Unleashing Ghana’s Banking Sector Might: A Comprehensive Analysis of Contributions, Competitiveness, Challenges and Policy Recommendations

Unleashing Ghana’s Banking Sector Might: A Comprehensive Analysis of Contributions, Competitiveness, Challenges and Policy Recommendations

Daniel Bamfo*, PhD candidate

School of Graduate Studies, Valley View University, Accra, Ghana

*Corresponding Author

DOI: https://dx.doi.org/10.47772/IJRISS.2024.803326S

Received: 20 September 2024; Accepted: 25 September 2024; Published: 26 October 2024

ABSTRACT

This study examines the contributions, competitiveness, and difficulties of Ghana’s banking industry through a thorough analysis of the literature. The sector, which contributes to Ghana’s GDP and supports SMEs and government projects, is beset by challenges such as high non-performing loan rates and expensive borrowing. However, secondary data from sources like the Bank of Ghana and scholarly journals show that the sector has a significant impact on GDP growth, employment creation, and financial inclusion. Through fintech and digital banking, it contributes to financial inclusion as well, despite ongoing obstacles like the digital divide and expensive service fees.

The analysis points out important patterns and weaknesses and makes recommendations for strengthening financial inclusion, regulatory frameworks, and credit risk management. It recommends boosting technological innovation, cutting compliance costs, and improving risk management in order to increase competitiveness. Subsequent investigations ought to tackle the dynamically changing banking industry in order to bolster Ghana’s economic expansion and stability.

Keywords: Banking, contributions, Competitiveness, Challenges, GDP growth, employment creation,  financial inclusion, technological innovation, non-performing loan

BACKGROUND OF THE STUDY

The banking sector in Ghana has long been recognized as a critical driver of the nation’s economic growth, serving as the primary conduit for financial intermediation, capital mobilization, and support for both private and public sector development (Bank of Ghana, 2022). (Bank of Ghana, 2022). The industry has experienced tremendous change in the last few decades as a result of changes meant to improve its resilience, operational efficiency, and competitiveness internationally. Even though the industry has advanced significantly, obstacles such undercapitalisation, inefficiency, and non-performing loans (NPLs) still exist and prevent the sector from reaching its full potential (Owusu & Ameyaw, 2023).

Numerous regulatory changes have impacted Ghana’s financial environment, especially since the early 2000s. The Bank of Ghana’s recapitalisation directives and the implementation of the Financial Sector Strategic Plan (FINSSP) are two important instances of initiatives meant to fortify the basis of the banking industry. These changes aimed to improve the overall performance of banks in terms of asset quality, profitability, and liquidity as well as to advance financial stability and widen financial inclusion (Asante & Akomea-Frimpong, 2021). Innovative digital banking solutions have been introduced as the industry has evolved, with the goal of improving client convenience and expanding access to financial services (Mensah & Aboagye, 2022).

Notwithstanding these developments, there are still concerns about the competitive environment facing Ghana’s banking sector. The amount of competition and the sector’s capacity to support small and medium-sized firms (SMEs), which are critical to the economy’s long-term growth, have come under scrutiny due to growing bank consolidation and the dominance of a small number of large banks (Ackah & Nortey, 2023). Additionally, the COVID-19 outbreak revealed structural weaknesses in the banking system, notably with regard to liquidity constraints and credit risk management, which has highlighted the necessity of ongoing regulatory monitoring and policy action (Bank of Ghana, 2022).

Understanding Ghana’s banking industry’s contributions, competitiveness, and challenges—as well as finding viable policy approaches to strengthen those contributions—is essential given the sector’s critical position. The goal of this study is to present a thorough examination of the sector’s contribution by evaluating important metrics such GDP contribution, employment, financial inclusion, economic stability, and lending to the private sector. It also seeks to assess the sector’s competitiveness by an examination of entry barriers, market structure, and the impact of technical advancements. In the conclusion, the research will examine policy suggestions meant to increase the sector’s resilience and guarantee that it can successfully serve Ghana’s economic goals in the face of international obstacles (Owusu & Ameyaw, 2023).

