The share of insurance and financial services in Ghana's service exports has shown a significant upward trend, especially from 2020 onward. In 2023, the share stood at 17.84 units, marking a substantial increase from 0.42 units in 2019. The year-on-year growth for 2022-2023 was approximately 8.3%, and for 2023-2024, the forecasted growth rate is about 6.2%. Over the past five years, the compound annual growth rate (CAGR) has averaged 2.6%.
Future trends to watch for include further growth driven by increased digitalization in financial services, regulatory reforms, and potential foreign investments. These factors could sustain the positive trajectory and yield new opportunities in Ghana’s insurance and financial sectors.
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