Despite the trauma and job losses caused by the failure of several small Ghanaian banks, the sector now looks stronger with credit growth likely to accelerate
Ghana is slowly emerging from its worst banking crisis ever. Several times this year depositors massed in the branches of insolvent banks wanting to take their cash, despite assurances from central bank governor Ernest Addison that their money was safe. Some fixed-term depositors even approached the newly formed Consolidated Bank to redeem their investments, unsuccessfully.
Panic withdrawals also hit local banks that had not been declared insolvent, such as Premium Bank, GN Bank and Heritage Bank, as customers speculated the banks would soon be closed down. So serious was the situati…
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