Statement of the Problem

Ghana’s banking industry is essential to the country’s economic growth, but despite reforms, it continues to face obstacles that threaten its stability and profitability, such as a high percentage of non-performing loans, inefficient credit distribution, and inadequate regulatory frameworks. Market power concentrated in a small number of large banks also hurts the sector’s competitiveness by restricting SMEs’ access to financing, which is essential for job creation and economic growth. Rapid digital development also brings with it new difficulties including cybersecurity and legal concerns. Liquidity and credit risk management vulnerabilities were further brought to light by the COVID-19 pandemic. The absence of a thorough examination of these issues makes it challenging for policymakers to put these solutions into practice. By assessing the industry’s performance and providing recommendations for new policies to support Ghana’s banking sector, this study seeks to close this gap (Owusu & Ameyaw, 2023).

Objectives of the study

This study’s main objective is to evaluate Ghana’s banking sector’s existing contributions, competitiveness, obstacles, and policy frameworks in order to pinpoint tactics that could increase the sector’s economic impact. In particular, the objectives are as follows:

1.      To assess the banking industry’s financial performance in Ghana

2.      To evaluate how competitive Ghana’s banking sector is

3.      To determine the main obstacles that Ghana’s banking industry must overcome

4.      To investigate how Ghanaian banks’ competitiveness and performance are affected by the digital transformation

5.      To provide policy avenues to improve the efficiency and competitiveness of Ghana’s banking industry

Significance  of the Study

The study  discusses the contributions and challenges of the banking industry in Ghana’s economic development, the findings will therefore be an essential literature for academics, financial institutions, enterprises, and policymakers alike. It offers ideas to legislators on how to lower non-performing loans while promoting competition, strengthening regulatory frameworks, and improving financial stability. Financial institutions will receive insightful evaluations of their work, which will help them increase operational effectiveness and profitability. The report also emphasises how crucial it is for banks to undergo a digital transformation and makes reform recommendations to increase SMEs’ access to credit at reasonable rates. It also advances scholarly studies on the performance of the banking industry in developing nations and promotes the stability and growth of Ghana’s economy as a whole.

The purpose of the study

The purpose of this study is to present a thorough examination of Ghana’s banking industry by looking at its frameworks for policy, competitiveness, difficulties, and contributions. It looks for the main causes and obstacles and provides evidence-based analysis and policy suggestions to improve the industry’s contribution to the nation’s economic growth.

METHODOLOGY

Using scholarly databases, research papers, policy reports, and other pertinent materials, a thorough literature analysis was carried out to investigate the contributions, competitiveness, and difficulties faced by Ghana’s banking industry. Important search phrases including “challenges,” “competitiveness,” “contribution,” and “banking sector in Ghana” were used. In addition to financial stability reports, AfDB studies, academic journals, and updates from Ghana’s Ministry of Finance, important secondary data sources included reports from the Bank of Ghana, World Bank, IMF, Ghana Statistical Service, and the Ghana Association of Bankers. Recent publications were prioritised to ensure current analysis. After the literature was vetted for quality, relevance, and dependability, data were extracted with an emphasis on methods and empirical support. By using a comparative method, this data was thoroughly analysed to find gaps in the research as well as common themes and contradictions. A theoretical structure was established to arrange the results, emphasising fundamental elements like GDP contribution, job generation, financial inclusivity, economic steadiness, lending to the private industry, and the competitiveness and obstacles faced by the sector. A summary of the main conclusions showed patterns that gave a thorough picture of the sector’s performance. Subsequently, policy recommendations were formulated to tackle the recognised obstacles and prospects, with the objective of augmenting the industry’s expansion and competitiveness in harmony with extant policies and optimal methodologies within the manufacturing domain. Ultimately, the identification of gaps in the literature resulted in recommendations for further research to guarantee that the banking industry adjusts to its changing dynamics. This methodology yielded a comprehensive assessment of the sector’s performance by combining a rigorous literature research with qualitative analysis.

