Business News of 2014-07-19

SG MD tips gov’t on economic restoration measures

Managing Director of Societé-General (SG) Ghana Gilbert Hie has suggested to government to quickly restore balances and reduce fiscal deficit in order to restore the confidence of foreign investors in the Ghanaian economy.

He also mentioned that commercial deficit should be reduced. Mr Hie was interacting with journalists after a meeting to announce the bank’s turnover for 2013. SG posted a GH¢5.35 million credit loss in 2012 while the figure shot up to GH¢16.82 million in 2013, a situation which analysts have described as putting the bank’s cost of risk high.

Mr Hie, therefore, outlined the strategy the bank is adopting in 2014 to rake in credit gains. “The special strategy will be [that] expansion will be probably less and it will be more careful and more attentive to the risk and to minimize the risk.”

Government has admitted Ghana's economy has some challenges, describing the challenges as "short-term" and "surmountable". Société-Generale’s MD shared views on restoring the economy. “What is needed to restore Ghana’s confidence is especially vis-a-vis foreign investors is to quickly restore the balances and to reduce the fiscal deficit.”

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