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IMF Emphasizes Need for Continued Financial Sector Reforms in Ghana

1 year ago
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IMF Emphasizes Need for Continued Financial Sector Reforms in Ghana

The International Monetary Fund (IMF) has underscored the necessity for Ghana to continue addressing its financial sector challenges to safeguard stability.

In its second review of the Extended Credit Facility programme, the IMF praised the Bank of Ghana for escalating punitive measures to ensure banks adhere to their recapitalization plans, with the Ministry of Finance initiating the recapitalization of state-owned banks.

“Continued progress on these fronts is of the essence,” the IMF noted.

The Fund expressed concern over the rising Non-Performing Loans (NPLs) over the past year, stressing the importance of enhanced supervision and adequate reporting and provisioning of NPLs.

“Addressing problems at Specialised Deposit Taking Institutions and Non-Banking Financial Institutions is important but should be done in a cost-effective way. Looking ahead, the authorities should ensure the timely and full implementation of the recently approved strategy to resolve NIB’s financial and operational problems and use some of the lessons from NIB to address effectively long-term structural weaknesses in other state-owned banks, including through better enforcement of regulations and governance,” the IMF added.

The banking industry’s NPL ratio surged to 24.1% in June 2024, up from 18.7% in June 2023. According to the Bank of Ghana, while the banking sector’s performance has improved, elevated credit risk continues to threaten its recovery process.

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Nevertheless, the Bank remains optimistic that consistent profit rebounds, adherence to recapitalization plans, and strict credit underwriting standards will ensure banks remain on the path to full recovery and resilience.

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