THE PERFORMANCE of Ghana’s banking sector in 2021 pointed to sustained growth in assets, deposits, and investments alongside improvements in the financial soundness indicators. In the year, total assets grew by 20.4 percent to GH¢179.8 billion as at December 2021. Asset quality, however, continued to reflect the general pandemic-induced repayment challenges as well as some bank-specific loan recovery challenges. According to the...
The Central Bank’s latest confidence survey conducted in December 2021 showed that consumer confidence weakened due to recent increases in ex-pump petroleum prices and the announcement of new tax measures in the 2022 budget. Business sentiments, however improved at the same period as a result of the achievement of short-term company targets and optimism about companies’ growth prospects.Additionally, Ghana Purchasing...
The GHANA Cedi weakened further against the dollar this week, depreciating to 6.282 from 6.280 at last Friday’s close as supply of foreign exchange lagged demand. AZA Finance, Africa’s largest non-bank currency broker by trading volume at over $1 billion annually, which disclosed this in its recent newsletter, stated that in the “shorter term, we expect the Cedi to continue trading...
The Ghana Association of Bankers, says it is confident banks will be willing to give out more loans after the Ghana Card becomes the only card accepted for all financial transactions. The Bank of Ghana has directed all licensed and regulated financial institutions under the central bank, to accept only the Ghana Card for transactions from July 1, 2022. Data from...
