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12.05.2008 General News

Pay Attention To ‘On The Spot Cash Collection’ - MP

By Godfrey K. Nyanney, Tarkwa -
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Gifty Eugenia Kusi, Member of Parliament (MP) for Tarkwa-Nsuaem, has urged banks to pay serious attention to the 'on the spot cash collection', introduced by the Bank of Ghana(BoG), to complement the efforts of the central bank in educating Ghanaians on the benefits associated with savings.

The MP said apart from increasing the number of their customers, the system would enable banks to also improve on their financial status.

Mrs. Kusi who was opening a new Stanbic Bank branch at Tarkwa last Thursday said 'over 75 per cent of the national currency is in the pockets of people who do not have taste for keeping money in the banks or doing business with any of the country's certified financial institutions'.

As a result, she said a large amount of funds are circulating outside the formal financial system and wondered why many Ghanaians still prefer to keep their disposable income at home or work-place.

The MP said fire outbreaks, for example, has been rampant at Ghanaian markets and cited the latest fire outbreak at Takoradi some few months back in which millions of Ghana Cedi notes were burnt.

Mrs Kusi asked banks to be prepared to take reasonable risks to facilitate credit flow to desirable sectors of the economy.

She advised Stanbic Bank to provide better quality products and services, competitive pricing of its products and services, operational efficiency and enhance access by customers to products and services that meet their needs.

In an address read on his behalf, the Western Regional Minister, Mr A.E. Amoah, noted that the overall macro-economic stability that has been achieved over the past six years has reflected, among others, growth in the Gross Domestic Product and a reduction in inflation.

He hoped that this trend would also reflect in the lowering of interest rates by the banks for the benefit of the people, adding that 'the success of any corporate entity depends, to a large extent, on the patronage, commitment and interest of its stakeholders'.

The Managing Director of the Stanbic Bank, Mr Alhassan Andani, said Stanbic Bank Ghana Limited, was incorporated in Ghana in 1999 to provide a comprehensive range of banking services to both corporate and retail clients.

He said Stanbic's core competency is relationship banking which is centered on adding value to their customers by offering tailor-made banking solutions.

Mr Andani said the Tarkwa branch is the 12th, and promised that four new branches would be opened soon.

Joyce Aryee, Chief Executive Officer of the Ghana Chamber of Mines, asked the people at Tarkwa and its environs to take advantage of the 11 banks operating in the area to improve their businesses.

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