The total assets of the banking industry stood at GH¢209.4 billion in December 2022, representing a growth of 16.4 per cent, Bank of Ghana Governor, Dr Ernest Addison has said.

It reflects “sustained growth in deposits and exchange rate variations on banks’ balance sheets”, Dr Addison said at the central bank’s Monetary Policy Committee meeting.

Total investments declined significantly to GH¢64.8 billion in December 2022 from GH¢83.1 billion in December 2021, indicating a contraction of 22.1 percent, compared with the 29.0 percent growth in the same period a year before.

Total credit, on the other hand, increased by 28.5 percent to GH¢69.1 billion in December 2022 from GH¢53.8 billion in December 2021.

“Of the total liabilities of the banking system, total deposits stood at GH¢157.9 billion, representing an increase of 30.4 percent year-on-year, compared with 16.6 percent recorded during the same period in 2021”, the Governor noted.