Banking sector poised to record improved performance for rest of 2023 – BoG Governor

Governor of the Central Bank, Dr Ernest Addison is optimistic that the performance of the banking sector for the rest of the year will be an improved one.

According to him, the sector is expected to remain broadly stable, supported by regulatory reliefs and sustained growth in profitability.

Speaking at the 60th-anniversary launch of the Chartered Institute of Bankers (CIB) in Accra, Dr Addison said banks operating in the country have been advised to submit capital restoration plans to recapitalize progressively over a three-year period.

“The turnaround in banks’ profits, together with the planned equity capital injections, is expected to help rebuild banks’ capital buffers, enhance resilience, and reposition the sector to support the country’s growth agenda”.

The BoG Governor however highlighted the need for renewed emphasis on ethics and responsible behaviour in the banking sector.

He called for the prioritization of ethical leadership at all levels, investment in ethics training and education for all employees, development of clear and comprehensive codes of conduct, the establishment of robust whistle-blower protection programmes, and promotion of transparency in financial transactions and decision-making processes, among others.

MA/NOQ

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