Ghana’s financial sector recorded a strong recovery in 2025, with total assets rising to GH¢647.25 billion, equivalent to 45.1 percent of GDP, as improving macroeconomic conditions helped restore stability and investor confidence after years of economic stress.
The milestone was disclosed in the latest Financial Stability Review launched in Accra by the Second Deputy Governor of the Bank of Ghana, Matilda Asante-Asiedu.
The report showed that Ghana’s financial system has moved from a period of repair toward consolidation, supported by stronger economic growth, lower inflation and improved market sentiment.
Real GDP growth accelerated to 6.0 percent in 2025, up from 5.8 percent in 2024, while inflation declined sharply from 23.8 percent in December 2024 to 5.4 percent by the end of 2025.
From stress to stability
Speaking at the launch, Mrs Asante-Asiedu said the review’s theme, “From Stress to Stability: Staying on Course,” captured the resilience of Ghana’s financial sector following macroeconomic shocks and debt restructuring pressures.
“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.” - Mrs Asante-Asiedu
She added that regulators remain focused on preserving stability over the medium to long term through stronger supervision and policy coordination.
The improving economic environment played a major role in rebuilding confidence across the financial system. Lower inflation, a stabilising cedi and stronger economic output reduced pressure on households, businesses and financial institutions, while supporting stronger asset quality and investor confidence.
Banking, pensions and stock market rebound
According to the report, Ghana’s banking industry recorded stronger profitability, improved liquidity and better solvency positions in 2025. However, the Bank of Ghana noted that non-performing loans remain elevated and announced additional measures to strengthen credit risk management.
“The financial sector was more resilient, bolstered by strong profitability and solvency positions across all the four financial industries,” Mrs Asante-Asiedu said.
The recovery extended to the capital markets, with the Ghana Stock Exchange emerging as Africa’s second-best performing stock market in 2025.
Gains in financial stocks and renewed investor confidence contributed to the strong performance following disruptions linked to Ghana’s domestic debt restructuring programme.
The pensions industry also recorded significant growth, driven by the expansion of private pension schemes and stricter enforcement against defaulting employers. Pension funds increasingly diversified portfolios toward equities as macroeconomic conditions improved.
Meanwhile, the insurance sector maintained steady revenue growth, supported by strong solvency levels and new policy interventions, including compulsory local insurance for commercial cargo.
Emerging risks remain
Despite the recovery, regulators warned that risks to financial stability remain. The report highlighted concerns including sovereign debt pressures, cybersecurity threats, climate-related financial risks, artificial intelligence adoption and vulnerabilities linked to cryptocurrencies and digital assets.
The Bank of Ghana said it is intensifying oversight of fintech and virtual assets following the passage of the Virtual Assets Services Providers Act, 2025.
“This is to ensure that while innovation is encouraged, it is balanced with financial stability considerations,” Mrs Asante-Asiedu explained.
She noted that financial institutions are already adjusting their operating models to respond to emerging risks and changing market conditions.
The Financial Stability Review also introduced a new framework for conglomerate supervision aimed at improving oversight of financial groups operating across multiple sectors and reducing regulatory arbitrage.
For Ghana, the report underscores a broader message that while the financial sector has regained strength, sustaining the recovery will depend on disciplined macroeconomic management, stronger supervision and the ability of financial institutions to convert stability into broader credit expansion, investment growth and deeper financial inclusion.
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