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Business News Thu, 31 Oct 2019

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The banking sector recorded profit after cleanup - Akufo-Addo

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President Nana Addo Dankwa Akufo-Addo has said, the recent clean up in the banking sector conducted by government through the Bank of Ghana is already yielding results, as banks in the country have started recording profits.

Quoting figures from the Central Bank, the president said the banking sector as at the middle of the year 2019, tax profits were made to the tune of GHC1.6 billion, which compared to the year-over-year growth stood at 36.3% compared to 21% in the same period the previous year.

The president was speaking at the 2019 Ghana Economic Forum held at Tang Palace in Accra on Wednesday, October 30, on the theme: Sustaining Financial and Economic Stability; The Key Priorities.

He added that the country’s successful exit from the IMF program in April this year was coupled with strong recommendations on the management of the economy by government.

“The country in April this year also exited from the IMF program with very strong recommendations on the recent management of the economy.”

Describing all the above as “important achievements in economic and financial stabilisation,” the president said it is gratifying to know that the country has been able to attract the recognition of both local and international parties, including some very reputable rating agencies.

“Since 2017, the international rating agencies Standard and Poor, and Fitch have both upgraded Ghana’s credit rating to B with a stable outlook, up from B minus with a negative outlook and B minus respectively.”

According to the president, the upgrades in Ghana’s economic ratings has given the country opportunities such as access to Eurobond markets at lower rates and longer maturities.

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Source: www.ghanaweb.com

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