Bank of Ghana drops latest report; reveals amazing details after clean-up

Bank of Ghana drops latest report; reveals amazing details after clean-up

- Bank of Ghana’s latest Banking Sector Report has revealed that the profitability of banks in the country has increased

- According to a BoG report, the sector has steadily improved during the first half of 2019 as compared with the same period last year

- The industry recorded profit after tax of GH¢1.67 billion, representing year-on-year growth of 36.3 percent compared with 21.7 percent in the same period last year

Following the reforms in the banking sector, the Bank of Ghana’s latest Banking Sector Report has revealed that the profitability of banks in the country has increased.

According to the report which captured the performance of banks for the first half of 2019, the banking sector has steadily improved during the first half of 2019 as compared with the same period last year.

The industry recorded profit after tax of GH¢1.67 billion, representing year-on-year growth of 36.3 percent compared with 21.7 percent in the same period last year.

READ ALSO: 9 things suspended PPA CEO said about corruption and procurement

The BoG has explained that the increase was underpinned by higher growth of net interest income which grew by 20.7 percent reflecting both higher interest income from investments and lower interest expenses from reduced borrowings.

The report also indicated, that income from net fees and commissions grew by 3.7 percent, significantly below the 24.7 percent growth for the same period last year, as well as an overall operational expenses grew by 7.6 percent, which was higher than the prior year’s growth of 5.3 percent resulting from the sharp increase in staff cost to 30.8 percent growth from 5.6 percent contraction the year before.

READ ALSO: Mahama reveals his biggest regret during his tenure in office

In other news, Former president, John Mahama, has said he regrets the failure of his government for not properly selling his policies to the people of Ghana in a more understandable way.

In his Facebook Live interaction with the public, he made it known that in leading a country, one needed to have vision and come up with policies that would help the vision see the light of day.

“When you lead a country, you have a vision, and you come up with policies that will help you attain that vision; how to communicate that vision is one of the major difficulties governments face,” he conceded.

READ ALSO: I will expose Manasseh; he took GHc1,000 bribe from PPA boss over the weekend - Kennedy Agyapong

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Source: Yen

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