Akufo-Addo speaks on results of banking sector reforms

Akufo-Addo speaks on results of banking sector reforms

- President Akufo-Addo has justified the sanitisation of Ghana's banking sector

- According to him, the move has shown positive results

Preident Akufo-Addo has revealed that the measures taken by the Bank of Ghana to sanitise the banking sector have shown good results.

According to him, “at the end of the first quarter of 2019, the banking industry performance in total assets, total deposits and net loans and advances, all saw positive growth.”

He added that an assessment of the performance of the banking sector showed that it is more capitalised, profitable, liquid and stable.

READ ALSO: Results of 2019 private BECE officially released

The president went on to say that, it shows signs of strong prospects for increased financial intermediation.

It is therefore clear, he went on, that the measures taken has saved the industry from a precarious situation.

Before the interventions, he added, the sector had several weak capitalized banks, with balance sheets full of low performing loans, pursuing bad business models with poor governance practices, and, largely, non-existent central bank regulation.

The intervention, to him, saved the deposits of over 1.5 million Ghanaians, as well as their businesses and people they employed.

Per a Citinewsroom.com report, the president also stated that, compared to previous times, there are now minimal losses in the banking sector.

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