Ghana Post to establish bank

Ghana Post has announced plans to establish microfinance company that will gradually expand to become a commercial bank.

Chairman of the Board of Directors, Brig. Gen Joseph Klobodu (rtd) revealed this at its 7th Annual General Meeting (AGM) in Accra.

He said a committee has been set up to take a critical look at postal services so as to expand the sector.

According to him, offers have been received from a number of companies to partner Ghana Post to meet its target.

“Proposals are being studied for the best offer,” he mentioned.

In addition, he said the board would also ensure that the company leverages its landed properties in Accra and Kumasi to boost partnership with private companies to provide real estate services to the public.

The chairman stated that small-scale projects were ongoing while two major projects had also been scheduled to take off in Accra and Kumasi tat the end of 2016 or early 2017.

All these, he noted, were to help address the challenges facing the company to help it achieve its mission and vision.

Brig Gen (rtd) Klobodu said the company registered an operational loss in 2014.

Managing Director of Ghana Post, Eric Yao, in an address, said there has been improvement in revenue of key products of the company except postal stamps.

He said the reduction of postal stamps revenue over the past few years was largely due to improvement in technology.

Ghana Post has been mandated to provide services to every part of the country despite the losses the company records in deprived rural areas.