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Business News of Saturday, 20 December 2014

Source: GNA

Banks urged to fund development projects

Mr Albert Essien, Group Chief Executive Officer of Ecobank, on Thursday advised banks in Ghana to set-up scale to enable them to fund development projects in the country.

“If we have to achieve scale through consolidation so be it but scale is a very important catalyst for development,” he said.

Mr Essien said this at the 14th MTN business world executive breakfast meeting under the theme; “Banking in Africa: Lessons from Africa’s Top Banker “.

He said bank’s should participate and train its staff to understand their products, processes and give good advice on customer service.

He advised banks to be innovative, enter into good partnership and alliances to ensure good governance systems with well-structured institutions.

Mr Essien said banks in Africa had evolved from very conservative to entrepreneurial institutions and advised them to seize the opportunity to strike some alliances to boost growth.

He said the combined balance sheet of banks in Ghana was very small and with such a situation banks could not participate in bigger transactions in the country.

Mr Essien, however, said the banking terrain in Africa was performing well, especially in sub-Saharan Africa, adding that gross domestic products for most economies are better, with good population dynamics and margins.

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