Ghana’s financial sector closed 2024 on a strong note, with total assets jumping 34.6% to GH?525.59 billion, up from GH?390.17 billion in 2023.

This is according to the 2024 Financial Stability Review.

Despite the growth, its share of the economy dipped slightly — making up 45.2% of GDP compared to 46.4% the year before.

Banks remain the dominant player, holding 76.4% of all financial sector assets.

Pensions followed with 16.4%, while securities and insurance held 3.8% and 3.4% respectively.

Interconnections in the system are growing. Banks’ exposure to other financial institutions rose to GH?286 million, most of it — GH?272.73 million tied to the securities market.

However, other financial institutions’ exposure to banks surged to GH?11.56 billion, up from GH?8.14 billion a year earlier. Securities firms led with GH?5.9 billion, followed by insurance companies at GH?3.1 billion, and pensions at GH?2.6 billion.

Regarding net claims, other financial institutions had GH?11.27 billion more with banks at the end of 2024, up from GH?7.94 billion the year before.