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Ghana News

Bank of Ghana Assures Public of Strong and Resilient Banking Sector

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The Bank of Ghana has reiterated its commitment to building a resilient banking sector to support government’s fiscal policies, stating that despite recent challenges, the banking system remains solvent and well-positioned to lend to businesses and individuals. The Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi, highlighted that the industry’s clean-up and recapitalization exercise prior to the onset of the pandemic had provided necessary capital and liquidity buffers to withstand the pandemic and recent macroeconomic challenges. The central bank expects banks to rebuild strong buffers over the next few years to remain resilient for the long-term.

Speaking at the launch of “Absa SME loan at 10%” in Accra, Mrs. Awadzi emphasized that the banking system is liquid and capable of providing much-needed finance to all economic actors in Ghana. She urged banks to be more inclusive in their product and service offerings, especially to SMEs, within the framework of robust credit underwriting and risk management. She described the Absa product as a lifeline for SMEs and for economic recovery, indicating that the initiative under which Absa Bank Ghana and its strategic partners will build the capacity of 5,000 Ghanaian SMEs to help make them investor-ready by 2025 is an excellent one.

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Mrs. Awadzi expressed hope that the initiative by Absa Bank Ghana would be a catalyst that births more strategic partnerships between the Mastercard Foundation and Ghana’s banking industry to support more SME lending, helping to build a more inclusive, sustainable, and resilient economy.

She assured the public that the Bank of Ghana remains committed to achieving its statutory objectives, including ensuring price stability, promoting economic growth, and effective and efficient banking and credit system operations in Ghana, promoting financial stability. For the most part, the banking sector remains solvent and resilient, and the Bank of Ghana will continue to regulate and supervise banks to promote their safety and soundness.

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