Despite the challenges faced in the economy in general – for example, the decline in the currency, the rise in government debt, low commodity prices and a persistent deficit – the Ghanaian banking sector has remained profitable and well capitalised. The country’s lenders have managed not only to survive but also to thrive. The banking sector is highly competitive and open, albeit somewhat crowded. The country has 28 deposit money banks, 60 non-bank financial institutions, 138 rural and community banks, and 503 microfinance institutions.
This chapter includes an interview with H A Kofi Wampah, Governor, Bank of Ghana (BoG).