The Ghana Association of Bankers has disclosed that over GHC2.5 billion in loans has been approved by various banks in the country in the midst of COVID-19.
This approved amount is meant to primarily support businesses sustain their operations despite the impact of the pandemic.
Providing details about the approved facilities, Deputy Chief Executive Officer of the Association, John Awuah noted that
“…there is GHC2.5 billion in new committed lines, apart from the drawn facilities, facilities that banks have now approved in the middle of COVID and as at June 19 it was about GHC2.5 billion.”
“Primarily it has gone to productive areas. We have had big focus on pharmaceuticals, when it comes to restructuring the beneficiaries have mostly been in the leisure industry because they have been one of the hardest hit, transport businesses, aviation and the likes…even from households and individuals,” he added.
John Awuah explained the approved facilities are in addition to about GHC3.5 billion that had been approved and already disbursed largely to businesses between March and mid-June this year.
“There is 3.5 billion in new lending i.e during COVID, in the heat of the pandemic, between March and June had given out in excess of 3.5 billion” andding that “There was GHC3 billion in liquidity that should have come into the banking environment that the banks said we have re-profiled – we have extended or given a moratorium”.
He said banks are addressing the concerns of all stakeholders and are putting in place measures to serve all customers equally.
He assured that due diligence is being done to ensure that the money goes to productive sectors and areas that are most likely to generate more revenue to be able to payback.
“We are coming from history so what banks are doing is that lending is done with their eyes properly opened and the money is going where it is supposed to go” he noted.