By Ademola Alawiye, Accra

Wednesday, 23 Feb 2011

The Bank of Ghana on Wednesday granted Energy Bank Limited, owned by Nigerian business tycoon, Mr. Jimoh Ibrahim, a class A banking licence to operate as a universal bank.

Ibrahim, while delivering his address at the inauguration of the bank in Accra, said that the banking sector was one of the key institutions in the Ghana success story.

He said, “It is amazing to see 28 Ghanian banks having over $1bn shareholders fund, spreading across all aspects of banking in a 25-million population, compared with 23 Nigerian banks with shareholders fund of $1.9bn for 150 million population. There is no doubt that Ghana presents a future of economic stability guarded with robust human resources by the Bank of Ghana.

“You are sustaining the integrity of your currency without the International Monetary Fund forcing devaluation or accusing your country of presenting an over-valued local currency at the expense of the United States dollar. These are interesting moments on how to grow the economy and a big lesson for everyone.”

He disclosed that the bank had started discussions to acquire existing banks in the United States and Sao Tome.

The Ghanaian President, Prof. John Atta-Mills, said that the decision to open the bank in Ghana was an expression of confidence in the country.

Atta-Mills said, “The international community has admitted that we have created an enabling environment for business to thrive.

“One of the problems facing small – and medium- scale businesses is the cost of fund. As inflation is taking a downward trend, banks should also consider dropping their interest rates.”

While presenting Energy Bank’s licence to Ibrahim, the Governor of the Bank of Ghana, Mr. Kwesi Bekoe Amissah-Arthur, said that the bank had met the minimum share capital requirement of 60 million cedis.

Amissah-Arthur added, “The bank has done well by positioning itself to benefit from the oil and gas sector. Just as the sector has great prospects, it carries with it huge challenges that can only be overcome with dedication.”

 

Source: Punch