PwC’s 2019 prediction as a good year for banks in the country is a clear confirmation of government implementation of solid economic policies that translate into strong economic reforms especially the banking sector, that’s according to the Deputy Minister for Information Pius Enam Hadzide.
Hon. Pius in a statement indicated that government has taken not of the 2018 Ghana Banking Survey report released by renowned international audit firm, Pricewaterhouse Coopers (PwC) which predicts good times ahead for the country’s banking sector in 2019.
PwC on Thursday 13th September 2018, released this year’s Ghana Banking Survey report which predicts a boost in the country’s banking sector to be driven by digitization. PwC also predicted a meaningful growth and exciting innovations, basing it arguments on improvement in operational efficiency of banks and increase in earning potential in the wake of recapitalization exercise of the Bank of Ghana
Hon. Pius reiterated that these predictions despite coming at a time when the banking sector is going through major reforms and restructuring, is an indication that moves by the Bank of Ghana to merge struggling banks to form the Consolidated Bank of Ghana was strategic move to well position the financial sector.
“These are all adequately in line with government’s vision of ensuring the growth and sustainability of the financial sector”, the release stated.
“Government’s implementation of strict banking reforms coupled with strong economic fundamentals and policies to save struggling banks have all contributed to reforms in the banking sector and would translate into the good times ahead”.
Over the weekend, international rating firm Standard and Poor’s raised the country’s credit ratings from a B- to a stable B, clearly confirming the efforts of the Economic team of the Nana Addo led NPP administration in ensuring a stable economic outlook that balances the country’s robust growth prospects, decreasing inflation, and narrower current account deficits.
Hon. Pius Enam Hadzide stated government’s continued support for the the development of the economy through the implementation of policies that would further enhance the fortunes of the country.
“Government will continue to implement policies that will transform the fortunes of the country especially as government works towards achieving an accelerated economic development in line with the Ghana beyond Aid agenda”, the release stated.