Audio By Carbonatix
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.
Latest Stories
-
Ghana’s digital cedi targets cross-border trade, financial integration
23 minutes -
Traders at Kotokuraba jubilate over restoration of GN Bank’s licence
24 minutes -
Government announces support package for South Africa evacuees
25 minutes -
AGI seeks incentives for renewable energy projects
32 minutes -
First non-Interest bank expected in Ghana this year – BoG Governor
40 minutes -
Court rejects defence attempt to tender 2018 email in Adu-Boahene trial
53 minutes -
Police arrest suspect, retrieve AK-47 rifle, other weapons at Danchira
1 hour -
Okada rider remanded over alleged theft
1 hour -
Stop blaming young people for being unemployed, says Amazon’s UK boss
1 hour -
Tennessee execution called off after failed lethal injection
1 hour -
Jailed Vietnamese tycoon’s Birkin bags sell for more than $550K
2 hours -
Elon Musk’s SpaceX postpones Starship launch
2 hours -
Alberta to hold referendum on whether to remain in Canada
2 hours -
Rubio says Cuba is threat to US as Havana accuses him of ‘lies’
2 hours -
We have not arrived yet – Bankers urge caution amid economic recovery
2 hours