The President of the Ghana Association of Banks (GAB), Kwamina Asomaning, has expressed optimism about the recovery of Ghana’s banking sector, stating that the industry is gradually stabilizing after facing major economic challenges.
Speaking on Joy News' PM Express Business Edition on Thursday, March 20, 2025, Asomaning acknowledged the economic shocks the sector has endured but highlighted the progress being made.
“I think it’s fair to say that we are on a path to recovery. We’re not completely out of the woods, but compared to 2022 and 2023, there has been significant improvement in key economic indicators and within the sector itself,” he stated.
Challenges and Recovery Efforts
Ghana’s banking sector faced severe disruptions due to:
The COVID-19 pandemic
Ghana’s sovereign debt crisis, which impacted banks exposed to government bonds
Liquidity constraints and a loss of investor confidence
Despite these setbacks, Asomaning noted that the industry is showing resilience, with improving economic indicators such as inflation control, exchange rate stability, and growth forecasts.
Role of the Bank of Ghana
He credited the Bank of Ghana (BoG) for implementing policies that have helped restore stability and confidence in the financial system.
“The regulator has been very instrumental in ensuring that the right policies and measures are in place to restore confidence in the sector,” he added.
Looking Ahead
Asomaning emphasized the need for banks to remain agile and innovative, adapting to changes while strengthening their operations for long-term growth.
“The challenges we have faced reinforce the importance of resilience and adaptability,” he noted.
The banking sector continues to work closely with regulators to sustain the recovery momentum and position itself for future stability and expansion.
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