Business News of Monday, 6 January 2020Source: citibusinessnews.comBanks deposits growth slows amidst banking reformsDr Ernest AddisonThe growth rate in commercial banks’ deposits has slowed down amidst the reforms undertaken by the central bank to strengthen the sector. The total banking sector deposits increased to GH¢78.90 billion by GH¢11.51 billion in October 2019 from GH¢67.38 billion in October 2018. Despite the slowdown in growth rate, the Bank of Ghana maintains that the sheer growth points to a renewed confidence in the banking sector following the reforms. The regulator attributes this increase in profitability in the banking sector to the reforms it implemented over the last two years. Total banking sector deposits increased to GH¢78.9 billion in October 2019 which the Bank of Ghana believes is due to the renewed confidence in the banking sector following the reforms.

Source: GhanaWeb January 06, 2020 06:33 UTC