Banks likely to give out more loans, be vigilant on them – BoG told

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Banks likely to give out more loans, be vigilant on them – BoG told

An investment analyst Patrick Abankwah Baah has noted that banks are likely to give out more loans as a way of generating revenue to deal with the ravages of the coronavirus pandemic.

To that end, he said, the Bank of Ghana (BoG) must keep an eye on them to ensure that they do not give out bad loans to customers.

If this happens, he said, it the country will go through another avoidable banking clean up exercise.

He told TV3 in an interview that at the moment the banks are liquid to provide financial assistance to customers.

However, he said, this must be done with the framework of the banking regulations.

“I am foreseeing the confidence of Ghanaians and investors in the in the banking sector to be increasing as the years go by.

“One of the areas that banks will have to use to make revenue is to give out loans and that is where banks will have to be careful otherwise we might end up giving loans to people who don’t deserve and we will get back to what led to the collapse of some banks which is bad loans.

“That is where we will also need then Bank of Ghana to be more vigilant.”

By Laud Nartey|3news.com|Ghana

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