The Financial institution of Ghana registered a revenue of ¢1.57 billion final yr in comparison with the ¢1.80 billion recorded in 2019, its 2020 Annual Report has revealed.
The administrators of the Central Financial institution nonetheless, didn’t suggest dividend to be paid to the shareholder (authorities). In 2019, it additionally didn’t pay dividend.
The report mentioned “the administrators have assessed the flexibility of the Central Financial institution to proceed as a going concern. The administrators, due to this fact, have an inexpensive expectation that the financial institution has sufficient sources to proceed in operational existence for the foreseeable future. Thus, the going concern foundation has been adopted in getting ready the annual monetary statements of the Financial institution and the Group.”
An quantity of ¢403.37 million (2019: ¢1.24 billion) has nonetheless been put aside as permitted appropriations from reserves for contingencies, emergency interventions, common objective loans, and others.
The report mentioned regardless of the COVID-19 pandemic, the Central Financial institution had ensured that every one key/important capabilities and actions continued to function, with none having been disrupted thus far.
“Ghana has a robust and resilient banking system with sufficient ranges of capital and important liquidity buffers to successfully handle the dangers they face from the pandemic. The Basel framework, round which the financial institution’s laws are structured, supplies for built-in capital and liquidity buffers for banks to attract on throughout occasions of monetary stress”, the report identified.
“Nevertheless, the COVID-19 pandemic created liquidity strains in varied funding markets, which necessitated a overview of the cash market liquidity administration technique. Subsequently, along with the measures taken by the Authorities of Ghana to comprise the influence of the COVID-19 pandemic, the Central Financial institution has deployed financial and monetary stability coverage instruments to additional mitigate the COVID-19 pandemic’s influence on the Ghanaian economic system”, it harassed.
In 2020, the Financial institution of Ghana donated an quantity of GH¢10 million to the Nationwide COVID-19 Belief Fund to assist the nation’s effort in the direction of the battle in opposition to the pandemic.
It additionally donated GH¢10 million to the Personal Sector COVID-19 Fund for the completion of a brand new Infectious Illnesses Remedy Centre at Ga East, Accra to assist in the administration of important COVID-19 circumstances.
It concluded, saying, the Central Financial institution will proceed to observe the insurance policies and recommendation of assorted nationwide establishments and, on the similar time, proceed its operations in one of the best and most secure manner attainable with out jeopardising the well being of its workers.