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

General 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 some 2,655,100 customers in difficulty.

This, he noted, boosted the growth of the sector, with banks' badets recording a total of 112.8 billion GH ¢, as credit growth to the private sector also rebounded to appreciable levels.

"Mr President, we have restored confidence in the banking system by securing the distress of some 2,655,100 customers and preserving more than 3,000 jobs."

"Today, total badets of banks have risen to 112.8 billion ¢ Credit growth to the private sector is certainly rebounding 16.8% in June 2019. I am therefore happy to announce with confidence that Ghana will witness the recovery of this zealous, responsive and, at the same time, responsible for the banking environment, we had only to remember, "he said.

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 ¢.