Total deposits recorded by banks for the period between October 2019 and October 2020, increased by some 9.9 per cent.
The percentage increment in monetary terms, translates into Ghs 19.3 billion.
According to the Economic and Financial Data Report released by the Bank of Ghana, total banking deposits recorded for October 2020 stood at Ghs 100.2 billion as compared to Ghs 78.9 billion total banking deposits recorded in October 2019.
The growth reflects renewed confidence in banks after the financial sector clean-up.
Annual growth in total assets of banks for the period under review, also increased by 9.8 per cent from 13.7 per cent in October 2019 to 23.5 cent in October 2020.
This implies that the overall assets of banks in Ghana is currently valued Ghs 149.7 billion.
Total advances (loans) by banks to Ghanains increased slightly from Ghs 41.6 billion to Ghs 47.4 billion.
Banks’ capital adequacy ratio increased marginally by 1.1 per cent from 18.9 per cent in October 2019 to 20 per cent in October 2020.
Non-performing loans, for the period under review was reduced by 2 per cent from 17.3 per cent to 15.3 per cent.
