Home | Goldstreet Business
Tuesday, January 26, 2021
  • Home
  • General News
    • Extractives
    • Auto
  • Business
    • Banking and Finance
    • AgriBusiness
    • Insurance
    • Mining
    • Oil and Gas
    • Real Estate/Housing
  • News
    • Top Stories
    • Agriculture
    • Maritime/Aviation
    • Energy
    • Education
    • Construction
  • Technology
    • ICT
    • Telecom
  • World
    • Africa
    • International
  • Editorial/Features
  • GSB Data Services
No Result
View All Result
  • Home
  • General News
    • Extractives
    • Auto
  • Business
    • Banking and Finance
    • AgriBusiness
    • Insurance
    • Mining
    • Oil and Gas
    • Real Estate/Housing
  • News
    • Top Stories
    • Agriculture
    • Maritime/Aviation
    • Energy
    • Education
    • Construction
  • Technology
    • ICT
    • Telecom
  • World
    • Africa
    • International
  • Editorial/Features
  • GSB Data Services
No Result
View All Result
Gold Business Logo
No Result
View All Result
Home Business Banking and Finance

BoG to unwind countercyclical measures in financial sector – Governor

December 21, 2020
in Banking and Finance, Economy, Top Stories
0
Celebrities converge at Aphro Beverages launch

Dr Ernest Addison, Governor, BoG

Share on FacebookShare on Twitter

Dr Ernest Addison, Governor of the Bank of Ghana has hinted of plans to undo all countercyclical measures implemented in the financial sector due to the COVID-19 pandemic to allow for the proper functioning of the system.

He has, therefore, charged banks to remain vigilant, upgrade staff capabilities and improve the governance and risk culture to avert any shocks and maintain the vibrancy of the sector.

RELATED POSTS

NBSSI Opens Digitalisation Support Scheme Application

Ghana Association of Bankers appoints Mansa Nettey as new president

“Over the next three years, in the aftermath of the pandemic, the Bank of Ghana will carefully unwind the countercyclical measures implemented and allow the financial system to function without the regulatory forbearance put into place due to the pandemic,” he said.

Speaking at this year’s University of Ghana Alumni lecture series, Dr Addison said the financial sector required a constant regulatory and policy attention to identify and mitigate emerging risks and to ensure financial stability.

He said the economic impact of the pandemic may result in higher non-performing loans and some capital erosion of banks, adding that the Central Bank was putting greater focus on identifying the early warning signals and initiating prompt corrective actions.

“The symptoms of a weaker bank are usually poor asset quality, lack of profitability, loss of capital, excessive leverage, excessive risk exposure, and poor governance conduct as well as liquidity concerns.

“In this respect, the Bank of Ghana will continue to strengthen all the regulatory measures implemented over the last three and half years to maintain confidence and safeguard financial stability,” Dr Addison said.

He said the Central Bank was optimistic that with thE approach, a resilient and capable financial sector would weather the storms brought about by the pandemic and ensure the soundness of the industry.

Government, before the pandemic, initiated and implemented policies including the National Financial Inclusion and Development Strategy, the Digital Financial Services Policy, and the Cash-Lite Roadmap, with an overall objective of deepening financial inclusion and accelerating the shift to digital payments in the country.

Dr Addison noted that the momentous progress made in this area had significantly helped in the fight against the pandemic with an exponential growth in the volumes and values of the digital payment platforms in the country.

“Promoting financial technology had already been at the forefront of the Bank of Ghana’s agenda and we will continue to invest in the supportive infrastructure, improve on the regulatory environment, as well as contain all the associated risks to help achieve financial inclusiveness and digital financial transactions to support the national objective,” the Governor assured.

On the impact of the pandemic on the Ghanaian economy, Dr Addison explained that the Covid-19 external shock had partly reversed the progress made on the macroeconomic stability front.

He said so far, the fiscal costs, in terms of stimulus package deployed to moderate the adverse socio-economic consequences on households and businesses, was estimated at over GH¢11.2 billion.

“If you add the financial sector costs and the energy sector costs raises the estimate of the financial burden from these three sources alone to GH¢24 billion.

“As of half a year, it was estimated that the government paid GH¢4.7 billion in excess capacity payments in the energy sector. This has pushed the debt/GDP ratio above the threshold for the Market Access Countries,” he said.

60

SHARES
facebook Share on Facebook
Twitter Tweet
Follow Follow us
custom Share
custom Share
custom Share
custom Share
custom Share
Tags: BoG
ShareTweetShare

Related Posts

NBSSI Opens Digitalisation Support Scheme Application

NBSSI Opens Digitalisation Support Scheme Application

January 26, 2021
Ghana Association of Bankers appoints Mansa Nettey as new president

Ghana Association of Bankers appoints Mansa Nettey as new president

January 26, 2021
Ghana rejects British Airways decision to switch London-Accra-London route

We’ll reciprocate if you move Accra-London flights to Gatwick – Government to British Airways

January 26, 2021
Fitch, Moody’s project strong growth for Ghana but World Bank thinks otherwise

Fitch, Moody’s project strong growth for Ghana but World Bank thinks otherwise

January 26, 2021
December 2020 PPI records 7%

Inflation to end 2021 at 8.5% – Fitch Solutions

January 25, 2021
Next Post
Celebrities converge at Aphro Beverages launch

Government commended for supporting SMEs

Lucrative Christmas bonus may jingle all the way for Ghana’s street vendors

Lucrative Christmas bonus may jingle all the way for Ghana’s street vendors

Discussion about this post

Archives

<
January 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
▼
>
MonTueWedThuFriSatSun
    123
45678910
11121314151617
18192021222324
25262728293031
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       
 123456
78910111213
14151617181920
21222324252627
282930    
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
1234567
891011121314
15161718192021
22232425262728
2930     
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
  12345
6789101112
13141516171819
20212223242526
27282930   
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
     12
3456789
10111213141516
17181920212223
242526272829 
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
     12
3456789
10111213141516
17181920212223
24252627282930
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
1234567
891011121314
15161718192021
22232425262728
2930     
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
    123
45678910
11121314151617
18192021222324
25262728   
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
   1234
567891011
12131415161718
19202122232425
2627282930  
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
     12
3456789
10111213141516
17181920212223
24252627282930
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       

RECOMMENDED

NBSSI Opens Digitalisation Support Scheme Application

NBSSI Opens Digitalisation Support Scheme Application

January 26, 2021
Ghana to become regional top performer in palm oil production

Ghana to become regional top performer in palm oil production

January 26, 2021

MOST VIEWED

Plugin Install : Popular Post Widget need JNews - View Counter to be installed
  • Energy
  • Health
  • Auto
  • International
  • Subscription Form
  • Staff Webmail
  • About Us
  • Contact Us
Call us: +233 24 432 0902 | info@goldstreetbusiness.com

© Copyright © 2020 goldstreetbusiness.com. All Rights Reserved.

No Result
View All Result
  • Homepages
    • Homepage Layout 1
    • Homepage Layout 2
  • World
  • Business
  • Technology
  • Health

© Copyright © 2020 goldstreetbusiness.com. All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.