21
Dec
Credit risk remained elevated during the third quarter of 2023, reflecting the sharp increase in the stock of non-performing loans in the banking industry, which translated into a higher NPL ratio. According to the Bank of Ghana’s November 2023 Monetary Policy Report, the stock of gross loans and advances (domestic and foreign) contracted between October 2022 and October 2023, reflecting a slowdown in new lending by banks and the effect of the appreciation of the Ghana cedi on the outstanding loan balance during the review period. Therefore, gross loans declined by 9.5% to ¢73.5 billion at end-October 2023, compared to…