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Ghana: Minister Commends Banking Industry
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Ghanaian Chronicle (Accra)
4 July 2008
Posted to the web 4 July 2008
Stephen Odoi-Larbi
The Minister of State, at the Ministry of Finance and Economic Planning, Dr. Anthony Akoto Osei, has commended the banking industry for the role it played towards the success story of the economy.
He made this known, when he officially commissioned the Osu branch of Amalgamated Bank, in Accra on Thursday.
This brings to 12, the number of branches it has nationwide.
According to the Minister, Government's stand of liberalising the economy would have been meaningless, had it not been for the support of the financial industry, particularly the banking sector.
"Banks were instrumental in achieving this feat. Banks have deepened financial inter-mediation in the country, by expanding credit to worthy individuals and businesses. All these helped fuel economic activities, and gave crucial momentum to the growth of our economy. Now banks account for about 70% of the financial sector," he noted.
He added that "the financial sector of the country has been contributing greatly to the upward trajectory of GDP growth rate. Since the onset of the financial sector reforms, GDP growth rate has increased steadily, reaching 6.3% in 2007, from 4.5% in 2002."
Dr. Akoto Osei indicated that due to the pragmatic measures taken by the government, the financial industry was now bearing the fruits.
"The result is clearly the vibrancy and fierce competition we are all witnessing, particularly in the banking industry," he said.
He has thus challenged players in the industry, to make the sector more robust and sophisticated, in order to anchor the country's integration into the global economic and financial system.
Dr. Akoto Osei, however, lauded Amalbank's continuous contribution towards innovation and aggressiveness in the country's banking industry.
On his part, Managing Director (MD) of Amalbank, Mr. Oluwole Ajomale, noted that his outfit was poised to capture the Ghanaian market, hence the need to bring banking services closer to its numerous clients nationwide.
"Our decision to locate an office in Osu Oxford Street is part of our drive to make out convenient, customer-centric brand of banking solutions, available to a wider range of the Ghanaian populace, in order to capture the market," he said.
According to the MD, his outfit had outlined a number of brand services, which were focused to change the banking landscape in the country.
Among these products, he said, include internet banking, SMS banking, Automated Teller Machine (ATM) services, Amal Cheque Guarantee and AmalKids and Teens products.
With this array of products, Ajomale believes his outfit is poised to capture the market within the next five years.
"We set for ourselves the mission to lead the market, in providing customer-focused financial services, to meet the peculiar needs of our dear customers," he added.
Focused on its plans to capture the market, the bank recently added Saturday banking services, aimed at providing convenient banking services to its clientele.
The MD reiterated that his outfit had well-tailored plans for Small and Medium Scale Enterprises (SME), as well as the Agriculture sector, hence the need for Ghanaians to partner with the bank in order to achieve their dreams.
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"When you partner with us, you have the right partner. You have a partner that shares with you the ambition for growth, and the passion for success. We are a bank determined to achieve our vision, of being the leading financial institution in the country, providing professional and innovative services to meet the customers' peculiar needs," he stressed.
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