Bank of Ghana Report Shows That Banks Withstand COVID-19 Shocks, SDIs Hit Hard

A new report by the Bank of Ghana (BoG) has indicated banks have been able to withstand the COVID-19 pandemic. However, Specialized Deposit-Taking Institutions (SDIs) such as Savings and Loans Companies and Microfinance firms have been hit hard.

In a report by the BoG for the first quarter of 2020, that is from January to May, it showed that Ghana’s financial sector recorded an increase in cash withdrawals largely due to the pandemic and its impact. “The banking sector’s performance remains strong, but there are emerging signs of the impact of COVID-19 on the industry’s performance as evidenced by the 2020 first-quarter trend.”