According to Finance Minister Ken Ofori-Atta, the country’s banking sector has demonstrated a relatively strong performance in the first half of 2023 despite the lingering effects of the Domestic Debt Exchange Programme (DDEP).
The minister stated in his submission that “The Banks have reported increased deposits and investments, higher profitability, and a return on equity of over 35 percent.”
“The impact of the DDEP, such as the increase in nonperforming loans (NPLs), was partly moderated by the timely introduction of temporary regulatory reliefs.”
He added that “the operationalization of the USD750 million Ghana Financial Stability Fund and the planned recapitalization of banks would ensure stability as well as strengthen financial intermediation to support the private sector.”
He disclosed this while presenting the 2023 mid-year budget review in Parliament on Monday, July 31, 2023.
By: Rainbowradioonline.com/Ghana
