Ghana: banks to go back to normal after COVID-19

In 2020, most financial institutions (32 percent) in Ghana revealed that they would be able to return to business as usual in the two years following or beyond. This was reported in a survey conducted during the coronavirus (COVID-19) post crisis phase after March 2020, which assessed the impact of the pandemic on banks in Ghana. Close to this share (31 percent) were those banks that stated that they would return to normal business in a year. Furthermore, 25 percent of the surveyed entities offering financial services said that they would bounce back to business immediately. Overall, the source finds that the COVID-19 outbreak significantly affected bank credit operations.

Time needed for banks to return to 'business as usual' during the coronavirus (COVID-19) post crisis phase in Ghana in 2020

Characteristic	Share of respondents
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Release date

August 2020

More information

Region

Ghana

Survey time period

2020

Number of respondents

16 bank executives

Method of interview

Questionnaire and personal interview

Supplementary notes

In the survey, bank executives from 16 banks in Ghana were asked the following question: "How long will it take your bank to go back to ‘business as usual’?"

The source adds the following information:
"In conducting the survey, we used the term ‘COVID-19 crisis’ or ‘the crisis phase’ to refer to the period during which the Government of Ghana like most other governments instituted restrictions to movement of people including closure of various establishments to allow for key actions, some of preparatory nature, to be taken to fight the health aspects of the pandemic.
We used the expression ‘post crisis phase’ to refer broadly to the period that followed the easing of restrictions in which establishments, particularly businesses, were allowed to operate while taking the necessary precautions. The ‘pre-COVID’ period represents the period to March 2020; just before the crisis phase set in."

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