Business News of 2014-07-31

Banks urged to support productive sectors

Financial institutions in the country have been urged to support the growth of sectors of the economy that can generate foreign exchange to reduce the impact on trade deficits.
The Chief Executive Officer of the First Atlantic Bank, Mr Gabriel Edgal, who made the call, said the country had become import dependent and there was the need for banks to come together to support sectors such as agriculture and other income-generating areas.
Mr Edgal made the call when he spoke to the Daily Graphic after the official opening of the Airport Branch of the bank in Accra. According to him, consumer demand had increased over the years; however, the productive sector had remained unchanged and that had been one of the reasons why the country was currently in crises.
“Ghana is a good environment to do business so we have attracted a lot of people into the economy, but we have not grown the productive sector enough, and clearly, demand has increased, demand for foreign exchange has increased, so we are importing everything and that is leading to higher a prices and higher cost of living”.
Mr Edgal said he was optimistic the economy would soon bounce back, and called for the collective effort of all, irrespective of one’s political affiliation, to overcome the challenge.
Speaking earlier at the function, the Board Chairperson of the bank, Mrs Karen Akiwumi-Tanoh, said the new office was an indication of the bank’s preparedness to bring banking closer to the doorstep of its customers.
According to her, the bank is in an expansion mode and more branches will be opened to meet the demand of the market.
She added that the aim of the bank was to become a global brand and, as such, would work assiduously through innovative and unique customer services to ensure that the vision of the bank became a reality.
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