SCB confident in Ghana`s economy

A leading international bank in Ghana, Standard Chartered Bank (SCB) has expressed confidence in Ghana’s economy, stating that the country’s economy remains sound and resilient, despite the effect of the global recession. The bank noted that despite the growing effect of the global financial meltdown which largely account for the decline in Foreign Direct Investments, remittances and inflows of donor funds, the Ghanaian economy kept an impressive growth of 7.3 per cent last year.

The bank noted that industry has seen significant reforms coupled with new entrants and consolidation of the system.

The bank’s Area Head of Origination and Client Coverage in Wholesale Banking in West and Central Africa, Mr. Kweku Bedu-Addo, at a familiarisation event with the press last week indicated that the bank had over the years entrenched its position as a core partner, leading the way in product capability and service excellence, serving a wide range of client base and providing a wide range of financial services in various fields covering loans and advances, trade financing, treasury and fixed income and corporate finance and advisory.

He indicated that the bank had developed a 10 sector position statement to provide guidance on the banks finance to sensitive sectors like forestry and oil palm, mining and metals, dams, oil and gas tobacco among others.

Hemen Shah, CEO SCB Ghana and Area General Manager, West & Central Africa explained that the bank’s role as financiers affords them significant opportunities to promote responsible environmental and socially responsible development through the business activities of the clients.

He hinted that Standard Chartered Bank was the lead financier of the jubilee fields providing finance for about 20% of the field’s development. Clinching the prestigious accolade as “Most Socially Responsible Bank” in Ghana at the 8th edition of the Ghana Banking Awards organized by Corporate Initiative Ghana in

collaboration with the Association of Ghana Industries and the Ghana National Chamber of Commerce a couple of weeks ago, the bank maintains that its role as financiers affords them with significant opportunities to promote responsible development through the business activities of their clients. The award for Corporate Social Responsibility (CSR) is based on reviewed information obtained from banks regarding programmes they have financed aimed at improving the quality of life of their staff and the community at large.

The review was undertaken by a panel of judges constituted by KPMG, the event statisticians.