CONTRIBUTION  OF GHANA’S BANKING SECTOR

The banking sector in Ghana plays a critical role in the nation’s economic development by contributing to Ghana’s GDP, employment creation, improving financial inclusion, stabilising the economy and providing credit to the private sector.

Contribution to Ghana’s GDP

Through financial intermediation, credit supply, and trade facilitation, the banking industry in Ghana plays a critical role in economic development. In 2021, the financial and insurance services sector will account for around 9% of GDP (Bank of Ghana, 2022). By mobilising savings and supporting investments, the sector supports important industries like trade, manufacturing, and agriculture (Owusu & Ameyaw, 2023). Small and medium-sized businesses (SMEs), which are vital for employment and productivity but whose expansion may be hampered by high loan rates and onerous collateral requirements, also benefit greatly from it (Asante & Akomea-Frimpong, 2021). By extending services to underserved communities through mobile banking and fintech advances, financial inclusion initiatives have increased economic activity  (Asafo-Adjei,2021;Mensah & Aboagye, 2022). Furthermore, the industry provides funding for significant infrastructure and government initiatives, which promotes economic expansion (Asante & Akomea-Frimpong, 2021;Asafo-Adjei,2021;). The sector’s potential is nevertheless constrained by issues including high non-performing loan rates and high borrowing costs, even with these contributions (Owusu & Ameyaw, 2023; Ackah & Nortey, 2023). Maximising the sector’s contribution to economic development requires addressing these problems through better regulatory frameworks, increased financial inclusion, and improved credit risk management—all the while encouraging competition to lower lending rates (Bank of Ghana, 2022).

Contribution to Ghana’s Employment Creation

Ghana’s banking industry makes a substantial direct and indirect contribution to the generation of jobs(Tackie et al.,2022). According to Bank of Ghana, 2022; Owusu & Asante, 2023, it directly employs approximately 50,000 people in a variety of professions, such as management, IT, and customer service. New job opportunities have been created by recent developments in digital banking and fintech. By offering financial services to small and medium-sized firms (SMEs), which account for around 85% of employment in Ghana and are major job producers, the industry also contributes to indirect employment. Banks help small and medium-sized enterprises (SMEs) grow and create more demand for labour by providing loans and financial services (Asare & Gyamfi, 2023; Ackah & Nortey, 2023). Furthermore, efforts to promote financial inclusion, such microfinance and mobile banking, have increased employment in underserved and rural areas, increasing labour demand and economic participation (Bank of Ghana, 2022; Amankwah & Tetteh, 2023). By funding initiatives in areas like manufacturing, agriculture, and construction, the sector promotes employment in the formal sector and creates jobs in a number of different businesses (Mensah & Aboagye, 2022;Riccardo et al.,2023)

However, obstacles like exorbitant borrowing prices and a high percentage of non-performing loans prevent the industry from creating as many jobs as it could. Policymakers should prioritise lowering interest rates, expanding financial inclusion and literacy initiatives, and facilitating SMEs’ access to finance in order to address these problems (Asare & Gyamfi, 2023; Adu & Mensah, 2022). Optimising the sector’s employment impact also requires strengthening the regulatory environment to efficiently control credit risk. Despite these obstacles, the banking industry continues to play a critical role in creating jobs ((Tackie et al.,2022), and there is room for development through well-timed legislative changes.

Banks have boosted financial intermediation by increasing private sector credit. For instance, private sector credit rose from approximately GHȼ47.07 billion in 2022 to GHȼ50.51 billion in the first quarter of 2023, representing a 7.31% increase(The Business & Financial Times,2023). This increase in credit availability has enabled businesses to expand and create more jobs.

