The 2016 Banking and Survey report has shown that total deposits for commercial banks in the country increased to GHS42.3billion by the end of December 2015.
The figure increased from GHS36.2billion in the previous year, representing a 17 per cent jump over the one-year period.
The study conducted by PricewaterhouseCoopers attributed the rise to the quest by commercial banks to drive deposit mobilisation as a result of intense competition from non-bank deposit-taking institutions.
According to the report, current account deposits accounted for 48 per cent and 15 per cent of all deposits. The figure increased from the 2014 figures of 47.0 per cent.
Call deposits also represented 8.0 per cent of the industry deposits, from the 6.0 per cent in 2014. The proportion of time and fixed deposits was, however, maintained at 23.0 per cent.
Meanwhile, deposits from other banks reduced from GHS3.8billion in 2014 to GHS2.9billion in 2015 as banks held relatively higher levels of liquid assets to meet their operational needs. The industry liquid assets increased to GHS12.6billion at December 2015 from GHS11.6billion as of December 2014.
Source: Ghana/AccraFM.com
