"The performance of the banking sector remained strong at the end of 2020, with robust growth in total assets, deposits and investment,” he said. However, he noted that the increase in total assets resulted in strong growth in investments in government securities. Dr Aubynn said despite these challenges, the banking sector reform by the government, including the recapitalization of banks, has enhanced the overall resilience of the sector. "Overall, the impact of the pandemic on the industry's performance seems moderate, as banks remained liquid, profitable and well-capitalized", Dr Aubynn stated. Meanwhile, total deposits recorded significant year-on-year growth, reflecting strong liquidity flows emanating from the COVID-19 fiscal stimulus package and payments to contractors by the government.

Source: GhanaWeb June 14, 2021 11:48 UTC