No need to keep your money at home, the banking sector is now resilient – Professor Isaac Boadi

The Dean of Accounting and Finance at the University of Professional Studies, UPSA, Professor Isaac Boadi, has urged Ghanaians to keep their monies in the banks instead of their homes.

Appearing on Atinka TV’s Agenda Show on Thursday, 15 August 2024, Professor Boadi stated that the banking sector is stronger now than it used to be and, therefore, the practice of keeping money at home is risky. He referred to the recent report from the World Bank as a clear indication that the sector is healthy today.

“It makes little sense keeping monies at home since the World Bank has given the banking sector a clean bill of health” Professor Isaac Boadi indicated.

According to Professor Boadi, local banks today are well-grounded to withstand any crisis, per the numbers of the World Bank.

“Majority of the banks are strong enough to avoid recapitalization. More than half of the 23 Ghanaian banks are well positioned to avoid the need for recapitalization, according to the World Bank’s latest report” he added.

He stated further that huge corporations can rely on these banks for financial support, thereby enhancing economic activities and boosting the country’s GDP.

The accounting and financial expert added that the report from the World Bank has positive implications on the economy including interest rates going down, economic activities expanding and improving the living conditions of the people.

“Ghana’s economic prospects remain strong and resilient. Things are improving even though we cannot say that all the challenges have been overcome. The future is more than bright” he stated.

At their 8th economic update, the World Bank has reaffirmed the position that the Ghanaian banking sector is now stronger and better capitalized and has the capacity to withstand any shocks whether internal or external.

Reporting by Wilberforce Asare in Accra

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