Ghana’s banking sector Still Strong Despite Covid-19- Dr. Aubynn

Board Chairman of ARB Apex Bank Dr. Anthony Aubynn

Board Chairman of ARB Apex Bank Dr. Anthony Aubynn says Ghana’s banking sector remains strong despite the Covid-19 pandemic.

Ghana has been hard-hit by Covid-19 with devastating impacts on life, some businesses, and the national economy.

The infectious Covid-19 pandemic significantly curtailed Ghana’s economic growth momentum.

Real GDP growth was estimated to decelerate from 6.5% in 2019 to 1.7% in 2020 due to the slump in oil prices and weaken global economic activity.

Inflation closed the year at 10.6% in 2020 from 8.7% in 2019 due to pandemic-related interruptions in supply chains and an increase in food prices occasioned by panic buying during the lockdown.

The Ghana Cedi put up an impressive showing, depreciating by 3.1% in 2020 compared to a 10% depreciation in 2019.

This could be attributed to the slowdown in imports occasioned by the lockdown and supply of the dollar by the Bank of Ghana to boost the liquidity of the market.

Despite these challenges, Board Chairman of ARB Apex Bank Dr. Anthony Aubynn holds the view that the banking sector reform by the government including recapitalisation of banks has enhanced the overall resilience of the sector.

Speaking at the 19th Annual General Meeting of ARB Apex Bank Limited on Saturday 12 June 2021 in Accra, Dr. Aubynn said “The performance of the banking sector remained strong at the end of 2020, with robust growth in total assets, deposits and investment”.

Dr. Aubynn noted that the increase in total assets resulted in strong growth in investments in government securities. Total deposits recorded significant year-on-year growth reflecting strong liquidity flows emanating from the Covid-19 fiscal stimulus package and payments to contractors.

“Overall, the impacts of the pandemic on the industry’s performance seems moderate as banks remained liquid, profitable, and well-capitalised”, Dr. Aubynn said.

Source:Jerry Akornor/capitalnewsonline.com

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