The banking sector made a remarkable recovery in 2023, with a significant improvement in balance sheet performance, Finance Minister Mohammed Amin Adam announced during the mid-year budget review presentation on Tuesday, July 23, 2024.
According to the Minister, total assets in the banking sector increased by 29.7 percent to GH¢274.9 billion as at end-December 2023, indicating a strong rebound.
“The banking sector has shown remarkable resilience and has rebounded in 2023 with an improved balance sheet performance,” Minister Adam stated.
He attributed the growth to increased liquidity flows from deposits and shareholders’ funds, which enabled banks to reallocate their portfolios towards short-term investments in response to the increase in short-term money market rates.
“Total investments increased by 47.5 percent to GH¢100.2 billion, driven by the banks’ strategic reallocation of portfolios,” the Minister explained.
