Prime News Ghana

Total deposits of banks increased by 22% - Report

By Justice Kofi Bimpeh
Banking hall
Banking hall
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Total deposits of banks in the country increased by 22 percent at the end of 2019.

According to the banking sector report published by the Bank of Ghana, BoG attributes to the rebounding confidence in the sector after the reforms.

"The first major assessment criteria of the reform process is the growth of the banking sector. Although the recapitalisation process scaled down the number of banks to 23 in Dec-2018 from 33 in Dec-2016, the industry’s balance sheet indicators pointed to a stronger growth performance in the key performance matrix."

"Growth in total assets, a key measure of the size of the banking sector, almost doubled, to 22.8 percent in 2019 from 12.3 percent in 2018, supported in part by the sustained growth in deposits since 2017, and the rapid growth recorded in 2019. From 12.7 percent in 2017, deposits growth moved up to 17.3 percent and 22.2 percent in 2018 and 2019 respectively, in recognition of the renewed and growing confidence in the banking sector following the reforms."

Read the full report below :