Second Deputy Governor of the Bank of Ghana (BoG), Mrs Elsie Addo Awadzi, has said Ghana’s banking sector is strong enough to weather expected shocks from the second wave of the Covid-19 pandemic in the country.
According to her, the banking sector could not have been more resilient than it is now.
“The banking sector couldn’t have been more resilient than it is now, at least compared to the pre-reform era – the banking sector cleanup exercise. The banking sector has proved to be resilient in the face of the Covid-19 pandemic,” she stated during the University of Professional Studies, Accra (UPSA) Quarterly Banking Roundtable discussion held virtually on January 27.
Speaking further, she said ratios used in measuring the performance of banks were all pointing in the right direction for banks in the country.
“So if you talk about liquidity which is one key measure of bank performance and across other measures such as asset quality, profitability, and other ratios, the banks are indeed much stronger than they were before the clean up. The banks in the country are now able to pay off their liabilities as and when they fall due,” she added.
The Second Deputy Governor made the above statements following concerns that the second wave of the pandemic in the country could cripple some banks in the country as most businesses may not be able to repay their loans.
The UPSA Quarterly Banking Roundtable discussion is designed and positioned to become the most important platform for discussion on banking related issues and other issues affecting the financial industry in general.
The discussion brings together stakeholders and persons well-versed in the financial sector to have conversations that will lead to policy changes and other reforms in the financial sector.
