The Bank of Ghana (BoG) has reiterated its commitment to creating a conducive banking environment for the Ghanaian banking sector.
“The Bank of Ghana will continue to create an enabling environment within which banks can efficiently carry out their role of financial intermediation to accelerate economic growth and development,” the BoG Governor said.
The Governor of BoG, Dr. Ernest Addison made these statements during the opening of the Republic Bank, Head Office Annex in Accra.
According to the BoG boss, the move by Republic Bank attest to the bank’s successful expansion strategy adding that the Bank of Ghana applauds the continuous growth and development of the bank.
The Republic Bank acquired HFC Ghana as part of the Bank’s International Expansion Strategy in 2013.
The acquisition was the largest single investment by a diaspora company back into Africa and it was seen to signify the adding of value by the African diaspora to the motherland.
“Increasingly, the banking sector has witnessed the increased usage of online banking as customers resort to branchless banking for transactions. Banks have also been compelled to increase investments and upgrades of digital platforms to remain competitive,” the BoG boss indicated.
He continued “In line with the objective of customer centralism, we expect that financial digitization will shape the banking business to compete with the fin-techs in the payment systems space. Hence, there is the need for adoption and diffusion of technology in every sphere of banking sector operations.”
Mr. Addison pointed out that the Bank has been instrumental in the development of the mortgage industry and continues to play a leading role in the mortgage sector of the country.
He reminded the management team of the vision of the Holding Company to use the acquisition in Ghana as a platform to launch their international expansion strategy in Africa.
“Ghana currently houses the headquarters of the Africa Continental Free Trade Area, and it provides a good opportunity to see the Republic Bank venture into other countries on the continent. The Bank of Ghana will continue to create an enabling environment within which banks can efficiently carry out their role of financial intermediation to accelerate economic growth and development,” he added.
Source: Ghana/Starrfm.com.gh/103.5FM/Isaac Dzidzoamenu