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Bank of Ghana tells country's banks to submit detailed plans to tackle bad loans

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Bank of Ghana tells country's banks to submit detailed plans to tackle bad loans

Taking a serious view of Ghanaian banks' rising nonperforming loans, which stood at 21.6% in the period ending October, the Bank of Ghana has asked the country's 32 banks to submit plans detailing how they will address the issue, Graphic Business reported, citing unnamed sources.

"They [the central bank] were very concerned about the total NPLs position in the industry, which is still high, and they want us to present our plans as to how we will reduce them," the source said.

"The plans should be name by name for each of the banks. Each bank is to submit their nonperforming asset [detailing] line by line customer reduction plans," the source added. A second source noted that the directive was intended to show that the central bank was taking the problem seriously.

The directive was issued during a meeting between Ernest Addison, the governor of the central bank, and CEOs and senior management of banks, according to the report.