Contribution to Financial Inclusion

By providing underprivileged communities with accessible and reasonably priced financial services, Ghana’s banking industry plays a critical role in promoting financial inclusion (Koomson, et al.,2023). By introducing agent banking, establishing additional branches in outlying areas, and utilising digital financial services like mobile banking and platforms like MTN Mobile Money and Vodafone Cash, it has made significant strides (Bank of Ghana, 2022; Owusu & Ameyaw, 2023; Adu & Mensah, 2022). This access has been made even easier by the Bank of Ghana’s backing of digital technologies, such as the Electronic Money Issuers (EMI) framework (Bank of Ghana, 2022). Furthermore, the empowerment of people and companies brought about by initiatives to promote microfinance institutions, SMEs, and increase financial literacy has encouraged greater economic engagement (Amankwah & Tetteh, 2023; Ackah & Nortey, 2023; Asare & Gyamfi, 2023). However, obstacles to complete financial inclusion persist, including the digital gap, high service charges, and problems with trust and financial literacy (Adu & Mensah, 2022; Bank of Ghana, 2022). For financial inclusion to advance even further, these problems must be resolved by greater literacy initiatives, lower expenses, and better infrastructure (Amankwah & Tetteh, 2023). Notwithstanding the advancements, more work and deliberate governmental interventions are required to guarantee that every Ghanaian has complete access to financial services.

Since 2013, Ghana has seen significant growth in bank account ownership, with projections suggesting a 78 percent penetration rate by 2028. By 2022, nearly half of the population had an account at a financial institution, allowing them to access various products and services such as online banking and debit or credit cards. For 2024, credit and debit card penetration rates were projected to be around 0.6 percent and 17.8 percent, respectively (Statista,2024).

Mobile and online banking have also grown rapidly, with online banking penetration projected at 12.5 percent in 2024 and mobile money accounts reaching 60 percent of the population. Digital payment transactions are also expanding, with a projected value of $7.5 billion by 2024 (Statista,2024).

Furthermore,the banking industry in Ghana demonstrated resilience and stability in 2023 despite internal and external economic shocks. Institutions maintained financial intermediation and boosted confidence through strategic decisions, resulting in robust growth in total assets, which increased from GH₵212.0 billion in 2022 to GH₵274.9 billion in 2023. Deposit growth by 34.6% was attributed to improved financial literacy and customer trust. Key liquidity ratios also improved, signaling industry soundness.

Contribution to Ghana’s Economy’s Stability

As a major financial intermediary that aids in the implementation and transmission of monetary policy to control inflation and stabilise the economy, the banking sector in Ghana is essential to maintaining economic stability (Bank of Ghana, 2023). In reaction to changes in policy rates, banks modify their lending and deposit rates, which has an impact on investment and economic activity (Osei & Appiah, 2022; Yeboah, 2023). Additionally, they promote financial stability by upholding Basel II and Basel III regulatory standards, which improve capital adequacy and risk management (Adu & Mensah, 2022). Furthermore, banks provide loans to a variety of industries, which stimulates economic growth and job creation. They also provide protection against economic shocks by way of deposit insurance and liquidity support (Bank of Ghana, 2022; Owusu & Asante, 2023). Notwithstanding these efforts, issues such a high percentage of non-performing loans and the requirement for better regulatory supervision still exist (Bank of Ghana, 2022; Adu & Mensah, 2022). Enhancing the sector’s stability and efficacy requires adopting technology advancements, strengthening regulatory frameworks, and raising financial literacy (Amankwah & Tetteh, 2023; Ackah & Nortey, 2023). In general, resolving these issues is essential to maintaining the industry’s contribution to economic stability.

In 2023, banks in Ghana made significant contributions to the country’s economic growth. Financial intermediation saw a 13.8% increase in total advances, growing from GH₵67.7 billion in 2022 to GH₵77.0 billion in 2023, facilitating business and individual expansion (The Business & Financial Times, 2024). The Bank of Ghana’s monetary policies helped stabilize the economy, reducing inflation from 54.1% in December 2022 to 23.2% in December 2023, fostering a conducive environment for economic activities (World Bank Group, 2024). Community banks, such as Amantin and Kasei, increased their advances, boosting the growth of MSMEs, key drivers of development (The Business & Financial Times, 2024). Additionally, the banking industry’s total assets grew by 29.7%, reflecting a robust sector supporting larger economic activities (The Business & Financial Times, 2024).

