Finance Minister Ken Ofori-Atta has said that the country’s banking sector recorded GHS 1.67 billion profit representing 36 per cent, year-on-year after-tax profit by mid-year 2019.
Mr. Ofori-Atta disclosed this during the presentation of the 2020 budget to Parliament on Wednesday, 13 November 2019.
A cleanup exercise to sanitise the financial sector was undertaken by the Bank of Ghana (BoG) which resulted in the collapse of nine banks by the end of 2018 after the regulator reviewed the minimum capital requirement to GHS400 million from GHS120 million and revoked the licences of some insolvent banks.
The collapse of the nine local banks birthed the Consolidated Bank Ghana (CBG) Limited.
However, Mr. Ofori-Atta said the country’s “banking sector is on the rise again as it recorded GHS1.67 billion representing 36 per cent, year-on-year after tax profit by mid-year 2019.”
This he noted was good for Ghana because “when the banks are strong the economy is strong”.