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10.08.2004 Business & Finance

Financial Institutions commended for access to Venture Capital

By GNA

Accra, Aug. 10, GNA - President John Agyekum Kufuor on Tuesday commended Financial Institutions that were determined to assist Ghanaian entrepreneurs access venture capital for the nation to realise her vision to enter the global market.

"It is commendable that some banks have now shown inclination to assist entrepreneurs to have access to venture capital to help the nation realise its vision of entering the global market".

President Kufuor made the commendation when Mr Christopher Keljik, Group Executive Director of Standard Chartered for Africa, the Middle East, South Asia and governance responsibility for the United Kingdom, USA and Latin America, paid a courtesy call on him at the Castle, Osu. He said the Government appreciated the commitment of the Bank to assist the country in her economic development but appealed to the Management to provide long-term lending and reasonable terms to enable more entrepreneurs and investors access their assistance. "You should see this as a responsibility to help move the nation into the global village", he said.

President Kufuor said the Bank had been a household name in Ghana since the colonial period and the Government "sees you as a development partner and appreciates the plans and initiatives that you have for the nation".

Mr Keljik, on a two-day visit, pledged the Bank's commitment to encourage Foreign Direct Investment (FDI) in Ghana. He said it was incumbent on the Bank to live up to the expectation and confidence the nation had in their operations, adding: "We would endeavour to increase lending in the agricultural and business sectors. In partnership we will see how we can work for the improvement in the country's economy."

Mr Keljik said the Bank operated in many countries but the social and political stability in Ghana had made their operations unique and was ready to assist in building Ghana's economy.

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