Ghana’s banking sector maintains a steadfast stance, characterized by stability, soundness, liquidity, and profitability, says remarks by Dr. Ernest Addison, Governor of the Central Bank, during the 115th Monetary Policy Meeting on Monday, November 2023.
In a testament to its robustness, the total assets value of Ghana’s banking industry registered a commendable annual growth of 3.2%, reaching GHS 257.9 billion by the end of October 2023.
Deposits within the banking sector surged to GHS 199.9 billion, marking an impressive annual growth of 16.2%, underlining the sector’s attractiveness to depositors.
Despite an increase in the Non-Performing Loan (NPL) ratio to 18.3%, the banking sector maintains a robust position with a capital adequacy level of 13.4%, surpassing the BoG’s regulatory minimum.
According to the Governor, profitability in the sector continues to ascend as banks strategically invest in high-yielding short-dated instruments issued by the Bank of Ghana (BOG) and Government of Ghana (GOG) with the sector’s proactive measures contributing to its resilience in the face of economic challenges.