Customers confidence rebound after universal banks in Ghana deposits hit GH¢75 billion in the first half of 2019

September 5, 2019 2:57 PM

The banking sector report has shown that customers are now reposing confidence in the banking sector for first-half of 2019 after a difficult 2018 which led to a lot of panic-withdrawals following the banking sector clean-up.

Customers confidence rebound after universal banks in Ghana deposits hit GH¢75 billion in the first half of 2019

The data showed that bank deposits increased by 22.3% to GH¢75.57billion by end of June 2019

The central bank captured this in its Payment Statistics Report.

Domestic deposits.

Domestic deposits formed the largest component of total deposits as it grew by 22.5% on an annual basis to GH¢75.2billion, compared with 13.4 % growth a year ago.

The situation was however different within the same period last year. Banks deposits growth dipped to 17.4% in December from 18.4% the previous month.

Foreign currency deposits

Foreign currency deposits also grew by 37.9% in June 2019 to GH¢21.63billion.

This was against the 6.8% growth recorded in June 2018, partly attributed to the depreciation of the Ghana cedi.

The Bank of Ghana, hence, noted that the growth in deposits can be attributed to the “increasing confidence and stability in the banking sector following the reforms”.