Business News of Tuesday, 26 November 2019Source: laudbusiness.comBanking sector profitable now – Dr Ernest AddisonGovernor of the Bank of Ghana, Dr Ernest AddisonThe Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has revealed that the banking sector of the Ghanaian economy is now profitable after the central bank carried out the cleanup exercise. Dr Addison added: “The banking sector continues to be solvent, liquid and profitable and the latest stress tests result conducted on the sector shows resilience to shocks. The industry’s financial soundness indicators (FSIs) also continued to improve as banks adhered to sound banking practices following the reforms. “Adjusting for the fully provisioned loss category, the industry’s NPL ratio declined further to 8.1 per cent from 11.4 per cent over the same comparative periods. The industry’s NPL ratio is projected to further decline as banks intensify loan write-offs and recovery efforts.

Source: GhanaWeb November 26, 2019 01:52 UTC