Ghana’s financial system continues to be predominantly bank-centered and concentrated, which enhances macro-financial transmission, as noted by the International Monetary Fund (IMF) in its July 2026 Selected Issues paper on Ghana (IMF Country Report No. 26/213).
According to the report, total assets within the financial sector increased from GHS 536.8 billion (45.6 percent of GDP) at the end of 2024 to an estimated GHS 644 billion (46.9 percent of GDP) by the end of 2025. Banks represent approximately 67.4 percent of the total system assets—equating to 31.6 percent of GDP—thereby positioning them at the center of financial intermediation and the transmission of shocks.
“Foreign-owned banks continue to be systemically dominant, while domestically owned and state-owned banks constitute a smaller yet potentially more vulnerable segment,” the report stated.
It also highlighted that foreign-owned banks possessed around 40.1 percent of the financial sector’s assets in 2025, in contrast to 12.1 percent held by domestic private banks and 15.2 percent by government-owned banks. The concentration is significant, with the five largest banks controlling nearly 45 percent of total banking assets, which underscores the importance of institution-specific stress outcomes.
“Non-bank institutions, while smaller than banks, still have the potential to amplify macro-financial stress. Specialized deposit-taking institutions (SDIs) represent about 6.5 percent of total financial sector assets, whereas non-bank financial institutions (NBFIs)—primarily pension funds, along with insurance companies and securities firms—account for nearly one quarter.
“Although their direct exposure to fluctuations in gold prices is limited, they may still experience indirect effects through deteriorating asset quality, valuation losses, and confidence spillovers in a negative macro-financial environment. Credit unions, while small in the overall system (approximately 1 percent of total assets), have a concentration in household and small-scale lending, which could render them susceptible to declining incomes and increasing credit risk during periods of stress,” the report concluded.
The report additionally indicated that credit unions serve nearly 1 million members, which constitutes approximately 3 percent of the population. In contrast, the wider formal financial system is projected to reach around 81 percent of the population by 2025. While SDIs and NBFIs play a significant role in this coverage, the presence of overlap complicates the ability to provide a precise aggregate estimate.
Capital markets are relatively shallow compared to banks, which restricts the direct transmission of financial flows through market-based channels. Nevertheless, the increasing influence of institutional investors, especially pension funds, suggests that adjustments in asset prices and confidence effects could potentially exacerbate broader financial stress, even if direct exposures related to gold remain limited.
The balance sheet of the Bank of Ghana is substantial in relation to the economy and the financial system. By the end of 2025, central bank assets are expected to represent approximately 16.3 percent of GDP, highlighting the Bank of Ghana’s critical role in macro-financial transmission and balance-sheet risk management.
“This is especially pertinent in the context of stress related to gold prices, considering the Bank of Ghana’s responsibilities in reserve management, liquidity operations, and the overall financial conditions,” it stated.
