Ghanaian independent power project sponsor Cenpower proved that African money can finance African private sector infrastructure initiatives by raising $900m in project finance to develop the Kpone Independent Power Plant.

Africa’s underdeveloped economies and financial sectors have proved a barrier for central banks implementing monetary policy and prudential regulation. But recent years have seen significant progress, thanks in no small part to central banks’ growing independence from governments.

Ghana’s banking industry is buoyant, benefiting handsomely from huge leaps in the country’s economic growth. But with fears the economy is overheating and competition for business fierce, what is the longer-term outlook for Ghana's banks?

Standard Chartered already has one of the largest African businesses among banks from outside the continent, but it still wants to increase its operations there substantially in the next few years. Diana Layfield, its chief executive for Africa, tells Paul Wallace how.

Ghana has a rapidly growing economy and can count itself as one of Africa’s most mature democracies. But the credibility of its fiscal management was badly damaged last year when it posted a huge budget deficit. Seth Terkper, its minister of finance and economic planning, tells Paul Wallace how he plans to cut it.

Having overseen rapid economic growth in the past three years, Ghana’s finance minister insists his government will maintain fiscal discipline before December’s elections. However, he believes fuel subsidies should remain in place, at least for now.

Ghanaian banks are worried that rising interest rates and a depreciating currency could lead to a lot of volatility in the next few months. Nonetheless, they remain in good health and are likely to benefit in the coming years from the country’s rapid economic growth.

Ghana has been hurt by the weakness of its currency since late last year. Yet its economy, one of the fastest-growing in the world, is still in rude health, and investors are said to be increasingly bullish about the country, even if they are hindered by shallow capital markets.