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Business News of Wednesday, 5 December 2012

Source: Nana Boakye-Yiadom

Election 2012: Massive withdrawals hit banks

If you want about GHC10, 000 from the bank, you have to at least give a day’s notice as massive withdrawals hit banks ahead of Friday’s elections.

Citi Business News checks today have revealed that many bank customers are emptying their accounts.

It is unclear yet whether this is as a result of uncertainties about the elections or the impending Christmas festivities.

One of the customers who spoke to Accra based Citi FM on condition of anonymity said: “My bank refused to give GHC20, 000 yesterday. They only managed to give me my money this afternoon, and even that was with the help of the branch manager”.

A Market Analyst with Chapel Hill Denham Securities in Accra, Nii Nartei Nartey also observed that “deposits are fast reducing” and this is expected to continue till at least after two weeks.

Meanwhile, activities on the capital market are also said to be very slow as against analysts’ expectations. They believed that because the risks associated with this year’s elections are low, they expected market activity to be better than they witnessed four years ago.

Most of the local investors are holding their money in fixed income instruments which are still very attractive.

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