To safeguard financial stability, in the midst of the pandemic, the Bank, in consultation with the industry, provided guidance to ensure that reliefs such as repayment moratoria, and extended and restructured loans and advances to customers were transparent and standardised while recognising the prudential treatment that the BoG will apply to such reliefs in its assessment of credit and liquidity risks and capital ratios.
Broadly, banking sector and the economy. The Bank’s COVID-19 policy interventions has positively influenced the banking sector and the economy.
At the last MPC meeting, we assessed the banking sector to be liquid, profitable, and well capitalised. The Financial Soundness Indicators are strong and Banking Sector Stability Index monitored by the Bank remains in high positive territories indicating the resilience of the sector.
The recent BoG survey on the impact of the pandemic on Banks showed that while the Pandemic has increased the industry’s cost of operations, Banks have not passed on the associated costs to consumers through higher interest margins. This is laudable.
– Dr Ernest Addison, Governor, Bank of Ghana.
Read below details of the speech:
Governor’s Address-2020 Annual Dinner of the Chartered Institute of Bankers Ghana by Fuaad Dodoo on Scribd
