Banks in Ghana have expressed optimism in a rebound of the industry as the third quarter commences after a poor show in the first quarter of this year.
In the first quarter of 2016, the performance of the Ghanaian banking industry remained unimpressive; a situation which was largely attributed to the power crisis in 2015 as well as some macroeconomic instability.
In the first quarter report, about nine banks recorded substantial losses in 2015 while a greater number of banks also witnessed declines in their profits.
But speaking to Citi Business News at the sidelines of the final draw of the Fidelity Save for Gold promo, the Divisional Director in Charge Retail at the bank, Julian Opuni stated that despite the economic challenges, confidence of businesses are growing in the industry.
According to him, ome figures from the second quarter of the year indicate that the banking industry will experience a rebound as activities normalize.
“We would hope for a rebound, no one would pretend that it’s an easy economical climate to work in the country at the moment. We are very hopeful,” he said.
Pointing out some measures that may influence a rebound, Mr. Opuni stated that the relative stability of the power crisis and the confidence of business owners in the banking system are all indicators of growth in the future.
“We think there are a lot of things being done in the country and we are hopeful things will improve this quarter. We are working ourselves to improve the figures. I think the sector will see some rebound,” he assured.
He was of the view that, one of the key things in the banking industry that would influence growth is economic stability, hence the need to pursue good economic policies to positively influence business output.
“One of the key things in the banking industry is the stability of the economy, confidence of consumers, and confidence of business people,” he stressed.
Mr. Opuni stated that Fidelity Bank Ghana has undertaken its own forecast and is optimistic of achieving its target for the next six months before the year comes to a close.
“We have made our own forecast specifically for the rest of the year and we believe that we are working hard along that line to achieve our target,” he said.
By: Lawrence Segbefia/citibusinessnews.com/Ghana