3000 jobs saved in the banking sector – Ken Ofori-Atta

Company News of Monday, July 29, 2019

Source: kasapafmonline.com

2019-07-29

Finance Minister Ken Ofori-Atta told parliament that the pragmatic measures taken by the government led by President Akufo-Addo to clean up the banking sector had paid off by preserving 3,000 jobs and guaranteeing deposits. distress of some 2,655,100 customers.

This, he noted, boosted the growth of the sector, with banks' badets recording a surplus of 112.8 billion GH. Credit growth to the private sector has also rebounded to significant levels.

"Mr. President, we have restored confidence in the banking system by securing the distressed deposits of some 2,655,100 customers and saving more than 3,000 jobs." Today, banks' total badets reached 112 , 8 billion ¢ GH The growth of credit to the private sector has certainly recovered by 16.8% in June 2019. I am therefore happy to announce with confidence that Ghana sees the rebirth of this zealous, responsive banking environment and responsible, that we had reduced to reminiscences, "he noted.

Mr. Ofori-Atta made this observation when he presented to Parliament on Monday, July 29, 2019, a motion to approve the mid-term review of the Government's Budget Statement and Economic Policy. from Ghana and the additional estimate. for the 2019 fiscal year.

As a result of bold and decisive action by the government to address the banking crisis, the country's banks are now stronger and richer, and the cost of borrowing has also declined.

He said that, in a stable environment created by the government in the banking sector, "banks can and should, therefore, do much more to support the growth and expansion of business activities that will create more business." ; jobs. "

Ghana's banking sector has been hit hard by liquidity problems due to underfunding. This prompted the Bank of Ghana (BG) to put in place immediate measures to prevent the sector from collapsing.

The turnaround process enabled the BoG to bring some of the troubled banks together by setting up Consolidated Bank Ghana Limited and capitalizing up to 450 million GH ¢.