Total assets of the banking industry as at the end of September 2016 was GH¢70.8 billion, up from GH¢69.5 billion recorded in August, representing 23.7 percent annual growth.

Total deposits, as at the end of September 2016, were GH¢44.3 billion, representing 25.4 percent growth, while total gross advances were GH¢33.7 billion, which constituted 17.4 percent of growth.

Non-Performing Loans (NPL) ratio of the banking system as at the end of May 2016 was 19 percent while capital adequacy ratio for the banking industry was 10.8 percent.

Dr. Abdul Nashiru Issahaku, Governor of the Bank of Ghana (BoG), who was speaking at the last Monetary Policy Committee (MPC) press briefing in Accra recently, said the Bank’s updated Composite Index of Economic Activity (CIEA) recorded a modest year-on-year growth in the third quarter compared to the same period last year.

He said the increase in the CIEA was driven by exports, port activities, industrial consumption of electricity and domestic VAT.

Dr. Issahaku said the bank’s business and consumer confidence surveys show improved business and consumer sentiments though with a marginal uptick in inflation expectations.

“Overall, assessment of economic prospects was generally positive. This is also affirmed by the successful debut of the 10-year bond which attracted about 75 percent foreign investor participation,” the Governor said.

In the immediate outlook, risks to growth remain the current tight policy stance alongside uncertainty in the global economic environment, especially commodity prices, he said.

[email protected]/dailyguideafrica.com

By Cephas Larbi

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