{"id":204767,"date":"2024-07-31T09:09:43","date_gmt":"2024-07-31T09:09:43","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/07\/31\/government-arrears-others-fuelling-mounting-npls-study\/"},"modified":"2024-07-31T09:09:43","modified_gmt":"2024-07-31T09:09:43","slug":"government-arrears-others-fuelling-mounting-npls-study","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/07\/31\/government-arrears-others-fuelling-mounting-npls-study\/","title":{"rendered":"Government arrears, others fuelling mounting NPLs \u2013 Study \u2013"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>The banking industry\u2019s non-performing loans (NPLs) continue to climb, driven by a cocktail of factors including ever-increasing government arrears, macroeconomic instabilities, poor credit risk management and high fiscal deficits, a new study has shown.<\/strong><\/p>\n<p>Last week, during a press briefing at the 19th meeting of the Monetary Policy Committee\u2019s (MPC) conclusion, Bank of Ghana (BoG) Governor Dr. Ernest Addison disclosed that the industry\u2019s NPL ratio had jumped to 24.1 percent in June 2024 from 18.7 percent during the comparable period of 2023, highlighting elevated credit risk in the system.<\/p>\n<p>A comprehensive review by banking consultant Dr. Richmond Akwasi Atuahene reveals that these factors have increased NPLs, threatening the sector\u2019s stability.<\/p>\n<p>The study, examining the period from 2014 to 2023, shows that at end-December 2023 NPLs were estimated at 24.9 percent; and several banks, including systemically important domestic banks and subsidiaries of reputable international banks, reported higher NPL ratios in the range of 20 to 40 percent.<\/p>\n<p>This comes as global data from 72 countries, including several African nations, paints a grim picture of Ghana\u2019s position. As of December 2022, Ghana ranked 4th highest globally with an NPL rate of 15 percent, which further deteriorated to 24.6 percent in 2023. This places Ghana behind only Equatorial Guinea (55.1 percent) and Chad (27.1 percent), while significantly underperforming regional peers like C\u00f4te d\u2019Ivoire (8.8 percent) and Nigeria (4.01 percent).<\/p>\n<p>The situation\u2019s severity is underscored by the criteria set forth by another study \u2013 Demirguc-Kunt and Detragiache (1997), who posited that with any \u201ccountry whose NPLs exceed 10 percent, that country\u2019s banking sector is in crisis\u201d.<\/p>\n<p>Ghana\u2019s average NPL ratio from 2014 to 2023 stands at a concerning 16.97 percent, with the lowest figure of 11 percent in 2014 and the highest of 24.9 percent in 2023 \u2013 indicating a prolonged and worsening crisis. By mid-2024, non-performing loans (NPLs) reached their highest point in March at 26.7 percent. Subsequently, the rate decreased to 24.1 percent by June 2024.<\/p>\n<p>This surge in NPLs is attributed to a complex interplay of factors. The International Monetary Fund\u2019s recent country report confirms that \u201cgovernment had accumulated significant arrears in both energy and non-energy sectors during the past decade\u201d.<\/p>\n<p>The scale of these arrears is staggering. Energy sector arrears amount to \u201csome US$1.6billion (2.3 percent of GDP)\u201d while non-energy sector arrears stand at \u201cabout GH\u00a235billion (5.8 percent of GDP)\u201d, according to the IMF report cited in the study.<\/p>\n<p>Dr. Atuahene warns that \u201cuntil government pays off all legacy debts to the non-energy and energy sectors \u2013 and also addresses macro-economic instabilities and high fiscal deficits while the banking sector deals with poor credit risk management practices and weak corporate governance practices \u2013 the banking sector cannot improve the sector\u2019s endemic high non-performing loans\u201d.<\/p>\n<p>The implications for Ghana\u2019s economy are severe. The study notes that \u201chigh non-performing loans have impacted not only the profitability level of these banks but also the shareholders\u2019 wealth\u201d. Moreover, it has led to a \u201cvicious cycle, wherein an adverse economic shock lowers banks\u2019 asset quality, eroding their profitability and in turn hampering their capacity to provide new loans and kick-start the economy\u201d.<\/p>\n<p>To address this crisis, the study recommends a multi-pronged approach. It calls on the fiscal and monetary authorities to commit to \u201cpromoting a strong, stable and viable banking industry\u201d by focusing on macroeconomic stability \u2013 including \u201ca stable exchange rate, lower inflation, a lower policy rate, lower fiscal deficits, positive terms of trade and manageable public debts\u201d.<\/p>\n<p>Additionally, the BoG is urged to introduce a roadmap to reduce bad loans in the banking sector, with the ambitious goal of reducing NPLs to less than 10 percent by end-December 2025.<\/p>\n<p>However, the study cautions that without addressing fundamental issues, including repayment of legacy debts, \u201cbanking recapitalisation every five years will be meaningless \u2013 including the current Ghana Financial Stability Fund (GFSF) that has been set up to provide solvency and liquidity support for the banking sector as needed\u201d.<\/p>\n<p>Source: thebftonline.com<\/p>\n<p><!-- CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The banking industry\u2019s non-performing loans (NPLs) continue to climb, driven by a cocktail of factors including ever-increasing government arrears, macroeconomic instabilities, poor credit risk management and high fiscal deficits, a new study has shown. Last week, during a press briefing at the 19th meeting of the Monetary Policy Committee\u2019s (MPC) conclusion, Bank of Ghana (BoG) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":196116,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-204767","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Government arrears, others fuelling mounting NPLs \u2013 Study \u2013 - 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\/2024\/07\/31\/government-arrears-others-fuelling-mounting-npls-study\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government arrears, others fuelling mounting NPLs \u2013 Study \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The banking industry\u2019s non-performing loans (NPLs) continue to climb, driven by a cocktail of factors including ever-increasing government arrears, macroeconomic instabilities, poor credit risk management and high fiscal deficits, a new study has shown. 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