Facilitating Credit for Ghana’s Private Sector

Because it provides credit to the private sector, which fosters growth, company development, and job creation, the banking industry is essential to Ghana’s economic development (Worae et al.,2021 ;Bank of Ghana, 2022). In order to increase production and competitiveness, banks lend money to a variety of industries, such as manufacturing and agriculture (Owusu & Asante, 2023). Additionally, they promote innovation and employment by supporting SMEs with government-backed lending schemes and customised financial products (Ackah & Nortey, 2023; Asare & Gyamfi, 2023). Additionally, through digital services and microfinance, the industry advances financial inclusion (Adu & Mensah, 2023; Bank of Ghana, 2022). Despite this, obstacles such a high percentage of non-performing loans, difficulties assessing credit risk, and regulatory limitations make it difficult to provide credit (Bank of Ghana, 2023; Osei & Appiah, 2022). Enhancing financial literacy, lowering regulatory hurdles, promoting SME financing, and strengthening risk management are some of the ways that policy initiatives should address these problems (Bank of Ghana, 2023; Adu & Mensah, 2023). Ultimately, maximising the sector’s impact requires overcoming these obstacles, even if the sector’s provision of credit is necessary for economic stability and growth.

The findings of a study by Adegbedzi and  Mahamuni,  (2024) revealed that capital adequacy has a significant positive effect on SME development, and the 2018 recapitalization of universal banks also positively influenced SME growth. The study recommends that authorities implement policies to ensure banks are adequately resourced, boosting public confidence and enhancing support for SMEs to complement government efforts.

COMPETITIVENESS OF THE BANKING SECTOR

The efficiency and stability of Ghana’s financial system depend on the banking industry’s competitiveness because it not only encourages financial inclusion but also innovation, higher service standards, and economic growth. The industry is characterised by a wide variety of financial institutions, such as rural banks, savings and loans associations, commercial banks, and microfinance organisations (Amenu-Tekaa, 2022). This diversity fosters competition among institutions as they compete for clients’ business and market share (Bank of Ghana, 2023). Smaller and regional banks promote competition by focusing on specific markets and providing alternative solutions, even in the face of a few giant banks’ dominance (Adu & Mensah, 2022). The Bank of Ghana supervises financial institutions to maintain stability and fair competition through reforms including Basel II and Basel III standards (Bank of Ghana, 2022). Regulation is a key factor in determining this competitiveness. Technology has changed how banks operate and engage with their customers. Fintech companies are challenging traditional banks with creative solutions, which is creating a more competitive environment (Owusu & Asante, 2023; Yeboah, 2023;Antwi-Wiafe,2023). In order to improve service delivery and customer loyalty, banks are investing in digital technology and customer relationship management (CRM) (Bank of Ghana, 2022; Adu & Mensah, 2022). As a result, service quality and customer experience have become crucial elements (Gonu, 2023). The influence of regulatory compliance on operational efficiency, the high percentage of non-performing loans, and the requirement for increased financial inclusion all persist as obstacles (Bank of Ghana, 2023; Osei & Appiah, 2022). Stronger risk management procedures, financial inclusion, technological innovation, striking a balance between operational efficiency and regulatory oversight (Amenu-Tekaa, 2022), and improved customer protection are some of the policy recommendations made to support competitiveness (Bank of Ghana, 2022; Ackah & Nortey, 2023). Overall, even though Ghana’s banking industry has improved its competitive position significantly, resolving these issues with focused policies and wise investments is essential to maintaining its growth and advancing the nation’s economy.

