Ahead of election verdict: Bank of Ghana refutes ‘massive’ cash withdrawal claims

Ghana’s central bank has indicated that there has not been massive cash withdrawals at banks in recent times as the Supreme Court prepares to give verdict on the election petition case.

Media reports early this week suggested that there have been what appears to be heavy withdrawals of money by customers.

Responding to such reports, Governor of the Bank of Ghana (BoG), Dr Kofi Wampah said the central bank has not picked or received such information.

“For withdrawal of deposits and withholding of credit, nothing has come to the Bank’s  knowledge,” Dr Wampah told the press July 31, 2013.

“We are not aware of that,” he stated adding that, rather the assets of banks in the country are growing mainly due to customers’ deposits.

Figures from the BoG showed the total assets of the banking sector increased to GH¢30.6 billion as at the end of June 2013, compared with GH¢24.6 billion in June 2012.

“The asset growth was mainly funded by deposits which recorded an annual growth of 13.3% to GH¢20.4 billion at the end of June 2013,” the BoG said in a Monetary Policy Committee (MPC) press statement issued July 31, 2013.

The opposition New Patriotic Party (NPP) is challenging the results of the 2012 December polls which elected President John Mahama.

The election case is nearing conclusion.

Dr Wampah maintains his belief that the election case is not having any effect on the sector.

He said “whatever decisions or results, business will still go on.”

By Ekow Quandzie