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The past few years have seen a phenomenal growth in the Ghanaian banking sector (currently there are 24 licensed banks & 125 rural banks and numerous NBFIs).

The overall regulatory body is the Bank of Ghana (BoG) and one of its key roles is ensuring that there is fair competition among banks in Ghana.

Competition in the banking sector is becoming increasingly stiff, particularly with the recent entry of a number of Nigerian banks such as Guaranty Trust Bank, Zenith Bank and United Bank for Africa.

Not surprisingly, the degree of market concentration, as measured by assets of the top five banks, has fallen steadily – from 77.6% in March 2000 to less than 55% in 2008 (Stanley, 2008).

This is much lower than in South Africa, where the top five banks have a concentration ratio of more than 80% but is higher than the SSA average.

Financial Services Sector

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