Access Bank formally launches operations in Ghana

Accra, Aug. 19, GNA - Access Bank, Ghana Limited, a subsidiary of Access Bank Plc, one of Africa's pre-eminent financial institutions on Wednesday formally launched its operations in Ghana to provide innovative and customer-care banking services.

As the 26th financial institution to enter the Ghanaian banking industry, Access Bank promises a new experience in banking and to stimulate growth by partnering and assisting key sectors of the economy. In an address at the formal launch in Accra, Dr Paul Acquah, Governor of the Bank of Ghana said Access entry into the industry reinforced the confidence that investors had in the Ghanaian economy in general and in the banking system in particular.

Dr Acquah said the Ghanaian financial sector was under-going reforms focused on developing a robust fiscal industry with the universal banks and savings and loans institutions as the core, alongside the non-banking entities.

He said in view of the favourable climate, the sector had recorded rapid growth over the years with branch networks increasing from 332 in 2003 to 660 in 2009 while total assets also increased from GH¢ 1,866.4 million in 2002 to GH¢ 11, 706.2 in 2009.

The governor said new legislations and regulations including the Anti-Money Laundering Act and Credit Reporting Act, which aimed at minimizing the incidence of default and encourage respect for contractual obligations, have been put in place to further strengthen the framework for developing the sector.

He expressed regret that in spite of the improvements, the foreign exchange inter-bank market and the domestic bond markets are at rudimentary level and called for a well-structured and integrated infrastructure to facilitate the trading and clearing of money market instruments including government securities to enhance the development of the domestic capital market.

Mr Daniel Kwasi Akaba, Country Managing Director of Access Bank promised excellent banking services tailored to meet the needs of the different categories of the banking population.

With a stated capital base of GH¢80 million, far in excess of the GH¢60 million requirement by the Bank of Ghana, Mr Akaba said the bank placed premium on large and medium-sized companies and would fund them to realize their full potential.

He said the bank would also provide advisory services to the Small, Medium Enterprises to facilitate their development as well as to create wealth for the overall development of the economy.

The Access Bank is based in Nigeria and registered on the Nigerian Stock Exchange with $8.9 billion total assets in March 2009 and shareholders' funds of $1.5 billion with major foreign investment from the International Finance Corporation and the Netherlands Development Finance Company. 19 Aug. 09