In Ghana, the financial services industry is dominated by the banking sector, though insurance, pension and capital markets have emerged in recent times as a result of past financial sector reforms. The implementation of the Financial Sector Strategic Plan (FINSPP) in 2003 promoted the evolution of various financial sector institutions which emerged to meet the varied financial needs of the population.
Consistent with the government’s vision, the project has an underlying theme of establishing an enabling environment supported by effective regulations with an objective that all savers and investors will have the benefit of regulatory oversight. The operating financial intermediaries include both foreign and local major banks, Rural and Community Banks (RCBs), Savings and Loans Companies (SLCs) and other finance and leasing companies.
The number of institutions existing in the various categories as at the end of December 2016 is as follows:
Banks (Including 4 Rep. Offices) – 37
Rural and Community Banks – 148
Non-Bank Financial Institutions – 65
Forex Bureaux – 402
Insurance Companies – 49
Re-insurance Companies – 3
Insurance Brokers – 70
GSE Listed Companies – 35
GSE Licensed Stockbrokers – 21
Remittance Companies – 2
The financial sector of the Association of Ghana Industries (AGI) is a body that offers support to all finance industry players including Banks Savings and Loans Companies, Rural Banks and all other establishments that are engaged in providing financial and banking services.