Deloitte West Africa is upbeat about the resilience of the banking system in Ghana despite challenges posed by both exogenous and endogenous macroeconomic factors.
The professional services firm expressed this view in its economic brief centered on the Monetary Policy Rate (MPR) in Ghana and Nigeria, at a time when the Bank of Ghana (BoG) said that its latest confidence surveys conducted in October 2024 reflected a sustained recovery in sentiments.
While consumer confidence was broadly unchanged, business confidence improved as firms met their short-term targets and expressed optimism about company and industry prospects, the BoG said. "The survey findings were broadly consistent with trends observed in Ghana's Purchasing Managers' Index (PMI), which also signaled an improvement in business conditions.
The PMI increased to 50.6 in October 2024, up from 49.1 in September," it said after announcing a decision by the Monetary Policy Committee (MPC) to keep the Policy Rate at 27%.
