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20.08.2009 Business & Finance

Vice President Mahama Inaugurates New Bank In Ghana

20.08.2009 LISTEN
By ISD (G.D. Zaney)

Vice President, Mr. John Dramani Mahama
The presence and dominance of the Ghanaian financial services sector by Nigerian investors may be a signal of a new awakening by the formal private sector to the opportunities that exist in the integration of the West African sub-region.

The Vice President, Mr. John Dramani Mahama, who made this observation in a keynote address at the inauguration of Access Bank (Ghana) Limited, in Accra yesterday, indicated that regional integration will, therefore, not be achieved just by the ratification of protocols, but by the sheer force of the demand by the private sector to take advantage of opportunities in each other's countries and a desire to do business with each other.

While commending Access Bank for its determination to play an active role in key sectors of the Ghanaian economy, such as oil and gas, telecommunications, construction, cocoa and the manufacturing sector, to propel growth and create wealth for local business and individuals, Mr. Mahama urged the Bank to also partner with Government in the development of the small and Medium Enterprises (SME) sector.

In addition, the Vice President said, Access Bank must be at the forefront of efforts to improve the cumbersome payment system within the West African sub-region, as well as assist in the creation of stronger banks by way of mergers to facilitate the free movement of capital, and develop a bigger capacity to finance the accelerated growth of the sub-region's economy.

In a statement, the Governor of the Bank of Ghana, Dr. Paul Acquah said Access Bank's entry into the Ghanaian banking system is a sign of confidence that investors have in the economy in general and the banking sector in particular.

Dr. Acquah stressed the need for a commitment to good corporate governance and accountability on the part of Boards and Management of banks, with risk management and strategy as their major responsibility.

He expressed the hope that Access Bank (Ghana) Ltd. will add to the strength of the banking sector in terms of financial might and innovation in products and services.

On his part, the country Managing Director of Access Bank, Mr. Daniel Akaba, pledged the Bank's commitment to socio- economic development and empowerment in every area of its operations and in partnering the people and Government to actualise the development needs of Ghana.

Mr. Akaba said the Bank will facilitate access to advisory support and funding by large, medium and small scale enterprises, so as to promote their development and contribution to the overall growth of the Ghanaian economy.

In his address, the Boark chairman of Access Bank (Ghana) Limited, Mr. Herbert  Wigwe, disclosed that Access Bank Plc is in partnership with international multi-lateral institutions, noticeable  among which is a multi-million dollar facility with the International Financial corporation (IFC), the private arm of the World Bank.

This facility, Mr. Wigwe said, is an initiative for the development of women owned businesses under the Gender Empowerment Programme.

Access Bank (Ghana) Limited is a subsidiary of a strong and stable financial services group with a visible presence on the African continent and in the European Union, particularly the United Kingdom.
The Bank is described as the fastest growing bank on the African continent, having grown consistently at a triple-digit growth rate year-on-year over a six-year period.

At the end of 2008, Access Bank Plc was ranked among the world's top1000 banks rating number 359 (in terms of capital) and the 11th in Africa by the Financial Times of London, the Banker Magazine and the African Banker Magazine, respectively.

Access Bank has shareholder funds in excess of US $16 billion, as at March 31, 2009.

The Bank has started business in Ghana with an initial capitalisation of GHC 80 million (as at July 31, 2009) which is in excess of the new mandatory minimum capital requirement of GHC60 million for universal banking business.

Prior to the Bank's inauguration in Ghana, Access Bank Plc has been operating in The Gambia, Sierra Leone, Rwanda, The Democratic Republic of Congo, Burundi, Zambia and the United Kingdom.

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