Dr Ernest Addison
THE BANK of Ghana
(BoG) last year recorded a loss of GH¢793 million resulting from its
operations, the bank’s 2018 Annual Report, has shown.
The figure
represents a more than 50 per cent drop from the GH¢1.6 billion the bank made in
2017 when the troubles from the banking sector were at their peak.
The central bank’s
Annual Report published on its website revealed that the bank succeeded in
reducing its cost of operations from GH¢4.4 billion in 2017 to about GH¢3.9
billion in 2018.
In terms of
income, the bank generated GH¢3.1 billion in the year under review – a figure
which was an 11.4 per cent improvement of the amount realised in 2017.
The more than 50
per cent drop in the losses recorded by the bank comes after the central bank
undertook a clean-up of the banking sector where a total of nine local banks –
mostly insolvent, with some on BoG’s life support, had their licenses revoked.
In his foreword
for the report, Dr. Ernest Addison, BoG Governor stated that the overall,
financial soundness, indicators of the banking industry has improved
significantly after the sector’s clean up.
He stated that there is an ongoing strengthening of the Bank’s regulatory and supervisory framework which will further develop, strengthen, and modernise the financial sector to support the country’s economic vision and transformational agenda of Ghana beyond Aid.
– Citifmonline
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