Vice President calls on Ghanaian Banks to support oil exploration

Accra, July 12, GNA - Vice President John Dramani Mahama has called on domestic and International Ghanaian Banks to reposition themselves to participate in Ghana's oil exploration expected to begin November this year.

"As financial institutions, you would play a critical role in all kinds of investments in the oil industry and I expect you to do it creditably and professionally for the benefit of the entire nation." Vice President Mahama made this call when he visited the Management and officials of Ghana International Bank at their London Headquarters to familiarize himself with their operations. The visit there also formed part of his official visit to the United Kingdom to participate in the UK-Ghana investment Forum held on July 8 to woo Ghanaian and foreign investors into the country. The Vice President said Ghana's oil exploration earlier scheduled to begin in December this year, could commence in November, one month ahead of scheduled time, due mainly to adequate preparations undertaken so far.

He gave the assurance that government would study all the positive and negative aspects in oil exploitation to avoid the problems experienced by other oil-rich countries in Africa, and called on Banks to offer financial support when necessary for the government to achieve its goals. "Government has put in place adequate checks and balances that will remove lapses and move the country's economy from a developing economy to an emerging one in the nearest future." Mr Joe Mensah, Managing Director of Ghana International Bank, said his outfit had over the years served as the link between Ghanaian and foreign investors, adding that for the past 50 years, the Bank had been ranked 24th in its own assets and 27th on investment banking by a UK survey on 156 Banks.

He said the bank had risen from the profit margin of 1.4 million Pounds sterling to 11.6 million Pounds sterling since its incorporation in 1957, pledging that the bank was working towards doubling its income from 50 million Pounds sterling to 100 million. 12 July 10