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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

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    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

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    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

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    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

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    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

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Private sector accounts for 98% of banks’ NPLs – BoG report

bycitibusinessnews
June 12, 2017
in Banking And Finance, Government, Local Economy, Top Stories
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The banking industry’s stock of Non-Performing Loans (NPLs), increased by 24.5 percent between April 2016 and April 2017, the Bank of Ghana’s latest banking sector report has shown.

The industry’s NPL went up from 5.74 billion cedis in April 2016 to 7.15 billion cedis in April 2017.

According to the report, the private sector accounted for as much as 97.5 percent of banks’ Non-Performing Loans in April 2017.

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This represents a 12 percent increase from the 86.9 percent recorded in the same period in 2016.

A further breakdown of the debts accounted for by the private sector also revealed that indigenous enterprises accounted for a significant share of 78.9 percent.

The private sector contributed to the high NPLs despite the fact that its share of credit offered by banks dropped from 86.6 percent to 86.3 percent between April 2016 and the same period in 2017.

Meanwhile, the proportion of banks’ Non-Performing Loans attributable to the public sector dropped to 2.5 percent in April 2017; from 13.1 percent in April 2016.

This the Central Bank attributed to the restructuring of the Tema Oil Refinery (TOR) and Volta River Authority (VRA) debts owed the banks.

Also, the share of NPLs accountable by households was 5.6 percent in April 2017; from the 7.6 percent in April 2016.

However, the three sectors that accounted for the greater proportion of banks’ credit and contributed the highest to NPLs were commerce and finance, services and electricity, gas and water sectors.

For commerce and finance, its share of NPLs dropped from 41.3 to 38.3 percent over the period under review.

The electricity, gas and water sectors accounted for 15 percent of the total NPLs though the sector received 13 percent of banks’ credit.

The services sector contributed 12.8 percent of banks NPL stock after receiving 17.9 percent of total credit in April 2017.

Together, the NPLs of the three sectors represented 66.2 percent of the total NPLs of the banking sector during the review period.

Credit portfolio

According to the Bank of Ghana, the private sector remains the largest recipient of banks’ credit.

Its share declined marginally to 86.3 percent from 86.6 percent in April 2016.

The bank’s share of credit to households declined to 14.2 percent in April 2017 from 15.4 percent over the review period.

The share of the bank credit to government and public institutions increased to 6.4 percent from 4.7 percent.

Credit to public enterprises however declined to 7.4 percent from 8.7 percent during the review period.

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

 

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