The advent of COVID-19 disrupted business operations and caused various economic depressions of varying scales.
Banking sector in Ghana
The banking sector in Ghana was well on its way to experiencing the devastating impact of the COVID virus. However, the sector remained robust and formidable.
According to the Bank of Ghana’s report for 2020, the banking sector “remained well-capitalized, liquid, and profitable with strong buffers to withstand the adverse economic shocks resulting from the COIVD-19 pandemic.”
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The report further stated that the BoG instituted several “prudential directives and provided regulatory reliefs to enhance the sector’s ability to effectively deal with the effects of the pandemic on the broader economy.”