Foreign Banks Flock To Ghana

Dr Kofi Wampah – BoG Governor

A number of foreign banks are racing into the country to catch up with their major clients, most of whom are currently doing business in Ghana.

Among the latest to join the list is JP Morgan, one of the biggest banks in the USA. It has secured license from the Bank of Ghana (BoG) to open a representative office in the country.

The approval, which was secured in December, last year, makes JP Morgan the second US financial institution to establish a presence in Ghana following Citi Bank.

JP Morgan is a leader in financial services with comprehensive global service platforms.

Also considering proposals to establish a representative office in Ghana is one of the biggest financial institutions in the world, HSBC.

Andrew Dell, Vice President of HSBC's Africa Operation, who disclosed this to Vice President Paa Kwesi Amissah Arthur, on the sidelines of the World Economic Forum in South Africa, said some of the bank's big customers now have a presence in Ghana and therefore it was important for the bank to establish a representative office in Ghana to attend to them.

HSBC has been financing some government projects and deals over the years in Ghana in addition to supporting COCOBOD to finance the purchase of cocoa beans from farmers.

HSBC was adjudged the world's largest bank in 2012 in terms of assets by the Forbes Magazine.

Another banking giant in Europe, Deutsche Bank AG, also indicated plans to open a sales office in Ghana as part of its expansion in Africa.

Charles Weller, the bank's Country Head for Nigeria, stated this at the World Economic Forum in Cape Town, South Africa recently.

He said Deutsche Bank was looking at its African strategy, especially how to merge countries like Kenya and Ghana into the Nigerian operations.

Deutsche Bank is focusing on international payments and trade finance in West Africa.

The Frankfurt-based lender is also considering asset management and wealth management in Nigeria.

Deutsche Bank, which has an office in Johannesburg, is joining lenders, including Barclays PLC and Citigroup Incorporated to establish a presence in Africa, which has recorded economic growth rates of more than 5 percent.

 By Samuel Boadi