, regulators are rolling out several new supervision frameworks:

- Conglomerate Supervision: A new framework designed to monitor financial groups with cross-sectoral operations and reduce regulatory arbitrage.

- Digital Assets: Following the passage of the Virtual Assets Services Providers Act 2025, the Financial Stability Council (FSC) is creating risk metrics to monitor fintech and virtual assets.

Global Context and Emerging Risks

While Ghana's recovery was aided by a stable global economy (3.3% global GDP growth and 4.1% inflation) and a 4.1% average growth rate in Sub-Saharan Africa, regulators warn that vulnerabilities remain.

Key threats to future stability include sovereign debt pressures, climate-related financial risks, and cybersecurity vulnerabilities. Additionally, regulators are monitoring the rapid integration of AI and cryptocurrencies for potential systemic risks.

Mrs Asante-Asiedu emphasized that financial institutions are altering their operational models to manage these evolving threats, reaffirming the Bank of Ghana’s commitment to policy coordination under the FSC to protect the recovery.