Business News of 2014-04-03

‘Develop needed financial services’

Johnson Asamoah Boadi, Managing Director of Golden Pride Savings & Loans Limited, has called on players in Ghana’s financial sector to develop specific products and services that meet the needs of Small and Medium-scale Enterprises (SMEs).
It is not enough to talk about SMEs as a major pillar to accelerate economic growth without creating opportunities for them to grow through the introduction of innovative products and services, according to Asamoah Boadi.
Speaking at the opening of the Tudu branch of Golden Pride Savings & Loans Limited in Accra, Mr Boadi noted that over the years, access to long-term finance had been a hindrance to the development of SMEs since the latter had been perceived as high risk ventures.
The situation, Asamoah Boadi said, informed the decision of the financial institution to evolve well-thought out tailor-made products and services for SMEs. Kwame Pianim, an economist, in an address, said the bank must roll out flexible products and services that will be beneficial to the customers.
He said competition in the banking sector was high and called on the bank to consider new partnership arrangements with government and other key allies in order to woo investors.
Prince William Ankrah, Board Chairman of the bank, said the bank operates with a strong risk management policy which is constantly reviewed to meet the standards of the industry.
“There is little room for compromise when treading the path of prudence in safeguarding shareholders value and depositors’ funds.
The bank offers a wide range of services and products such as Sikafuturo, Mfitiase Account, Premium Account, Royal Save Account and Precious Kidz Account.