10. Ghana's financial system is dominated by foreign-owned banks. Commercial banks account for 75 percent of the total assets of the financial system, pension funds follow distantly with a 12 percent share, and the insurance sector is small with 4 percent (Table 1). Of the 26 commercial banks operating in Ghana, 13 are subsidiaries of foreign banks and their market share is estimated at 51 percent of bank assets. British banks dominate, but the combined share of banks from the Africa region is larger, particularly from Nigeria and Togo (Figure 1).2 Given the dominance of foreign banks, cross-border contagion is an important risk.According to a recent Foreign Investment Advisory Servicea#39;s study, the actions taken and methods used by the tax inspectors in assessment, tax audit and closures are in some cases too discretionary.6 12. Specific legal arrangements apply toanbsp;...
|Title||:||Ghana: Report on the Observance of Standards and Codes--Fiscal Transparency Module|
|Author||:||International Monetary International Monetary Fund|
|Publisher||:||International Monetary Fund - 2004-07-15|