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Banks credit to private sector will soar soon, says BoG

Speaking to the Financial Times on plans to steer Ghana out of its ongoing economic crisis, Opoku-Afari said businesses must take advantage of the crisis to change their way of doing business

The first deputy governor of the Bank of Ghana (BoG), Dr Maxwell Opoku-Afari is optimistic credit by commercial banks to the private sector will increase soon.

The assurance comes as the government nears completion of its debt restructuring programme.

Speaking to the Financial Times on plans to steer Ghana out of its ongoing economic crisis, Opoku-Afari said businesses must take advantage of the crisis to change their way of doing business.

“I agree — we need to take advantage of this crisis to change the way we do business. Nobody wants to waste the crisis.”

“When you’re going through this debt restructuring, you expect the commercial banks to audit their books, look at their balance sheet and say [to themselves] that now that they are beginning to see stability, [and] they can start to increase credit levels in the private sector,” he said.

“We, as a central bank, are very optimistic that once we are able to solidify and consolidate these [economic recovery] gains, the banks will begin to increase their credit into the private sector.” Over the past year, Ghana’s central bank has raised interest rates in attempts to curb its surging in, Opoku-Afari added.

Consolidate

Opoku-Afari says efforts are underway to consolidate the gains made so far following the recent economic crisis.

“Ghana has really done a lot now to be able to contain this crisis and to be able to turn things around. We’re beginning to see economic stability is taking shape.”

“What we need to do now is to consolidate against the gains we’ve made and make sure that [they are] well anchored to better prepare for the future,” he added.

 

 

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