Business News of Saturday, 19 December 2020Source: www.ghanaweb.comQ3 contraction consistent with BoG's economic recovery projections – GovernorGovernor of the Bank of Ghana, Dr. Ernest AddisonThe Central Bank of Ghana has said the recent third-quarter contraction figures is consistent with its economic recovery projection. This comes after the latest data from the Ghana Statistical Service (GSS) showed GDP growth for the country was -1.1 percent for the third quarter of 2020. Governor of the Bank of Ghana, Dr. Ernest Addison, speaking at the University of Ghana’s Alumni lecture said growth prospects were returning to normalcy per the BoG’s survey on consumer confidence. It must be pointed out that this is consistent with the rebound view as the economy has recovered from a contraction of 3.1 percent to 1.1 percent during the quarter,” Dr Addison stated. “The sector remains robust as reflected by the strong Financial Soundness Indicators – Capital adequacy levels are above the regulatory limits, the NPL ratio has declined, and profitability remains strong,” Dr Addison concluded.

Source: GhanaWeb December 19, 2020 09:22 UTC