Jose Vinals, Group board chairman of Standard Chartered Bank has commended the government’s efforts to partner with the private sector to turn around Ghana’s economy and embark on the growth paths it had before the COVID-19 and the Russian Ukraine war.
He said the bank sees great opportunities in Ghana’s future prospects and commended the government on its digitalization drive as well as the sustainable growth efforts at transforming the country’s economy.
Jose Vinals announced that as part of the bank’s commitment to helping restructure Ghana’s economy, it would soon launch a platform to scale up the financing of small and medium size enterprises (SMEs), to help transform the country’s private sector.
This was made known when the leadership of the Bank, led by the CEO of its Ghana branch, Mansa Nettey, called on President Nana Addo Dankwa Akufo-Addo at the Jubilee House on Thursday.
Jose Vinals’ trip to Ghana, he indicated, is to express the bank’s strong support and confidence in the government’s economic policy direction, as it works hard to turn the economy around, from the negative impact of recent global events.
Combined with its banking experience, as well as, experiences working with governments all over the world, the Bank’s Group Chairman assured President Akufo-Addo of the bank’s commitment to supporting Ghana navigate successfully through its economic challenges
Jose Vinals said Ghana plays an important role particularly in the West Africa region and as part of the banks cluster of operations, it is working with other west African countries, with Ghana as its focal point.
On his part, President Nana Addo Dankwa Akufo-Addo commended Standard Chartered Bank for its invaluable contribution to the socioeconomic development of the country.
The President said the reach of the Bank, as well as, its interactive and collaborative engagements with Ghana over the years had been exemplary.
He said the country’s debt restructuring process would afford the country the ability to create some space to grow its economy again.
He urged the bank to strengthen its resolve to contribute positively to Ghana’s development, adding: “we are very committed to the program of digitalization of our economy and of our state.”
The digitalization process, according to the President, is at the heart of the country’s economic growth, “that is why…the Vice President, Dr Mahamudu Bawumia had been charged to lead the efforts to see to its implementation process.”
President Akufo-Addo said business opportunities in the country for private sector investment are immense and considerable and assured his government’s committed to aid the sector — both domestic and foreign— to do business in a competitive and business-friendly environment.
He said the government, with its economic and investment policy direction, is fully aware that ultimately, the strength of the private sector in Ghana, would determine the country’s future prospects.
“So that a bank such as the Standard Chartered Bank, with a lot of experience at the local and global environment, developing innovative products for private sector growth, Ghana will be happy to have it onboard, particularly in government economic restructuring process.”
Ghana and the Standard Chartered Bank, according to the President, have had a long standing relationship which needs to grow even further for their mutual benefits.
With the potential impact of the activities of the bank in the West African Region, President Akufo-Addo said Ghana is committed to promoting political and economic integration of the sub-region as well as the larger Africa.
He said the immediate goal of finding a way to strengthen the economic interdependence and links between the various countries of the ECOWAS region is a major national policy priority for Ghana.
The size of its market, about 400 million people, he argues, provide a solid market for Ghanaian entrepreneurs, as well as foreign investors to explore.
Rex Mainoo Yeboah, ISD
