Banking sector now strong enough, avoid keeping cash at home - Prof. Boadi to Ghanaians

The Dean of Accounting and Finance at the University of Professional Studies, Accra (UPSA), Professor Isaac Boadi, has urged Ghanaians to keep their monies in the banks instead of their homes.

Appearing on Atinka TV’s Agenda Show on Thursday, August 15, 2024, Professor Boadi stated that the banking sector is stronger now, making the practice of keeping money at home risky.

“It makes little sense keeping money at home since the banking sector has been given a clean bill of health by the World Bank,” he said.

According to Professor Boadi, local banks are well-grounded to withstand any crisis, as indicated by the World Bank in its 8th economic update.

“Most of the banks are strong enough to avoid recapitalization. More than half of Ghana's 23 banks are well-positioned to avoid the need for recapitalization, according to the World Bank’s latest report,” he added.

Prof. Boadi further stated that large corporations can rely on these banks for financial support, thereby enhancing economic activities and boosting the country’s GDP.

The accounting and financial expert added that the World Bank report has positive implications for the economy, including lower interest rates, expanded economic activities, and improved living conditions for the people.

“Ghana’s economic prospects remain strong and resilient. Things are improving, even though we cannot say that all challenges have been overcome. The future is more than bright,” he said.

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