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Kufuor launches Ghana's landmark offshore banking
Accra, Sept. 7, Ghanadot/GNA - Ghana on
Friday celebrated a historic landmark in its banking
industry with the launch by President John Agyekum Kufuor of
In-Country Offshore Banking Services in Accra. |
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The facility, a joint venture of Ghana and the Barclays
Bank, is the first of its kind to be established in West
Africa and is seen as an important step towards the
realization of the Government's vision of making the country
a major financial hub of the Sub-Region.
It would provide banking services to non-resident customers
by creating a portfolio of |
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assets and liabilities and other
investment products.
This way the country is expected to gain through more
foreign exchange inflows, job creation and skills transfer
in international banking.
Former Nigerian President Olusegun Obasanjo, Vice President
Alhaji Aliu Mahama, Ministers of State, Members of
Parliament and Government delegations from Nigeria, Togo,
Côte d'Ivoire and Burkina Faso attended the ceremony.
President Kufuor said the Government was fully aware of the
numerous challenges and difficulties inherent in the
operation of the facility and gave the assurance that the
necessary safeguards had been put in place to stave off
abuses.
Legal and administrative measures, he said, had been enacted
to provide the needed checks and balances within the economy
in particular and society in general.
"These measures should promote best practices in service
delivery. More importantly, they should affirm the good
faith and determination of the entire society to make Ghana
a safe, secure and peaceful environment for investment."
President Kufuor, through whose initiative the offshore
banking had become a reality, said the nation already was
acknowledged as investor-friendly and asked that the
"Project" should exploit this positive image in securing the
confidence of foreign and domestic customers.
It must help to transform the financial system for
accelerated socio-economic development.
"It is gratifying that the results of the years of hard work
on the macro-economy and the commitment to good governance
are yielding fruits. The economy is stable, inflation and
interest rates are declining while the Cedi maintains its
value against major trading currencies."
The Government, he said, would continue to provide the
leadership and create opportunities to enable as many
Ghanaians as possible to set up private businesses, generate
employment and create wealth.
President Kufuor commended Barclays Bank for the
introduction of innovative products, which coincided with
Government's policy of expanding the private sector through
the development of micro, small- and medium-scale local
enterprises.
Among these are the "Aba Pa", which requires only four Ghana
cedis to open a savings account; Vehicle and Assets Finance
for businesses to procure equipment and vehicles and
partnering "Susu" collectors to provide seed capital and
other micro-banking products to customers.
Mr Kwadwo Baah-Wiredu, Minister of Finance, said the
offshore banking was coming with the advantage of funds
mobilization for investment and access to credit.
He said last year, 658 billion dollars was transferred from
developing countries to the developed countries, noting that
if about half of this had been lodged in such a facility in
Africa, the pace of development of the Continent would have
been tremendously enhanced.
Mr Frits Seegers, Chief Executive Officer, Global Retail and
Commercial Banking, Barclays PLC, said Ghana was on course
to becoming a world class, off-shore destination and pledged
the Bank's support.
"With this launch, together we are opening huge
opportunities for Ghana's future. This initiative will
project Ghana into prominence in the financial solutions
arena."
GNA
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