Business News of 2014-02-18

Unibank CEO on depreciation of cedi

The Chief Executive Officer (CEO) of Unibank Ghana, Mr Felix Nyarko-Pong, has proposed the broadening of the country’s export base to help arrest the depreciation of the cedi.
The CEO who made the proposal during the commissioning of the bank’s branch in Bolgatanga, attributed the depreciation of the cedi partly to the nation’s over reliance on the export of Cocoa and Gold as key export earners which recorded a shortfall of 1.3 billion US dollars in earnings last year.
He suggested to government to ensure that there was significant repatriation of export earnings into the country by International Companies operating in the export sector.
“These among other measures should in the medium term strengthen the cedi and encourage mobilization of savings in the cedi for national development”, Mr Nyarko-Pong stated.
The CEO said the Bolgatanga branch brings to 26 the number of the bank's branches in the country, and indicated that it was the intention of his outfit to open 40 branches by the year 2015, to serve more customers in the country.
He stated that the bank’s expansion strategy underscored its continued confidence in the economic growth of the country, and revealed that the Northern, Upper East and the Upper West Regions of Ghana had promising potentials in terms of banking.
“Bolgatanga, as we all know, is strategically located and is home to many Government Departments, NGO’s, SME’s and farmers. This branch therefore provides an excellent business opportunity for the people of Bolgatanga to avail themselves of the many excellent products including retail banking, treasury, international banking, money transfer, E-Banking and credit advance services provided by the bank to ensure financial inclusion by all” , the CEO told the bank’s customers.
He indicated that the bank was a wholly indigenous one, with international expertise and deep services orientation delivered to customers in a caring way, to ensure a win-win for customers and the bank, and said following these characteristics shared by the bank, it had won several awards including international ones.
He assured the chiefs of the Bolgatanga traditional area including the Regional Coordinating Council that the bank would be committed to work with all stakeholders towards the eradication of poverty in the region, and entreated the public to transact business with it.
Mr Daniel Syme, Deputy Upper East Regional Minister, urged the bank to ensure that it puts into the community some social intervention projects as part of its social responsibility role and Corporate functions to alleviate the plight of the vulnerable.
He entreated management of the bank to be very flexible in their interest rates, as well as, build on good costumer relationship so as to enable them attract more customers.
Mr Edward Ayagle Ayiriba, the Municipal Chief Executive for Bolgatanga, who lauded the bank’s good initiative, said he was optimistic that the bank’s presence would improve the local economy.
He admonished people to desist from putting their monies under pillows and mattresses and said such practice was unsafe, old fashioned and antiquated.
Source: GNA
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