The Minister of Finance and Economic Planning, Mr. Kwadwo Baah Wiredu, has said that the influx of foreign banks into the country is an indication of trust and confidence investors have in the banking sector in the country.
According to him, the stability of the economy in recent times has created a congenial atmosphere for the banking sector, thereby attracting more financial institutions to choose Ghana as their business destination.
Another factor that has made it possible for more banks to spring up in the country is the increasing saving habit the people have developed.
In a speech read for him by his deputy, Professor Baffuor Gyan, at the official opening of the Kumasi branch of the UniBank, Mr. Baah Wiredu called on commercial banks to take advantage of the stability of the Bank of Ghana's prime rate to minimize their lending rate and interest charges on loans granted to their customers.
He noted that the present economic stability should serve as an economic index for the banks to reduce their interest on credit facilities to their clients.
Opening of the new branch in Kumasi by the bank, which has brought to 7 the number of its branches in the country, according to the minister, has helped to create competition and improved financial assistance to people.
He stressed the need for other banks to make available flexible loan scheme to attract more customers.
He called on UniBank to be more innovative by fashioning out new products to encourage more clients to transact business with them.
The Deputy Governor of the Bank of Ghana, Dr. Mahamadu Bawumia, said the BOG was geared towards ensuring a conducive atmosphere to stabilize macro economic to enhance accelerated economic growth.
He explained that the sound economic policies being implemented by the country have contributed significantly to the success in the financial sector, adding that the banking system in the country has been vibrant in the last couple of years.
The board chairman of the bank, Dr. K Kwabena Duffuor, said that the success of the bank was a key testimony of how indigenous people could come together to strengthen the nation's economic base.
The Juabenghene, Nana Otuo Serebour, who deputized for Ashantehene, Otumfuo Osei Tutu II, urged the management of the bank to build confidence and trust between themselves and their clients.
He asked them to strive hard to fast track their operations especially those associated with preparing documents to grant customers loans in order not to lose customers.
Credit: The Enquirer