Government restores confidence in banking sector as assets shot up to GH₵112.8billion – Ken Ofori-Atta

The total banks’ assets have inched up to GH₵112.8billion through the clean-up and reforms introduced to bring confidence to the banking sector, Finance Minister, Ken Ofori-Atta has said.

Presenting the 2019 Mid-Year Review Budget to Parliament on Monday, he stated “We have restored confidence into the banking system, securing the otherwise distressed deposits of some 2,655,100 customers as well as saving over 3,000 jobs.

Today, total banks’ assets have shot up to GH₵112.8billion. Growth of credit to the private sector is rebounding assuredly by 16.8percent in June 2019” he said.

He also added that the country is seeing the revival of the zealous, responsive and at the same time, responsible banking environment.

The government in its effort to revive the banking sector last year which was hard hit with liquidity challenges as a result of under-capitalization managed to set up the Consolidated Bank Ghana Limited and capitalized it with GH₵450m.

Just this month, according to the Finance Minister, CBG has released funds, totaling GH₵530m to Cocobod for cocoa depositors’ funds in the failed banks. The Ghana Amalgamated Trust has provided funds, to capitalize solvent indigenous banks that were struggling to meet the enhanced minimum paid-up capital of GH₵400m.