Kufuor Opens Bank Account
By Daily Guide - Daily Guide Business/Finance | Wed, 26 Mar 2008
| 
 "CHRISTIANS" YOU CAN JUDGE THE QUALITY OF THIER FAITH FROM THE WAY THEY BEHAVE. - By: K.OWARE - Hamburg  |
PRESIDENT JOHN Agyekum Kufuor, after launching a new bank in Accra yesterday, became its first customer when he opened a GH¢50 personal account.
The Libyan bank, Banque Sahelo-Saharienne Pour L'Investissement et Le Commerce, popularly known as BSIC, is the second bank after the Bank of Baroda of India, to be licensed this year to operate in Ghana.
BSIC Ghana Limited is the bank's 12th international branch on the African continent.
After unveiling the plaque and inspecting the interior of the beautiful edifice situated on the Kwame Nkrumah Avenue at Adabraka in Accra, the President then said: “Now, let me open an account here as the first customer.”
Mrs. Amo-Mensah, an official of the bank, then handed out some application forms to the Number One Citizen and assisted him to fill-in.
President Kufuor, who was visibly happy that his persistence for the bank's establishment in Ghana had finally paid off, hoped BSIC Ghana, with an initial capital of $10 million, would be a force to reckon with in the banking industry.
“Over the last couple of years, the banking system has seen new entrants but the degree of competition in their pricing still remains weak. Lending rates are still high. I hope the presence of BSIC Ghana will generate such competition as will lead to lower rates,” he noted.
The President appealed to the bank to attach maximum significance to the funding of micro, small and medium scale enterprises which constitute more than 90 percent of the country's private sector.
“Capturing the sector is therefore capturing the larger share of the market.
“Government appreciates why hitherto the sector has been perceived as a high risk area by banks. It is hoped that the passage of the Credit Reporting Act will help develop appropriate credit infrastructure with the requisite security and thereby enhance financing to this critical area.”
President Kufuor, who hoped BSIC Ghana's impact on the economy would be 'phenomenal', was extremely pleased with the bank's decision to assist the country to develop major agro-processing companies through medium and long-term funding. That decision, he said, would “further the nation's export diversification programme”.
He called for close co-operation among African nations “to survive in the competitive global economy.”
In his view, even though much had already been achieved, there still was more “to do to change the circumstance of the people for the better.
“Clearly, this cannot be done by the government alone. This is why the African Union, through the New Partnership for Africa's Development (NEPAD), is focusing on private sector development to partner the public sector for accelerated development”.
The Board Chairman of the Bank, Al-Hadi Alwarfalli commended Mr Kufuor for putting Ghana on the map of fast growing economies in the world.
Dr Paul Acquah, Governor of the Bank of Ghana; Akwasi Osei-Adjei, Minister for Foreign Affairs; and Prof. George Gyan-Baffour, Deputy Minister of Finance and Economic Planning, took turns to address the gathering.
But for providence, the beauty of the ceremony would have been marred as a giant metal billboard, about the height of a three storey-building, collapsed at about 10:25 am, compelling people seated near it to dive for cover. Fortunately, all those within its vicinity escaped before it fell thunderously on an information van, belonging to the Ministry of Information and National Orientation.
By Sylvanus Nana Kumi
The Libyan bank, Banque Sahelo-Saharienne Pour L'Investissement et Le Commerce, popularly known as BSIC, is the second bank after the Bank of Baroda of India, to be licensed this year to operate in Ghana.
BSIC Ghana Limited is the bank's 12th international branch on the African continent.
After unveiling the plaque and inspecting the interior of the beautiful edifice situated on the Kwame Nkrumah Avenue at Adabraka in Accra, the President then said: “Now, let me open an account here as the first customer.”
Mrs. Amo-Mensah, an official of the bank, then handed out some application forms to the Number One Citizen and assisted him to fill-in.
President Kufuor, who was visibly happy that his persistence for the bank's establishment in Ghana had finally paid off, hoped BSIC Ghana, with an initial capital of $10 million, would be a force to reckon with in the banking industry.
“Over the last couple of years, the banking system has seen new entrants but the degree of competition in their pricing still remains weak. Lending rates are still high. I hope the presence of BSIC Ghana will generate such competition as will lead to lower rates,” he noted.
The President appealed to the bank to attach maximum significance to the funding of micro, small and medium scale enterprises which constitute more than 90 percent of the country's private sector.
“Capturing the sector is therefore capturing the larger share of the market.
“Government appreciates why hitherto the sector has been perceived as a high risk area by banks. It is hoped that the passage of the Credit Reporting Act will help develop appropriate credit infrastructure with the requisite security and thereby enhance financing to this critical area.”
President Kufuor, who hoped BSIC Ghana's impact on the economy would be 'phenomenal', was extremely pleased with the bank's decision to assist the country to develop major agro-processing companies through medium and long-term funding. That decision, he said, would “further the nation's export diversification programme”.
He called for close co-operation among African nations “to survive in the competitive global economy.”
In his view, even though much had already been achieved, there still was more “to do to change the circumstance of the people for the better.
“Clearly, this cannot be done by the government alone. This is why the African Union, through the New Partnership for Africa's Development (NEPAD), is focusing on private sector development to partner the public sector for accelerated development”.
The Board Chairman of the Bank, Al-Hadi Alwarfalli commended Mr Kufuor for putting Ghana on the map of fast growing economies in the world.
Dr Paul Acquah, Governor of the Bank of Ghana; Akwasi Osei-Adjei, Minister for Foreign Affairs; and Prof. George Gyan-Baffour, Deputy Minister of Finance and Economic Planning, took turns to address the gathering.
But for providence, the beauty of the ceremony would have been marred as a giant metal billboard, about the height of a three storey-building, collapsed at about 10:25 am, compelling people seated near it to dive for cover. Fortunately, all those within its vicinity escaped before it fell thunderously on an information van, belonging to the Ministry of Information and National Orientation.
By Sylvanus Nana Kumi
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