The Ghana Association of Banks (GAB) says the upcoming elections will not have any impact on deposits in the financial sector.
The GAB has ruled out any panic withdrawals due to the elections which will take place in December this year.
According to Chief Executive Officer, John Awuah, investor confidence within the banking sector is high, ruling out possibilities of the sector being affected by the December election.
Speaking on PM Express Business Edition, Mr Awuah urged depositors not to panic but continue to invest in the financial sector.
“Deposit growth has been positive. We have good view of where the country and the industry is going. Market participants are confident of where the industry is also going and very confident of the outcome of the elections”, he said.
Mr. Awuah however expressed concerns with the growing non-performing loans among banks, describing it as a challenge.
“Any growth in impairment is a challenge to the industry and it means that the risk to the banking sector in terms of asset quality is real,” he stressed.
He added that, maintaining financial discipline is key, emphasizing that banking staff should live within their means and prepare for unforeseen events.
“You are not living for today alone; you are living for tomorrow and beyond,” he advised. Mr. Awuah also identified the need for banks.
Source: James Eshun
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