{"id":768188,"date":"2019-12-19T14:56:05","date_gmt":"2019-12-19T14:56:05","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/12\/19\/bog-touts-financial-sector-clean-up\/"},"modified":"2019-12-19T14:56:05","modified_gmt":"2019-12-19T14:56:05","slug":"bog-touts-financial-sector-clean-up","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/12\/19\/bog-touts-financial-sector-clean-up\/","title":{"rendered":"BoG Touts Financial Sector Clean-Up"},"content":{"rendered":"

<\/p>\n

\n

Dr Ernest Addison<\/strong><\/p>\n

THE CENTRAL Bank has reiterated that the benefits of the financial sector clean up far exceeded any harm that may have been caused. <\/p>\n

Research Director at the Bank of
\nGhana (BoG), Philip Abradu-Otoo, who spoke on behalf of the Governor of BoG, at
\na forum organized by the Private Newspaper Publishers Association of Ghana
\n(PRINPAG), recently in Ho, said the exercise had succeeded in safeguarding
\ndepositors\u2019 funds, won back the financial stability and confidence in the
\nsector and repositioned the industry to support the country\u2019s economic
\ntransformation.<\/p>\n

He said the central bank was a
\nmeticulous institution which played a very sensitive role in the economy and
\ntherefore it considered the advantages and disadvantages of the exercise before
\ncarrying that out.\u00a0
\n\u00a0\u00a0\u00a0\u00a0<\/p>\n

He commended the media for its
\nsupport in ensuring that there was constant communication and dissemination of
\ninformation from the bank to the public and vice versa in such a manner that
\ndid not harm the sector.<\/p>\n

Successes chalked<\/strong><\/p>\n

Elaborating on the successes chalked
\nfrom the clean-up and reforms, Natalia Lawson, an economist at the Research
\nDepartment of BoG said, performance in the banking sector had become stronger
\nafter the clean-up and reforms.<\/p>\n

She said currently total assets of
\nthe banking sector (with 23 banks) stood at GH\u00a2121.0 billion as at October 2019,
\nas against GH\u00a289.1 billion (with 36 banks) prior to the reforms in 2017.<\/p>\n

She also dispelled the notion that
\nconfidence in the sector had declined, saying total deposits have increased
\nfrom GH\u00a255.7 billion (with 36 banks) compared to GH\u00a278.9 billion (with 23
\nbanks). This shows \u201ca stronger deposit base owing to more trust and confidence
\nin the banking sector.\u201d<\/p>\n

Lawson said the ratio of banks
\ncapital to their risk was well above the regulatory limit of 13% to 18.9% as at
\nOctober 2019. <\/p>\n

\u201cThere has also been a decline in non-performing loans from 21.9% as at 2017, to 17.3% as at October 2019; proof that banks have improved loan recovery efforts.\u201d<\/p>\n

From Fred Duodu, Ho (k.duodu@yahoo.com) <\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Dr Ernest Addison THE CENTRAL Bank has reiterated that the benefits of the financial sector clean up far exceeded any harm that may have been caused. Research Director at the Bank of Ghana (BoG), Philip Abradu-Otoo, who spoke on behalf of the Governor of BoG, at a forum organized by the Private Newspaper Publishers Association […]<\/p>\n","protected":false},"author":1,"featured_media":701649,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-768188","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nBoG Touts Financial Sector Clean-Up - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/12\/19\/bog-touts-financial-sector-clean-up\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BoG Touts Financial Sector Clean-Up - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Dr Ernest Addison THE CENTRAL Bank has reiterated that the benefits of the financial sector clean up far exceeded any harm that may have been caused. 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