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Banking Executives hold positive outlook for Ghana’s economy amidst economic hurdles – Survey

2 years ago
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Banking Executives hold positive outlook for Ghana’s economy amidst economic hurdles – Survey

Ghana’s banking sector continues to display unwavering confidence in its ability to rebound despite the presence of formidable economic hurdles, according to the findings of the 2023 Ghana Banking Survey, conducted by global consulting firm PwC. The survey, centered around the theme “Hardwiring Resilience and Agility into Banks’ Business Models,” has shed light on critical insights shaping the industry’s trajectory.

Notably, the survey revealed that many banks expressed a sense of regret over their substantial holdings in government securities, as the impact of the Domestic Debt Exchange Programme (DDEP) took its toll on their financial positioning. Bank executives candidly recognized the need for more robust economic policy analysis and market research to better navigate and predict economic risks in the future.

A comprehensive assessment of the DDEP’s ramifications unveiled a far-reaching impact on various facets of banks’ businesses. Factors like profitability, liquidity management, solvency, investor perceptions, and asset portfolio quality loomed large in the responses provided by industry players.

Presently, the banking sector is attentively observing the second phase of the DDEP, which incorporates eligible domestic dollar instruments and cocoa bills from the Ghana Cocoa Board. Offering comparatively shorter tenors with potentially enhanced returns, the response from industry participants towards this second phase has been notably composed.

Industry experts believe that the impairment already accounted for during the second round of eligible instruments will amply cover any modification loss required when these instruments are eventually exchanged for the new ones.

In a statement, Vish Ashiagbor, Country Senior Partner at PwC, expressed optimism that the survey’s findings would furnish invaluable insights for crucial decision-making, enabling the industry to chart a course towards sustainable growth. Furthermore, he acknowledged the participating banks’ cooperation and lauded their contributions in providing essential financial information and insights that shaped the survey’s outcomes.

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As the Ghanaian banking sector confronts the winds of change and volatility, the survey results offer a beacon of hope, signaling that resilience and agility are aptly enshrined in banks’ business models to tackle whatever challenges lie ahead.

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