Savings is the oil that keeps the development cycle moving – Alhassan Andani

The Chief Executive of Stanbic Bank, Alhassan Andani, has emphasised the importance of savings to the Ghanaian economy.

He said by saving and building personal wealth, individuals create a pool of funds where businesses and government can borrow to produce goods and services and to embark on developmental projects, respectively.

“Savings is the oil that keeps the development cycle moving. If you build personal wealth then you are able to sponsor goods and services that are in the economy because you give an impetus to companies to produce and government can also borrow from the pool of funds created,” Mr Andani said.

“The average gross savings of Ghana’s total national earnings is about 15%; compare that to Singapore, Singapore is 50%. So does it surprise you that Singapore which is just a nation state has infrastructure investments and other things that is generating GDP almost four times Ghana’s GDP?,” he quizzed.

According to Mr Andani, about 70% of Ghanaians are unbanked and out of the 30% that have bank accounts, only few have a consistent saving habit.

He made this remark at the launch of a new savings campaign by StanbicBank dubbed ‘Save to Gain’.

The ‘Save to Gain’ is aimed at improving savings culture, financial inclusion and economic growth in Ghana.

Customers and prospective customers of Stanbic Bank are to open a Pure Save Account, deposit multiples of GHC500 between April 3, 2017 and August 2, 2017. Account holders are also required to maintain balance of GHC500 throughout the period.

Every deposit of GHC500 earns the customer a coupon and qualifies them to be entered into a weekly bonanza and a chance to win GHC10,000 in the monthly draw.

Four deposits of GHC500 or every deposit of GHC2,000 earns customers a Money Zone coupon and qualifies them into the GHC100,000 draw at the end of the campaign.

“Through this campaign, Stanbic Bank wants to create awareness that savings is the best way to secure one’s future. With the Pure Save Account, your money grows faster, you reach your financial goals quickly and you have the peace of mind that comes from knowing you are ready for the unexpected,” Mr Andani explained.