The Bank of Ghana (BoG) first Deputy Governor, Dr. Maxwell Opoku-Afari, has expressed his confidence in the National Banking College (NBC) and the institution’s pivotal role in steering the nation’s economy through ongoing economic challenges and contributing to its transformation.
During the College’s second annual general meeting (AGM), Dr. Maxwell Opoku-Afari highlighted the invaluable lessons that had been gleaned from recent developments within the economy, including the Domestic Debt Exchange Programme (DDEP), and emphasised the NBC’s significance in the nation’s forward journey.
“Lessons have been learnt (from the DDEP), and we believe the banking college will play a key role going forward. We just finished a Council meeting, and we discussed the role that the banking college will play, based on the lessons that we learned,” he remarked.
The Principal of the National Banking College, Gloria Darline Quartey, on the same trajectory pointed out the College’s mandate to bolster the banking industry’s capacity and skills to steer through complexities of the domestic economic landscape and foster positive change.
“The College exists to build capacity and skills for the banking industry, thus enabling them to navigate any emerging trends. Last year we worked together with other stakeholders, and had thought-leadership sessions wherein we brought the matter to the fore and discussed how to manage the situation best; and we continue to do that, especially, ahead of the other exchanges,” she stated.
Ms. Quartey conveyed optimism regarding future financial undertakings, including the second round of debt exchange and interactions with external debt holders. Her confidence stemmed from collective experiences of both the industry and Institution, which have provided a stronger foundation to address challenges head-on.
“We remain optimistic about the debt exchange’s second round, as well as engagements with holders of our external debt. Ultimately, the experiences we have had as an industry and also as an institution have better placed us for what happens, the Principal stated while hinting that NBC will develop innovative academic modules which better equip professionals for upcoming developments.
“This forward-looking approach aligns with Ghana’s ambition to stay at the forefront of economic transformation,” she added.
2022 Review
The NBC, which is limited by guarantee, recorded a 56.68 percent after-tax surplus at the close of 2022 with GH¢4.76million compared to GH¢3.04million the previous year.
Total comprehensive income reached GH¢26.7million, up from GH¢3.04million in 2021, and was attributed to Gain on Property Revaluation. Meanwhile, subscriptions for the period stood at GH¢12.5million and total Internally Generated Funds (IGF) at GH¢4.27million.
“I am pleased to inform you that the college, therefore achieved a 26 percent growth in IGF at the end of the five-year strategic plan’s first year of implementation – as against a projected 36 percent by end of the fifth year (in 2025). It is important to note that this calculation excludes additional income of GH¢3,165,715 primarily comprising revenue from investments. The College will continue working hard to exceed these targets set,” the principal noted.
