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 service exports, BoP.
Analysis
Ghana recorded 14.1% for insurance and financial services in 2025.
The figure is down 35.7% on the previous year and up 3,074.4% 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 18th out of 190 countries with data for 2025, putting it in the top 10%.
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 service exports, BoP | Change |
|---|---|---|
| 1975 | 5.4% | — |
| 1976 | 4.8% | -10.4% |
| 1977 | 4.6% | -4.8% |
| 1978 | 5.0% | +10.1% |
| 1979 | 2.9% | -42.8% |
| 1980 | 1.2% | -58.3% |
| 1981 | 1.1% | -4.8% |
| 1982 | 1.2% | +8.5% |
| 1983 | 4.2% | +238.0% |
| 1984 | 5.0% | +19.9% |
| 1985 | 3.4% | -31.9% |
| 1986 | 2.6% | -23.8% |
| 1987 | 2.0% | -22.0% |
| 1988 | 2.2% | +9.0% |
| 1989 | 2.3% | +6.0% |
| 1990 | 2.4% | +3.5% |
| 1991 | 2.4% | +0.1% |
| 1992 | 1.9% | -20.1% |
| 1993 | 2.5% | +28.0% |
| 1994 | 2.8% | +11.7% |
| 1995 | 2.8% | -0.4% |
| 1996 | 2.8% | +0.4% |
| 1997 | 2.8% | -0.8% |
| 1998 | 1.1% | -60.9% |
| 1999 | 1.1% | -1.6% |
| 2000 | 1.0% | -3.9% |
| 2001 | 1.0% | +0.3% |
| 2002 | 1.1% | +8.6% |
| 2003 | 1.1% | -2.2% |
| 2004 | 1.1% | +1.0% |
| 2005 | 0.7% | -33.5% |
| 2006 | 0.7% | -5.5% |
| 2007 | 0.7% | -0.4% |
| 2008 | 0.7% | +8.3% |
| 2009 | 0.8% | +8.4% |
| 2010 | 1.2% | +48.3% |
| 2011 | 1.6% | +30.7% |
| 2012 | 1.2% | -23.3% |
| 2013 | 1.5% | +23.5% |
| 2014 | 1.7% | +15.3% |
| 2015 | 0.4% | -74.0% |
| 2016 | 1.0% | +136.0% |
| 2017 | 0.6% | -47.2% |
| 2018 | 0.5% | -5.8% |
| 2019 | 0.4% | -20.0% |
| 2020 | 11.5% | +2654.8% |
| 2021 | 17.4% | +52.0% |
| 2022 | 17.4% | -0.1% |
| 2023 | 17.4% | +0.1% |
| 2024 | 21.9% | +25.5% |
| 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 1.6%, 8.6× the median. (46 countries reporting)
- Ghana's 14.1% is above the median for Sub-Saharan Africa, which is 3.1%, 4.5× 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 | +2654.8% | 0.4% | 11.5% |
| 1983 | +238.0% | 1.2% | 4.2% |
| 2016 | +136.0% | 0.4% | 1.0% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 4.5% | 2.9% | 5.4% | 5 |
| 1980s | 2.5% | 1.1% | 5.0% | 10 |
| 1990s | 2.3% | 1.1% | 2.8% | 10 |
| 2000s | 0.9% | 0.7% | 1.1% | 10 |
| 2010s | 1.0% | 0.4% | 1.7% | 10 |
| 2020s | 16.6% | 11.5% | 21.9% | 6 |
Countries ranked near Ghana
More economy & growth data for Ghana
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 3.15 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 5 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 38.84 million BoP, current US$ (2025)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0003 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net outflows (BoP, current US$), per capita 1.11 BoP, current US$ per person (2025)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 1.91 billion BoP, current US$ (2025)
- Foreign direct investment, net inflows (BoP, current US$), annual 8.08 % change on previous year (2025)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0167 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net inflows (BoP, current US$), per capita 54.42 BoP, current US$ per person (2025)
- Total reserves (includes gold, current US$), annual growth rate 23.42 % change on previous year (2024)
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 18th 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 3,074.4%. 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 service exports, BoP). Statizoid updates them automatically from the source API.
Download this data
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About this data
Insurance and financial services cover various types of insurance provided to nonresidents by resident insurance enterprises and vice versa, and financial intermediary and auxiliary services (except those of insurance enterprises and pension funds) exchanged between residents and nonresidents. This indicator is expressed as a percentage of service exports which are services provided by residents to non-residents.