Business News of 2014-07-08

13th Ghana Banking Awards to be launched

The 13th edition of the Ghana Banking Awards will be launched tomorrow in Accra to begin preparations for the annual event.

As the badge of excellence for the banking market, the Ghana Banking Awards is hotly contested awards in the banking industry in Ghana.

A release signed by the Chairman of the Awards Planning Board, Nana Otuo Acheampong, says the event which is organised by Corporate Initiative Ghana (CIG), a not-for-profit organisation, welcomes “the partnership of the Graphic Communications Group Limited (GCGL) for the 13th Awards.”

“Since 2001, CIG has organised the Ghana Banking Awards with the aim of identifying and rewarding excellence in the universal banking sector,” it said.

The release explained that the awards were given based on both quantitative and qualitative data.

“With the banking regulator’s directive for all banks to make their financial statements public through the press, a rich set of quantitative data is made available for the awards. The quantitative statistics are supplemented with qualitative surveys of both the banks and their customers,” it added.

The release says assurances for both data analyses are provided by “a Big-Four auditing firm, Ernst & Young, which brings its globally acclaimed reputation to bear positively on the integrity of the process.”

“The approach and methodology for assessing banks for the various categories are reviewed and agreed by the Technical Committee which is made up of representatives of the banks,” it said.

The release said the time frame for the awards covered all universal banks with published financial statements for the year ended December 31, 2013 and noted that “out of the current number of 28 universal banks, 26 qualify for the awards.”

Fourteen award categories have been identified to include Customer Care, Advisory Services, Trade Finance, Trade Deal of the Year, Long-Term Loan Finance, Household Finance and Enterprise Finance.

The rest are Agriculture, Forestry and Fishing; Product Innovation, Competitive Pricing, Corporate Social Responsibility, Financial Performance, Bank Growth and Bank of the Year.

To underscore the independence of the awards process, the release said:“No universal bank is allowed to provide sponsorship. Instead, non-universal banks and corporate entities offer sponsorship.”

It said the Ghana Banking Awards was one of the most noted and spectacular events in the industry calendar, attracting leading figures from across the banking community in Ghana.