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Business News of Tuesday, 5 May 2015

Source: B&FT

Local banks demand support from policymakers

The President of Group Nduom, Dr. Paa Kwesi Nduom, has said the country needs a robust national policy that will promote indigenous banks to enhance the retention of funds in the country.

He said putting in place such national policies to support local banks will save the country from the perennial fear of capital flight through non-Ghanaian banks, and provide adequate capital needed for industrial development and infrastructural growth.

He noted that such homegrown initiatives targetted at local industries will help to create more jobs for people in the country.

He mentioned that countries all over the world have developed through the deliberate promotion and support of local industries, especially their own financial institutions and not foreign companies.

Dr. Nduom made these remarks at a customer appreciation ceremony held in Kumasi for customers of GN Bank in the Ashanti and Brong Ahafo Regions.

He said GN Bank is making tireless efforts to extend its innovative products and services to all the districts and towns of the country.

The bank aims to increase its number of branches to 300 by the end of this year. Currently, GN Bank has 120 branches spread across the country.

Officials of the bank promised to remain commited to offering unmatched services and products in order to remain outstanding within the banking industry.

The occasion was also used to outdoor a new savings product, “Enhanced Savings”, which comes with 9% per annum interest and GH¢1,000 life insurance.

The Zonal Manager for the middle zone, Frederick Manu, said the gathering also afforded the bank an opportunity to seek feedback from its customers in their areas of operation that need further improvement.

He noted the general concern of their customers was that more branches of the bank should be opened.

This, he said, the bank will duly consider as part of its objective for the year of deepening its presence across the country.