Business News Mon, 17 Oct 2016

Zenith Bank Ghana not affected by Nigeria’s economic woes

Zenith Bank says the current economic challenges facing Nigeria has not impacted on the Bank’s operations in Ghana.

Zenith Bank Ghana is also confident of the company’s prospects in the country despite similar prevailing economic challenges facing the Ghanaian economy. The high interest rates, rising inflation, power crisis and the increased non-performing loans are but a few of the challenges that businesses have had to grapple with in recent years.

According to the CEO of the Bank, Henry Oroh, the bank ‘has stood side by side and weathered the storm together.”

Citing some African countries that have equally been faced with challenging economic times, Mr. Oroh attributed the outfit’s confidence of the turnaround in the company’s fortunes to the resilient Ghanaian economy.

“There were challenges in Angola and neighbouring Nigeria…In Ghana we have also had our own problems …But despite that we see the Ghanaian economy is a sound, resilient and has been able to withstand the shocks than other countries within the sub-region,” he stated.

Meanwhile, Zenith Bank Ghana explains to Citi Business News it has been least affected by the economic woes of Nigeria, though the bank has one of its greatest operation stations from there.

“Of course we are an integrated group across the world and we share intelligence among others. But the challenges that Nigeria is facing has certainly not affected the business in Ghana and we as a bank. Even in Nigeria, we are still growing due to the model that spurs us on,” Henry Oroh further stated.

Commenting on the likely impact of the elections on the operations of businesses in Ghana, the CEO maintained that the bank’s strategy will not be impacted by the outcome of the elections.

“Our strategy as a company is independent of whoever is in power… I am very positive that December 7 will come and go and we will still be around as a formidable company,” he remarked.

Source: citifmonline.com