Financial Services
From The Report: Ghana 2024
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The Domestic Debt Exchange Programme that launched at the end of 2022 has helped stabilise inflation. This is expected to foster sustainable growth, injecting optimism into the sector and the overall economy. However, macroeconomic headwinds such as elevated government debt and inflation have constrained the maturation of Ghana’s capital markets, leading to a slowdown in the number of initial public offerings launched in recent years. The insurance sector has faced similar constraints, with its growth trajectory tempered by the general economic downturn despite new regulations and increased revenue. However, as more Ghanaians move into the formal economy, demand for insurance products is expected to grow, in turn creating more opportunities for companies operating in the sector.

This chapter contains a viewpoint from Ernest Addison, Governor of the Bank of Ghana, and interviews with Chris Ofikulu, Regional CEO, UBA West Africa and Regional Director, UBA Ghana; Abena Amoah, Managing Director, Ghana Stock Exchange; Daniel Ogbarmey Tetteh, Director-General, Securities and Exchange Commission; and Shaibu Ali, Managing Director, KEK Insurance Brokers.