Societe Generale Ghana Limited (SG) says it will continue to play a leading role in Ghana’s economic growth and development.
Mr Alexandre Maymat, the Director of International Banking of Africa, Mediterranean Basin and Oversea of SG Group- Paris, said over the last 15 years, SG Ghana has made great strides in the economic development of the country.
Mr Maymat was speaking at the farewell cocktail reception for Mr Sionle Yeo, the out-going Managing Director of SG Ghana in Accra.
He said as a true development partner of Ghana, SG Paris and SG Ghana have financed quiet a number of projects for government in various sectors of the economy to the tune of $ 653 million from 2008 to 2018.
Mr Maymat said the Group decided to invest in Ghana’s financial sector in view of the prudent and efficient management of the Ghanaian economy in 2003.
“Since then we have been quiet happy and satisfied with the efficient management of the economy and the pragmatic step put in place by government despite challenges.”
He commended government’s vision to ensure exchange rate stability as well as financial sector stability in the Banking industry.
Mr Maymat said management at the Group level have followed closely the operations of the SG Ghana with keen interest, since the Group took over the administration of the Bank 15 years ago.
“It is gratifying to note that the performance of the Bank has so far been impressive, this is because the Bank has recorded a lot of growth in business and profit over the years,” he added.
Mr Maymat expressed the hope that the bank's operations in Ghana would continue to be more profitable so that it could open the country to other French investments. Mr Hakim Ouzzani, the in-coming Managing Director, SG Ghana said the country's economy was moving in the right direction, because economic fundamentals were doing well. He said there were encouraging signs of emerging competition within the Ghanaian Banking industry and this was portrayed by the entry of new Banks into the market, the introduction of new products and the opening of new branches of existing Banks to bring Banking closer to customers.
However, Mr Ouzzani said competition should go beyond the introduction of new products into the market and entry of new Banks.
The competition should move to a culture, where Banks effectively reach out to their clients and the public to mobilise deposits and provide financial support for businesses particularly, corporate clients and Small Medium Enterprises, he added.
“We will as a strategy follow practices that promote market penetration in order to increase our market share within the Ghanaian Banking industry,” Mr Ouzzani added.
He said the Bank would strife hard to be cost effective in its operations and ensure speedy response to client’s financial needs, taken into consideration good risk management and control systems, good corporate governance and vigilance.
On his part, Mr Yeo called on shareholders to extend the love, support and co-operation to his successor to enable him continue from, where he had left off, so that together they could build a vibrant, solid and prosperous Bank in the years ahead.
He said SG Ghana was committed in contributing to the socio-economic development of the country by bringing into Ghana SG Group expertise.
Mr Yeo said since 2016, the Bank had embarked on massive expansion and refurbishment drive of their branch network to enable them bring Banking closer to their clients and create a congenial atmosphere for them to transact their business and increase the Bank’s business and profit.
He said in 2017, the Bank’s gross loan book grew by over 42 per cent for both retail and corporate, translating into steady market share gains from 3 per cent in 2016 to over 4 per cent.
Mr Yeo will assume a new role as the Regional Director for Central Africa responsible for six countries namely Chad, Congo, Equatorial Guinea, Madagascar, Cameroun and Congo Brazzaville.