Insurance and financial services in Ghana
Ghana: Insurance and financial services was 14.1% in 2025. ◆ Volatile
Insurance and financial services in Ghana, 1975–2025
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service exports.
Analysis
Ghana recorded 14.1% for insurance and financial services in 2025.
That represents a change of down 35.7% on the previous year and up 3,008.6% over ten years.
Over the whole period, insurance and financial services in Ghana peaked at 21.9% in 2024 and was at its lowest, 0.4%, in 2019.
That places Ghana 23rd out of 190 countries with data for 2025, putting it in the top quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Ghana, year by year
| Year | % of commercial service exports | Change |
|---|---|---|
| 1975 | 5.7% | — |
| 1976 | 5.2% | -8.9% |
| 1977 | 4.8% | -7.2% |
| 1978 | 5.3% | +10.3% |
| 1979 | 3.1% | -41.6% |
| 1980 | 1.3% | -59.4% |
| 1981 | 1.2% | -5.8% |
| 1982 | 1.3% | +9.8% |
| 1983 | 4.6% | +254.7% |
| 1984 | 5.6% | +22.1% |
| 1985 | 4.1% | -26.2% |
| 1986 | 2.9% | -30.5% |
| 1987 | 2.2% | -23.9% |
| 1988 | 2.4% | +10.2% |
| 1989 | 2.6% | +6.3% |
| 1990 | 2.7% | +3.8% |
| 1991 | 2.6% | -0.7% |
| 1992 | 2.1% | -21.5% |
| 1993 | 2.7% | +30.1% |
| 1994 | 3.0% | +11.7% |
| 1995 | 3.0% | -0.4% |
| 1996 | 3.0% | +0.4% |
| 1997 | 3.0% | -0.9% |
| 1998 | 1.1% | -62.8% |
| 1999 | 1.1% | -1.7% |
| 2000 | 1.0% | -4.0% |
| 2001 | 1.1% | +0.5% |
| 2002 | 1.1% | +8.4% |
| 2003 | 1.1% | -2.3% |
| 2004 | 1.1% | +0.8% |
| 2005 | 0.7% | -33.8% |
| 2006 | 0.8% | +2.9% |
| 2007 | 0.8% | +1.5% |
| 2008 | 0.9% | +10.3% |
| 2009 | 0.9% | +9.1% |
| 2010 | 1.3% | +40.2% |
| 2011 | 1.7% | +28.2% |
| 2012 | 1.2% | -27.6% |
| 2013 | 1.5% | +26.4% |
| 2014 | 1.8% | +14.4% |
| 2015 | 0.5% | -74.3% |
| 2016 | 1.1% | +133.7% |
| 2017 | 0.6% | -46.7% |
| 2018 | 0.5% | -7.6% |
| 2019 | 0.4% | -19.7% |
| 2020 | 11.5% | +2645.4% |
| 2021 | 17.5% | +52.0% |
| 2022 | 17.5% | -0.1% |
| 2023 | 17.5% | -0.0% |
| 2024 | 21.9% | +25.4% |
| 2025 | 14.1% | -35.7% |
Ghana compared with similar countries
- Ghana's 14.1% is above the median for lower middle income countries, which is 1.8%, 8.0× the median. (46 countries reporting)
- Ghana's 14.1% is above the median for Sub-Saharan Africa, which is 3.3%, 4.2× the median. (45 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Ghana changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2020 | +2645.4% | 0.4% | 11.5% |
| 1983 | +254.7% | 1.3% | 4.6% |
| 2016 | +133.7% | 0.5% | 1.1% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 4.8% | 3.1% | 5.7% | 5 |
| 1980s | 2.8% | 1.2% | 5.6% | 10 |
| 1990s | 2.4% | 1.1% | 3.0% | 10 |
| 2000s | 1.0% | 0.7% | 1.1% | 10 |
| 2010s | 1.1% | 0.4% | 1.8% | 10 |
| 2020s | 16.6% | 11.5% | 21.9% | 6 |
Countries ranked near Ghana
More private sector data for Ghana
- Merchandise trade 42.5% (2025)
- Food imports 13.7% (2023)
- Manufactures imports 51.5% (2023)
- Merchandise imports 17.45 billion current US$ (2025)
- Food exports 18.1% (2023)
- Manufactures exports 6.0% (2023)
- Merchandise exports 31.11 billion current US$ (2025)
- Merchandise exports (current US$), per capita 887.14 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.2724 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 62.31 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Ghana?
- Insurance and financial services in Ghana was 14.1% in 2025, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Ghana?
- The highest recorded value was 21.9% in 2024.
- What is the lowest insurance and financial services recorded in Ghana?
- The lowest recorded value was 0.4% in 2019.
- How does Ghana rank for insurance and financial services?
- Ghana ranks 23rd out of 190 countries with data for 2025.
- Is insurance and financial services rising or falling in Ghana?
- Over the last ten years it is up 3,008.6%. The long-run trend across the full record is volatile.
- Where does this Ghana data come from?
- The figures come from Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Insurance and financial services (% of commercial service exports). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 51 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Financial services covers services related to financial intermediation, financial risk management, liquidity transformation or auxiliary financial activities. It also includes insurance and pension scheme services which are services related to providing life insurance and annuities, non-life insurance, reinsurance, pensions, standardised guarantees and auxiliary services to insurance, pension schemes, and standardised guarantee schemes. This indicator is expressed as a percentage of service exports which are commercial services provided by residents to non-residents.