The banking sector remained "stable, sound, liquid and profitable", even as banks "continue to adjust to the impact of the Domestic Debt Exchange Programme", the Bank of Ghana has said. 

At the last monetary policy committee meeting on Monday, 27 November 2023, Governor Ernest Addison said: "The sector’s capital adequacy levels remained above the minimum regulatory level with regulatory reliefs, with most banks carrying excess liquidity".

Meanwhile, the industry’s non-performing loans (NPL) ratio increased to 18.3 per cent in October 2023, from 14.0 per cent in October 2022 – and 15.7 per cent in January 2023 – reflecting elevated credit risk associated with the lagged effects of the macroeconomic crisis of 2022. 

However, Dr Addison said "profitability continues to improve as banks continue to invest in high yielding short-dated BOG and GOG instruments". 

The banking sector, he pointed out, "showed some resilience as the various stress tests on banks’ capital, following adverse macroeconomic shocks, pointed to stability."