100th MPC Highlights: Banks' total assets increased by 16.4 % – BoG

In the banking sector, total assets increased by 16.4 percent to GH¢155.7 billion, Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has said.

This, he said, reflected in strong growth in investments, which was mainly funded by deposits.

Total deposits rose by 24.2 percent to GH¢104.9 billion driven by increased liquidity flows from the fiscal stimulus and payments to contractors, and to depositors and clients of defunct SDIs and SEC-licensed fund managers.

Financial soundness indicators remained strong, underpinned by improved solvency, liquidity and profitability indicators.

The industry’s Capital Adequacy Ratio of 21.8 percent as at end-April 2021, well-above the regulatory minimum threshold of 11.5 percent.

Regarding exports, he said, Total exports declined marginally by 0.2 percent year-on-year to US$5,131 million, driven mainly by a 21 percent decline in volume of gold exported.

Total imports went up by 5.8 percent to US$4,372 million, supported by increased non-oil imports.

As a result, the trade balance recorded a surplus of US$759.1 million compared with a surplus of US$1,006.3 million in the same period of 2020.

Gross International Reserves stood at US$10.99 billion at the end of April 2021, providing cover for 5.1 months of imports of goods and services.

By Laud Nartey|3news.com|Ghana

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