{"id":21860,"date":"2024-07-17T18:37:45","date_gmt":"2024-07-17T18:37:45","guid":{"rendered":"https:\/\/sotnews.agency\/?p=21860"},"modified":"2024-07-18T15:43:37","modified_gmt":"2024-07-18T15:43:37","slug":"banking-sectors-performance-has-improved-addison","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=21860","title":{"rendered":"Banking sector\u2019s performance has improved \u2013 Addison"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>2 Minute, 3 Second <\/div>\n\n <\/div>

The Bank of Ghana (BoG) has stepped up efforts to bring inflation under control, eliminate monetary financing of budget, and rebuild foreign currency buffers, Governor Dr Ernest Addison has said.<\/strong><\/p>\n

He said the central bank is also taking steps to implement comprehensive strategy to ensure rebuilding of capital buffers of financial institutions\u2019 post-Domestic Debt Exchange Programme (DDEP) and establishing the Ghana Financial Stability Fund to provide additional support to the financial sector.<\/p>\n

\u201cThese measures are beginning to yield positive results. Signs of stabilization and recovery in the Ghanaian economy are emerging. The latest releases show that: \u2022 Real GDP Growth ended 2023 at 2.9 percent, up from the revised target of 2.3 percent, driven by the services and agriculture sectors. Growth in 2024Q1 came in stronger than expected at 4.7%, with the industrial sector posting a growth rate of 6.8%. \u2022 Inflation which peaked at 54.1 % in December 2022, and has decelerated faster-than-expected and reached 22.8 percent in June 2024, underpinned by strong policies, and effective liquidity sterilization efforts. \u2022 Fiscal policy implementation has been broadly aligned with requirements under the IMF-supported programme. \u2022 Banking sector\u2019s performance has improved as adverse spillovers from DDEP and macroeconomic challenges receded,\u201d Dr Addison said during At the SME Growth and Opportunity Summit on Tuesday July 16.<\/span><\/p>\n

Regarding the banking sector, Dr Addison indicated that the sector remains stable, liquid, and profitable.<\/p>\n

\u201cSignificant profits were recorded in 2023, helping to correct losses from 2022. Meanwhile,
\nbanks impacted by domestic debt restructuring have submitted capital restoration plans which are being implemented. At the same time, Ghana Financial Sector Fund established \u2014with an initial allocation of US$750 million, comprising US$250 million from the World Bank and US$500 million from GoG\u2014to provide recapitalisation support to the financial sector (banks and non-banks) is in progress.<\/p>\n

\u201cGross international reserves position has improved. At the end of April 2024, the stock of
\nGross International Reserves increased to US$6.59 billion representing 3.0 months of import cover, compared with US$5.91 billion (2.7 months of import cover) at end-December 2023.<\/p>\n

\u201cThe exchange rate which recently come under some pressure, has begun to stabilise as
\nuncertainties surrounding the progress of debt restructuring negotiations with external creditors has been eliminated and the Bank of Ghana\u2019s Gold Purchase programme over over-performed.\u201d<\/p>\n

The post Banking sector\u2019s performance has improved \u2013 Addison<\/a> first appeared on 3News<\/a>.<\/p>

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The Bank of Ghana (BoG) has stepped up efforts to bring inflation under control, eliminate monetary financing of budget, and rebuild foreign currency buffers, Governor Dr Ernest Addison has said.… <\/p>\n","protected":false},"author":1,"featured_media":21952,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[530],"class_list":["post-21860","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-malaysian"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/21860","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21860"}],"version-history":[{"count":1,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/21860\/revisions"}],"predecessor-version":[{"id":21953,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/21860\/revisions\/21953"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/media\/21952"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}