The banking sector's performance continued to improve, with assets growing at 38.7 percent at end-August 2024, compared to 19.6 percent in August 2023, Governor of the Bank of Ghana (BoG) Dr Ernest Addison has said.
Both pre-tax and after-tax profits were higher in the first eight months of 2024 relative to the same period last year, he said.
On solvency, he stated that the Capital Adequacy Ratio (CAR) of the industry stood at 10.3 percent in August 2024, higher than the 7.5 percent recorded in August 2023.
With reliefs, CAR was 13.8 percent in August 2024, compared to 14.2 percent in August 2023. "Liquidity and efficiency ratios also improved during the first eight months of the year, highlighting that broadly, key financial soundness indicators are improving in the banking sector and remaining positive," Dr Addison said during the 120th Moneyrat Policy Committee (MPC) press conference in Accra on Friday September 27.