MR. ANDREW Kwame Pianim, a renowned Economist and Financial Consultant, has stated that it is strenuous for businesses to grow in an economic environment where inflation is beyond 10%.
He believed the influx of businesses from micro-financing companies to small/medium scale establishments in the country had come about as a result of the sound economic policy of the New Patriotic Party government in the name of 'Golden Age of Business'.
He praised the government for the present economic situation.
Speaking at the official opening of the Standard Trust Bank Ghana Limited's branch in Kumasi, Mr. Pianim said the bank is a Ghanaian home-grown bank, which takes care of the ordinary people.
Being the board chairman of the Standard Trust Bank and a former Deputy Managing Director of Ghana Aluminum Product Limited, he pledged that the bank would support entrepreneurs in the Ashanti region, particularly, those at Suame-Magazine.
The Ashanti Regional Minister, Mr. Samson Kwaku Boafo, said the opening of the new branch of the bank was a clear manifestation of government's determination to revamp the economy by way of mobilizing excess liquidity from individuals towards economic development.
According to him, the influx of foreign banks into the country was not a calculated attempt to dilute the confidence Ghanaians have in banking, but for healthy competition.
He urged the bank to work diligently, but within the confines of regulations of the Bank of Ghana.
The Chief Executive Officer of the Bank, Mr. Obeahon Ohiwerei, noted with pleasure that many people in the country have embraced the bold mandate of democratizing banking in Ghana.
"Many people remarked to me and indeed, a few newspapers have commented, that this step is much overdue," he remarked.
He explained that democratizing banking in Ghana essentially means making banking products and service widely and easily available to all Ghanaian residents irrespective of socio-economic circumstances or specific geographic location. "It also means embracing all businesses, no matter how small, with wide open arms," he added.
According to Mr. Ohiwerei, Standard Trust Bank has a comprehensive range of products to meet the needs of every Ghanaian, and named a few as Standard Care Account, Standard Virtual Account, and Standard Tele-banking.
The Standard Care Account is a savings plan that allows parent to accumulate funds in trust for their children and hand it to them when they turn 18 years. Parents can also pay school fees from this account.