Forecast: Share of Insurance and Financial Services in Service Imports in Ghana

The share of Insurance and Financial Services in Ghana's service imports has shown significant fluctuations from 2013 to 2023. Starting at 3.03 units in 2013, it declined steadily to a low of 0.85 units in 2019. A sharp increase occurred in 2020, reaching 4.21 units, with continued growth peaking at 6.17 units in 2021, and then stabilizing around 5.4 units in 2023. The year-on-year variation from 2022 to 2023 was modest at about 1.7%. The five-year CAGR up to 2023 was noteworthy, reflecting an annual average growth rate of around 0.39% over this period. In future years, it is projected to grow at a forecasted five-year growth rate of 1.96% by 2028, continuing a general upward trend.

Future trends to watch:
- Continuing growth in the share of Insurance and Financial Services, projected at a steady increase to 5.53 units by 2028.
- Potential impacts from global financial market changes and technological advances in the insurance industry.
- Economic changes within Ghana that may affect service import dynamics and dependency on external financial services.