Despite effects of DDEP, Banks reported increased deposits, investment – Ofori-Atta

Despite the lingering effects of the government’s Domestic Debt Exchange Programme (DDEP), the country’s banking sector has demonstrated a relatively strong performance in the first half of the year 2023.

This development was disclosed by Finance Minister Ken Ofori-Atta during his presentation of the 2023 mid-year budget review in Parliament on Monday, July 31, 2023.
Touching on the developments in the country’s banking sector, the Finance Minister noted: “The Banks have reported increased deposits and investments, higher profitability and a return on equity of over 35 percent.”

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“The impact of the DDEP, such as the increase in nonperforming loans (NPLs), was partly moderated by the timely introduction of temporary regulatory reliefs.”

According to the Minister, “the operationalisation of the USD750 million Ghana Financial Stability Fund and the planned recapitalisation of banks would ensure stability as well as strengthen financial intermediation to support the private sector.”

Source: classfmonline.com