Two new banks coming soon – Banking Consultant reveals

By InstinctBusiness Dec 9, 20210

A Banking Consultant, Nana Otuo Acheampong has revealed that there could be two new banks joining the banking industry soon. This is coming after completion of the banking sector clean-up, almost two years ago.

Though he did not mention names, he says the banks are presently working around the clock to secure banking license from the Bank of Ghana.

“As we speak, we know that one or two banks are in the offing, trying to secure license to operate. I’m sure that the regulator will not bar them as long as they meet the regulatory conditions.”

“Because of the resilience that we have in the market, the increasing profitability, the good sovereignty that we have, the banking industry has become very attractive for others to join and they’re most welcome”, Nana Otuo Acheampong said.

As to when they will be given the banking license to start banking business, the Banking Consultant said as far as they meet the banking regulatory requirement, they’ll be given the Tier 1 License to operate.

The requirement, he, said “it ranges from 6 months to a year, one and half year, depending on how prepared the applicants are because the regulator has set a condition on its website. So, if you meet those conditions and the application is efficiently submitted, then you can efficiently get the license.”

There are presently 23 banks operating in the Ghanaian banking industry after a clean-up of the industry.

Banks profit in 8-months grows by 27.4% to ¢3.17bn in August 2021

Profitability performance of the banking sector remained robust in August 2021 as the 23 banks operating in Ghana registered growth rate of 27.4%, higher than the 19.2% recorded a year ago.

According to the September 2021 Banking Sector Development Report, the banks registered ¢3.17 billion profit in August 2021, compared with ¢2.72 billion during the same period last year. This signaled recovery in the Ghanaian economy.

The report said the higher growth outturns for key income lines of banks relative to the same period last year, contributed to the strong profit performance during the review period.