Non-Performing Loans (NPLs) (loans on which the borrowers are not making interest payments or repaying any principal) of commercial banks in Ghana as of June 2017 hit GHS7.96 billion, the Bank of Ghana has announced in its latest banking stability report.
The figure went up from GHS6.09 billion recorded in the same period in 2016.
The NPL ratio also went up hitting 21.2 per cent from the 18.8 per cent recorded in the same period last year due to debt owed the private sector.
The public sector’s contribution to the NPLs declined from 12.7 to 5.1 per cent between June 2016 and the same period this year.
BoG attributes this to the restructuring of Tema Oil Refinery and Volta River Authority debts during the review period.
The agriculture, forestry and fishing sector recorded the highest proportion of its loans (39.3 per cent) being classified as non-performing as of the end of June 2017.
It was followed closely by the commerce & finance sector with 30.3 per cent.
A Freelance Journalist, Entrepreneur and Philanthropist. Editor-in-Chief of www.233times.com. A contributory writer for Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. He holds first degree in Bachelor of Arts from the University of Ghana; Political Science (major) and History (minor). He has also pursued MSc Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) at the Robert Gordon University in the United Kingdom. His mentors are Rupert Murdoch, Warren Buffet, Sam Jonah, Kwaku Sakyi Addo and Piers Morganview all posts by: Nana Kwesi Coomson
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