Access Bank Ghana, in collaboration with the German Corporation, DEG and AHK, has organised a networking event in Accra to discuss Ghana’s economic outlook.
The event saw top Ghanaian and German business giants – including the Deputy German Ambassador to Ghana – to deliberate on pertinent issues on the Ghanaian economy and how businesses could position themselves to make the most of it.
Speaking on behalf of Access Bank’s Managing Director – Olumide Olatunji, the Executive Director for Retail and Digital banking, Pearl Nkrumah, said the conversation around Ghana’s economy was crucial due to the impact of prevailing global crisis and its toll on economies worldwide, including Ghana’s.
“Tonight’s conversation will expose us to the economic realities the nation faces, and bring to fore ways and measures to remain strong in business.” She added that Access Bank remains a true partner in supporting local and international businesses in the face of Ghana’s economic strains.
Burkhardt Hellenmann, a delegate from AHK, noted that the event was timely, and the topic was relevant, especially as it coincided with an address on the state of Ghana’s economy by Dr. Bawumia, Ghana’s Vice President.
The Chief Finance Officer of Access Bank, Michael Gyabaah, highlighted during a panel discussion, some of the realities Ghana was facing economically due the impact of COVID-19 and the Russia/ Ukraine war.
He noted that the Central Bank of Ghana was stepping up efforts at averting the harsh impact of global factors through monetary policies such as increasing policy rate and cash reserve ratio rate. He was optimistic about better economic conditions in Ghana in the medium term.
Mr. Ivor Greenstreet, a Ghanaian entrepreneur, lawyer and politician, touched on prospects of SMEs in Ghana. He shared highlights of his coffee processing business, which he noted was doing well amidst the economic strains. Mr. Greenstreet advised organisations to gauge the prospects of their business ventures and plan for the long term.
Deputy CEO of the Ghana Investment Promotion Council – Yaw Afriyie, another panelist of the event, touched on the need for local direct investment in the country. He noted that, inasmuch as foreign direct investment was encouraged, the need to retain capital was key to boosting the economy.
He said government is exploring various avenues to raise capital internally by strengthening revenue collections and taxation, among other plans. He expressed optimism in Ghana’s economy and looked forward to a bounce back in the short to medium term.
