Banking and Finance
Private sector credit soared last year
Private sector credit growth picked up, partly reflecting continued portfolio rebalancing by banks and revaluation effects on foreign currency denominated credit.
It increased by 31.8 per cent in December 2022, as against 11.2 per cent in December 2021.
In real terms, however, private sector credit contracted sharply by 14.5 per cent, compared with 1.3 per cent contraction over the review period, reflecting sustained price pressures.
According to the Monetary Policy Committee of the Bank of Ghana (BoG) report released in Accra on Monday (January 30), developments in the banking sector were broadly reflective of current macroeconomic conditions, with rising cost of credit due to inflationary pressures, and revaluation-driven balance sheet performance.
As a result, the performance of the sector moderated in December 2022 compared with December 2021, with some key Financial Soundness Indicators (FSIs) recording significant declines.
-
General News1 week agoInternational Women’s Day: 2 women organizations donate eggs to Koforidua Central Prison
-
General News4 weeks agoMahatma Otoo signs Christian Atsu’s book of condolence
-
AgriBusiness2 weeks agoUSAID-supported Feed the Future Ghana Mobilizing Finance in Agriculture celebrate women’s contribution to agriculture on International Women’s Day
-
Company/Corporate News4 weeks agoMTN, Huawei sign MoU to advance digital inclusion and sustainable development
-
Education4 days agoEcozoil educates Azizanya community on importance of life jackets
-
Company/Corporate News3 weeks agoMaiden JICA lecture Series: “JICA Chair” opens in Ghana at the University of Ghana, Legon.
-
Business4 weeks agoICUMS to undergo scheduled maintenance
-
Business3 weeks agoHousing: Private sector has a major role to play in solving Ghana’s Housing Deficit – Real Estate Developer