Banking reforms: Banks deposits increased by 17.1 percent in 2019

January 8, 2020 11:05 AM

Bank of Ghana’s banking sector report for October 2019 has shown that Ghanaians are renewing their confidence in the sector following the clean-up it carried out in the last two years.

Banking reforms: Banks deposits increased by 17.1 percent in 2019

According to the central bank, banks deposits grew by 17.1 percent for the period under review, albeit marginally lower than the 20.7 percent recorded in the preceding year.

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Total deposits for that matter increased by GH¢11.51 billion; from GH¢67.38 billion to GH¢78.9 billion in October 2019.

Also, domestic deposits grew at the same pace as total deposits to GH¢78.5 billion in October 2019 from GH¢67.04 billion in October 2018.

On the other hand, deposits of non-residents, that is, those sections of the population other than persons residing in Ghana, remained small at GH¢397.7 million; though it increased from GH¢342.1 million in the year before.

The central bank believes its resolve to crack the whip and ensure that operators complied with regulatory requirements, led to the improvement recorded for the period.

The regulator’s action which spanned two years between August 2017 and August 2019, saw the revocation of licenses of nine indigenous banks.