According to the central bank, total assets grew by 44, 4 percent year-on-year to GH¢42.9 billion at end of
The asset growth was on the back of advances, which accounted for 45,1 percent and was funded largely by deposits which went up by 32,5 percent year-on-year, the central bank disclosed.
The Governor of the BoG, Dr Henry Kofi Wampah, noted that key monetary aggregates grew at a rapid pace driven largely by Net Domestic Assets of the banking sector.
Broad money (M2+) grew by 30,8 percent year-on-year to end
Similarly, annual growth in Reserve money was 38,2 percent in
Also during the period under review, Non-Performing Loans (NPLs) ratio declined to 12,8 percent in
However, NPLs (less loss provisioning) ratio remained broadly unchanged at 5,3 percent.
The Capital Adequacy Ratio of banks declined to 16,7 percent in
However, the bank's credit conditions survey conducted in
Interest rates on the money market generally moved upwards in tandem with the BoG's tight monetary policy stance.
Economic activity remained fairly strong in the first quarter of 2014 despite adverse supply side shocks.
The Bank's Real Composite Index of Economic Activity (RCIEA) rose by 9,7 percent on a year-on-year basis in the first quarter, compared with 0,5 percent growth in the same period of 2013.
The major growth drivers were Domestic VAT and Deposit Money Banks' (DMBs) credit to the private sector.
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