Ghanaian banks not making enough profit

Ghanaian banks have lost 30 percent of their size due to the depreciation of the Cedi.

The Ghana Bankers Association said the Ghanaian banking sector has gone through a difficult time with the cedi recording a 15.4 drop against major trading currencies such as the Dollar, Euro and Pounds Sterling.

An Executive of the Bankers Association, Asare Akuffo said analysts should hasten in comparing Ghana’s 2013 financial record to the international banking network.

Mr. Asare also conceded that many banks are not making significant profits.

“In terms of profitability, not all banks are doing that well…in terms of return on capital, yes some banks are very profitable but I can say that it is just the top five banks.

“Only few banks are doing very well in terms of profitability other banks are just making enough money to satisfy their shareholders.