Ghana's Banks' Assets Surge but Businesses Can't Access Credits

Accra — Total assets of banks operating in Ghana have risen significantly at the time that the Ghanaian government is lacing its boots to go for International Monetary Fund's (IMF's) bailout.

From January to May 2014, the banking sector remains sound and continues to expand, evidenced by strong asset growth, according to data from the Bank of Ghana (BoG). Total assets grew by 44.4 percent year-on-year to GH¢42.9 billion at end-May 2014, compared with GH¢32.1 billion a year ago. The asset growth was on the back of advances, which accounted for 45.1 percent and was funded largely by deposits which went up by 32.5 percent year-on-year, the central bank disclosed. The Governor of the BoG, Dr Henry Kofi Wampah noted that key monetary aggregates grew at a rapid pace driven largely by Net Domestic Assets of the banking sector. Broad money (M2+) grew by 30.8 percent year-on-year to end May 2014 at GH¢22.8 billion, compared with 17.1 percent growth in the same period last year, he added.

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