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    Home»Business»Consumer confidence in economy picks up – BoG
    Business

    Consumer confidence in economy picks up – BoG

    ZamZam UpdateBy ZamZam UpdateFebruary 2, 2025No Comments3 Mins Read
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    The boldness companies and shoppers have within the financial system picked up within the latter a part of 2024 on the again of the improved macroeconomic condi­tions within the nation, the Financial institution of Ghana (BoG) has stated.

    “The most recent confidence surveys performed in December 2024 confirmed an enchancment in each shopper and busi­ness confidence. Client confidence improved largely on account of optimism about future financial situations,” the Goversnor of BoG, Dr Ernest Addison, has said.

    Talking on the 122nd Mon­etary Coverage Committee (MPC) press convention in Accra on Monday to announce a brand new pol­icy price, Dr Addison, who chairs the MPC, stated enterprise confi­dence additionally picked up as corporations met their short-term targets and expressed constructive sentiments about firm and business prospects in keeping with bettering macroeconomic situations.

    On the Monday’s assembly, the MPC maintained the coverage price for 3 consecutive instances at 27 per cent, citing improved macro­financial situations and constructive progress of the financial system.

    “Ghana’s Buying Man­agers’ Index (PMI), nevertheless, declined to 49.4 per cent in De­cember 2024 from 52.5 per cent within the earlier month, largely attributable to a slowdown in corporations’ opera­tions throughout the election interval,” he burdened.

    The Governor said that pri­vate sector credit score progress contin­ued to extend in direction of pre-2022 macroeconomic disaster ranges, albeit slowly.

    “The nominal progress within the non-public sector credit score elevated to 26.3 per cent in December 2024 from 10.7 per cent recorded within the corresponding interval of 2023. In actual phrases, credit score to the non-public sector elevated by 2.0 per cent relative to a ten.2 per cent contraction recorded over the identical comparative interval within the earlier 12 months,” the Chairman of MPC stated.

    On the banking sector, the Governor said that the banking sector continued to be worthwhile, well-capitalised and liquid.

    “Belongings of the banking sector grew by 33.8 per cent in 2024. Capital Adequacy Ratio (CAR) with reliefs grew marginally to 14.0 per cent in December 2024 from 13.9 per cent in December 2023. Nevertheless, CAR with out reliefs rose to 11.3 per cent in December 2024, increased than the 8.3 per cent recorded in Decem­ber 2023. Income went up in 2024 relative to 2023, however the tempo of progress slowed, ensuing within the moderation of profitability indicators throughout the interval,” the Chairman of MPC defined.

    Furthermore, Dr Addison said that the elevated credit score threat remained the principle upside threat to the banking sector.

    “The business’s Non-Carry out­ing Loans (NPL) ratio elevated to 21.8 per cent in December 2024, up from 20.6 per cent in December 2023.

    Dr Addison additionally indicated

    • A few of the contributors within the maiden occasion listening to a presentation
    •  that he was of the hope that the excessive NPL ratio would come down when the financial system improved.

    He stated the excessive NPL was on account of the macroeconomic difficulties the financial system went by within the earlier years.

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