By Peterking Quaye ,Shout-Africa.com from Accra,Ghana – There are 27 Ghanaian banks having over $1 billion shareholders’ fund spreading across all aspects of banking in a population of 25 million people, compared with 23 Nigerian banks with shareholders’ fund of $1.9 billion for 150 million population. Commending the Bank of Ghana for setting regulations which he called “corrective rather than destructive”. Barrister Ibrahim described Ghana as the fastest growing economy in the world, and announced that Energy Bank- Ghana was one of the five banks earmarked to be set up by his group before the end of the second quarter of 2013.
With this premise, President John Evans Atta Mills launched the Energy Bank-Ghana in Accra, the Energy Bank Ghana Limited, calling on financial institutions to reduce the cost of credit to stimulate industrial growth to small and medium scale enterprises as this will help to create jobs for the youth and improve the economy .
He pointed out the reduction in the inflation rate and the improvement in the economic environment and urged the banks to reciprocate the favourable economic indicators by reducing the bank charges to small and medium scale enterprises.
President Mills said Government was committed to create jobs and developing the human resource, and urged the banks to throw their weight to making business thrive. He further reiterated that his Government would continue to fashion out suitable policies and practices for business to thrive and invited investors to make Ghana a preferred investment destination, with a guaranteed return on investment.
President Mills said the decision to establish the bank in Ghana was an expression of the confidence in the Ghanaian economy, and an appreciation of what Government had done for the economy to thrive. The President assured financial institutions that Government would continue to create a favourable business climate and called for more investment for guaranteed returns.
He advise for a healthy competition among the banks. Barrister Jimoh Ibrahim, Chairman of the Bank, said Ghana under President Mills was not on the list of corrupt countries across the world, adding; 93a new leadership under your Presidency is building capacity that is trusted by the populace capable of effecting the much needed transformation.
The Energy Bank Ghana Limited, owned largely by the NICON and Global Fleet, of Nigeria, has a shareholders’ fund in excess of GHc 60 million, with a composition of a 10 member board, headed Nigerian business tycoon and Barrister Jimoh Ibrahim.