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AfricaJanuary 2 2006

What the bankers say: Ghana

The Banker invites CEOs from around the world to discuss the economic climate in their country and institution, and their hopes for the future
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Ghana Commercial bank

Lawrence Newton Adu-Mante, MD

1. What makes your country attractive to investors?

There are growing opportunities in various sectors with promises of significant margins. Reforms are influencing production, the regulatory framework and tax incentives for specific sectors. Ghana offers access to the wider sub-region, political stability, with improved macro-economic stability.

 2. What are the economic prospects for your country over the next three to five years?

Improved fiscal and monetary policies – evidenced by improved fiscal balance, declining inflation and interest rates and stable exchange rates provide grounds for a positive outlook for the economy. For the next three to five years, specific prospects include accelerated growth in investments and a higher growth in GDP while improvements in monetary and fiscal conditions are sustained.

 3. How do you foresee the financial sector in your country changing?

There have been a lot of reforms aimed at encouraging competitiveness while ensuring financial soundness. For the foreseeable future, there will be even more competition with innovation as the key driver. Financial institutions will be entering into new markets, including financing of public infrastructure projects.

 4. What role will your bank play in your country’s future development?

When it opened in 1953, GCB had a mandate of accelerating the country’s developmental objectives through assistance to indigenous businesses. The bank will continue with this aspiration by meeting the financial needs of households and the SME sector. It will facilitate investment in the production sectors of the economy and continue to provide finance to the cocoa and petroleum industries. The bank will also give attention to public infrastructure financing.

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