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The concept of banking crises is a global phenomenon and many nations of the world has suffered one or more banking crises. The economy of Ghana in recent times has been greatly shaken due to the banking crises that has overwhelmed it’s banking sector. Over the past decade, Ghana has been hit by diverse banking crisis that has seen some banks and savings and loans institutions being collapsed with many others also being consolidated. This paper outlines the main causes of the banking crises that occurred in Ghana, such as poor corporate governance and high non-performing loans. The study revealed that the banking crisis that Ghana suffered recently could very well be avoided if the regulatory body – Bank of Ghana performed its duties effectively and efficiently. From the study, it can be concluded that if the “banks in question” practiced a well vexed internal control system – the crisis could have been averted or reduced to the barest minimum.
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In-Text Citation: (Dwamena & Yusoff, 2022)
To Cite this Article: Dwamena, K. O., & Yusoff, M. E. (2022). Banking Crisis in Ghana: Major Causes. International Journal of Academic Research in Accounting Finance and Management Sciences, 12(3), 406–418.
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