Keep Your Monies In The Bank. Sector Is Stronger Now

For some time, most Ghanaians didn’t trust banks to keep their money or do business with them. A large number of people had no confidence whatsoever in the banking industry.

However, the dean of finance and accounting at the University of Professional Studies, Accra (UPSA), Professor Isaac Boadi, has urged Ghanaians to reconsider their decision and put their money in banks rather than their homes.

Professor Boadi stated in an interview with Atinka TV on Thursday, August 15, 2024, that the banking industry is stronger now than it was in the past, making it risky to keep money at home.

He mentioned the World Bank’s most recent report as a clear sign that the industry is now healthy and free of problems.

He stated that there is no need to keep money at home, especially since the World Bank has said that the banking industry is in good shape.

According to Professor Boadi, the World Bank claims that local banks today are well-prepared to withstand any crisis.

“Majority of the banks are strong enough to avoid recapitalization. More than half of the 23 Ghanaian banks are well positioned to avoid the need for recapitalization, according to the World Bank’s latest report” he said.

These banks now provide financial support to everyone, including large corporations, to enhance economic activity and increasing GDP.

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The finance expert went on to say that, the World Bank’s report has positive effects on the economy, such as lowering interest rates, expanding economic activity, and improving people’s living conditions.

He said that things are getting better, but we can’t say that every obstacle has been overcome. The future is brighter than ever.

The position that the Ghanaian banking sector is now stronger, better capitalized, and able to withstand any shocks, whether internal or external, has been reaffirmed by the World Bank.

Credit: Atinka TV Ghana