{"id":69600,"date":"2024-03-26T14:48:30","date_gmt":"2024-03-26T14:48:30","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/uncategorized\/credit-to-ghanas-private-sector-by-banks-continued-to-remain-weak-governor-addison-2"},"modified":"2024-03-26T15:08:56","modified_gmt":"2024-03-26T15:08:56","slug":"credit-to-ghanas-private-sector-by-banks-continued-to-remain-weak-governor-addison-2","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/credit-to-ghanas-private-sector-by-banks-continued-to-remain-weak-governor-addison-2","title":{"rendered":"Credit to Ghana\u2019s private sector by banks continued to remain weak \u2013 Governor Addison"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>Governor of the Bank of Ghana, (BoG), Dr Ernest Addison, has said that credit to the Private sector by banks continued to remain weak.<\/b><\/p>\n

He explained that as of February 2024, private sector credit growth was 5.1 percent compared with a 29.5 percent growth recorded in February 2023.<\/p>\n

In contrast, he said, as of February 2024, banks\u2019 investments in GOG and BOG instruments stood at GHS53.6 billion, an increase of 67.6 percent year-on-year, compared with an increase of 36.9 percent for the corresponding period of 2023.<\/p>\n

In real terms, he added, credit to the private sector contracted by 14.7 percent, relative to a 15.3 percent contraction recorded over the same comparative period in February 2023.<\/p>\n

Addressing the 117th Monetary Policy Committee Press Conference in Accra on Monday, March 25, Dr Addison said \u201cMoney market rates continued on a downward trend at the short end of the yield curve. The 91-day and 182-day Treasury bill rates declined to 27.87 percent and 30.34 percent in February 2024, from 35.67 percent and 35.73 percent respectively, in the same period of 2023. Similarly, the rate on the 364-day instrument decreased to 30.90 percent in February 2024 from 34.92 percent in February 2023.<\/p>\n

\u201cThe banking sector\u2019s performance has rebounded after the implementation of the Domestic Debt Exchange Programme (DDEP). In the first two months of 2024, total assets of the Banks increased by 21.0 percent, while total deposits and advances rose by 25.5 percent and 1.8 percent, respectively.<\/p>\n

\u201cTrends in key financial soundness indicators were mixed. The Capital Adequacy Ratio, adjusted for reliefs, was 13.6 percent in February 2024, above the regulatoryminimum threshold of 13.0 percent, compared with 12.6 percent in February 2023. Liquidity and profitability ratios also improved compared to a year earlier.\u201d<\/p>\n

The nonperforming loan (NPL) ratio, on the other hand, increased to 24.6 percent, reflecting the downgrading of several large exposures to the banks. NPLs, excluding loss category, however remained in single digits at 9.8 percent. Banks impacted by the DDEP in 2023 continue to implement their approved capital restoration plans in line with BoG\u2019s requirements.<\/p>\n

\u201cThe Bank of Ghana expects that early completion of recapitalisation efforts will lead to more resilience of the banking sector and position it to provide stronger support for real sector recovery.\u201d<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. Governor of the Bank of Ghana, (BoG), Dr Ernest Addison, has said that credit to the Private sector by banks continued to remain weak. He explained that as of February 2024, private sector credit growth was 5.1 percent compared with a 29.5 percent growth recorded in February 2023. In contrast, he said, […]<\/p>\n","protected":false},"author":84,"featured_media":69599,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[5092,5096,429],"class_list":["post-69600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\nCredit to Ghana\u2019s private sector by banks continued to remain weak \u2013 Governor Addison - Ghana<\/title>\n<meta name=\"description\" content=\"Governor of the Bank of Ghana, (BoG), Dr Ernest Addison, has said that credit to the Private sector by banks continue ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/credit-to-ghanas-private-sector-by-banks-continued-to-remain-weak-governor-addison-2\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Credit to Ghana\u2019s private sector by banks continued to remain weak \u2013 Governor Addison\" \/>\n<meta property=\"og:description\" content=\"Governor of the Bank of Ghana, (BoG), Dr Ernest Addison, has said that credit to the Private sector by banks continue ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/credit-to-ghanas-private-sector-by-banks-continued-to-remain-weak-governor-addison-2\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-26T14:48:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-26T15:08:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/03\/sm_1711453024.808942.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/credit-to-ghanas-private-sector-by-banks-continued-to-remain-weak-governor-addison-2#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/credit-to-ghanas-private-sector-by-banks-continued-to-remain-weak-governor-addison-2\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Credit to Ghana\u2019s private sector by banks continued to remain weak \u2013 Governor Addison\",\"datePublished\":\"2024-03-26T14:48:30+00:00\",\"dateModified\":\"2024-03-26T15:08:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/credit-to-ghanas-private-sector-by-banks-continued-to-remain-weak-governor-addison-2\"},\"wordCount\":369,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/credit-to-ghanas-private-sector-by-banks-continued-to-remain-weak-governor-addison-2#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/03\/sm_1711453024.808942.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/credit-to-ghanas-private-sector-by-banks-continued-to-remain-weak-governor-addison-2#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/credit-to-ghanas-private-sector-by-banks-continued-to-remain-weak-governor-addison-2\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/credit-to-ghanas-private-sector-by-banks-continued-to-remain-weak-governor-addison-2\",\"name\":\"Credit to Ghana\u2019s private sector by banks continued to remain weak \u2013 Governor Addison - 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