Ghana’s banking sector is showing renewed confidence in the economy after years of turbulence, with the CEO of the Ghana Association of Banks, John Awuah, declaring that banks are now “safely anchored” and ready to support growth.

Speaking on PM Express Business Edition on Thursday, he said that recent financial results from banks indicate a sector that has remained resilient despite the shocks of the past few years.

Responding to a question on whether the economy had finally “turned the corner” and whether it was once again a good time to be a commercial bank in Ghana, he said recovery remains a process, but insisted the signs are encouraging.

“It’s a process, you can never say that you’ve arrived,” he said.

He noted that the banking industry had gone through difficult moments in recent years, but had managed to withstand the pressure.

“Of course, we’ve seen significant progress. We have a banking system that is proving that it is resilient,” he stated.

According to him, banks' ability to survive recent economic shocks demonstrates the sector’s growing strength and stability.

“They can withstand some of the shocks that we’ve gone through in the last couple of years,” he added.

Mr Awuah also pointed to improving economic indicators as a major reason for the renewed optimism within the banking industry.

“With the fact that present economic fundamentals are looking in the right direction, I would say the banks are safely anchored,” he said.

He stressed that the industry is now positioning itself for expansion and increased support for productive sectors of the economy.

“And that we are poised for growth to support the economy and all the bankable projects that are available to us,” he noted.

His comments come at a time when banks are gradually rebuilding confidence following the impact of high inflation, currency instability, rising interest rates and losses linked to the domestic debt restructuring programme.

The latest banking sector performance figures have shown stronger balance sheets and improved profitability for several banks, raising hopes that the worst phase of the economic crisis may be easing.