CHALLENGES OF THE  BANKING SECTOR

The banking industry in Ghana is vital to the country’s economic growth since it facilitates financial transactions, extends credit, and encourages investment. However, the industry faces a number of serious obstacles that have an impact on its effectiveness, stability, and general performance. The high percentage of non-performing loans (NPLs) (Adusei & Bannerman, 2022), which was roughly 14.6% as of 2023 (Bank of Ghana, 2023), is one of the most urgent problems. The elevated non-performing loan (NPL) percentage poses a threat to the financial stability and profitability of banks (Korankye et al.,2022). This is mostly because of insufficient credit risk assessment, lax loan enforcement, and wider economic issues that impact the ability of borrowers to repay loans (Ackah & Nortey, 2023). Regulatory compliance is a substantial barrier as well (Ofoeda et al.,2022); whereas reforms such as Basel II and III are intended to improve the stability of the financial system, they also impose large operating costs and difficulties on banks (Bank of Ghana, 2022). Banks are further burdened by frequent regulatory changes and compliance concerns, which make it difficult to strike a balance between operational efficiency and regulatory rigour (Osei & Appiah, 2022).

As of 2022, around 40% of adults in Ghana did not have access to formal financial services, making financial inclusion a serious concern (World Bank, 2022). This problem is made worse by small branch networks, insufficient financial literacy, and subpar services in rural locations. Expanded digital banking options, creative products, and increased financial literacy initiatives are all necessary to address financial inclusion (Adu & Mensah, 2023). Furthermore, there are advantages and disadvantages to the quick development of technology. Fintech and digital banking advances increase client involvement and efficiency, but they also pose cybersecurity threats. In the face of growing cyber threats, banks need to make significant investments in strong cybersecurity measures to safeguard sensitive data and uphold consumer confidence (Owusu & Asante, 2023; Yeboah, 2023). Bank performance and stability are also impacted by economic and political volatility, which includes inflation, currency fluctuations, and fiscal deficits. To navigate these risks, banks must be resilient and adaptable (Bank of Ghana, 2022; Ackah & Nortey, 2023).

It is advised to take a number of actions to address these issues, including strengthening credit risk management procedures by strengthening loan evaluation and monitoring, simplifying regulatory compliance to lessen the strain on banks, encouraging financial inclusion through customised services and digital solutions(Coffie & Hongjiang,2023), investing in cybersecurity to protect against attacks, and strengthening economic resilience by stabilising macroeconomic variables (Akinbowale et al.,2020). Ghana’s banking industry may enhance its performance, stability, and contribution to long-term economic growth by putting these strategies into practice.

POLICY RECOMMENDATIONS

A comprehensive policy strategy is necessary to address the issues affecting Ghana’s banking system and improve its competitiveness, resilience, and efficiency. Important for economic growth and stability, the sector faces challenges such high non-performing loan rates, trouble adhering to regulations, gaps in financial inclusion, difficulty adjusting to technology advancements, and unstable economic conditions. There are various policy ideas put up to address these issues. First, the Bank of Ghana should impose stronger loan provisioning laws, and banks should improve their credit assessment procedures and use sophisticated risk modelling approaches to increase their credit risk management policies (Ackah & Nortey, 2023; Bank of Ghana, 2023). Second, lowering the regulatory burden on banks and mitigating the high costs of compliance can be achieved by streamlining regulations and improving transparency, possibly with the creation of a regulatory sandbox for testing new ideas (Osei & Appiah, 2022; Bank of Ghana, 2022). Furthermore, it is vital to broaden financial inclusion via digital banking and fintech advancements, emphasising the enhancement of financial literacy and providing incentives to banks for catering to marginalised regions (Adu & Mensah, 2023; World Bank, 2022). Given the growing cyber dangers linked to digital banking, it is imperative that banks invest in strong cybersecurity measures (Mbaidin et al.,2023). This calls for the adoption of sophisticated security standards and the regular performance of audits (Owusu & Asante, 2023; Yeboah, 2023). Additionally, the performance and stability of the sector will be enhanced by stabilising the macroeconomic environment through the management of currency fluctuations, inflation, and fiscal restraint (Bank of Ghana, 2022). Finally, encouraging fair practices and assisting new entrants will boost market dynamics and service quality by fostering competition and decreasing market concentration (Adu & Mensah, 2022). Stakeholders can enhance the competitiveness of Ghana’s banking industry and promote wider economic development by putting these ideas into practice.

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