Financial sector remains stable as BoG intensifies reforms

Governor of the Bank of Ghana, Johnson Pandit Asiama, says Ghana’s financial sector remains stable despite emerging risks confronting the economy.

The assurance was contained in a speech delivered on his behalf by Second Deputy Governor Mrs Matilda Asante-Asiedu during the maiden launch of the 2025 Financial Stability Report in Accra on Thursday.

Dr Asiama said the country’s financial system had moved “from stress to stability” following years of macroeconomic shocks and debt restructuring pressures.

“The theme reflects how the financial sector has navigated through the twin stresses of macroeconomic shocks and debt restructuring risks over the past few years, to the current state of stability,” he stated.

According to him, regulators remain determined to preserve the gains achieved in the sector while responding to new risks likely to affect stability in the medium term.

“Some risks are emerging in the outlook, and financial institutions are reassessing their business models to adapt to evolving conditions to avoid disruption to the stable trajectory we have enjoyed,” the speech noted.

The Governor disclosed that Ghana’s financial sector recorded strong growth in 2025, supported by improved macroeconomic conditions and stronger performance across major financial institutions.

“Ghana’s financial sector experienced growth and resilience in 2025. Total financial sector assets expanded by 23.2% to GH₵647.25 billion, equivalent to 45.1% of GDP,” he said.

He added that the sector’s resilience was strengthened by “strong profitability and solvency positions across all four financial industries.”

Dr Asiama further highlighted measures being implemented to strengthen regulation and supervision within the sector.

“These initiatives include the implementation of the framework for conglomerate supervision, which is aimed at strengthening oversight of financial groups with cross-sectoral activities, thereby minimising regulatory arbitrage,” he explained.

The Governor also revealed that following the passage of the Virtual Assets Service Providers Act, 2025, the Financial Stability Council had directed its Technical Committee to develop a risk monitoring framework for virtual asset service providers.

“This is to ensure that innovation is balanced with financial stability considerations,” the statement added.