Magazine article African Business

Financial Services: A Liberal and Competitive Arena

Magazine article African Business

Financial Services: A Liberal and Competitive Arena

Article excerpt

Ghana's financial service industry is a liberalised sector with free flowing and well regulated competition. There are strong players in Banking and Finance (including Non-Bank Financial Services and Forex Bureaux), Insurance and Financial market/capital markets with significant local and foreign investment. In 2003, the Government of Ghana demonstrated its commitment to growing the sector when it approved the Financial Sector Strategic Plan (FINSSP) with a view to broadening and deepening the financial sector. Improved governance in the financial markets remains an important focus for the continued reform agenda.

Through the implementation of the FINSSP, the Government of Ghana intends to promote the evolution of a financial sector which is appropriate for the needs of a country currently at a middle income status. The vision is one of a financial sector which is responsive to the needs of the 21st century, particularly given the prospect of greater international and regional competition and opportunity for Ghanaian financial market participants.

The discovery of oil and the related opportunities in the industry also mean that there will be the need for huge financial transactions and robust financial partnerships.

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. As a "second generation" financial sector reform programme, it is accepted that what the basic institutions required for effective provision of financial services are largely in place. …

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