Managing Director-FBNBank Victor Yaw Asante is confident of a much-improved operating environment for businesses in 2024.
Already, he said, the economy has exhibited improvement – as inflation significantly dropped from 53.2 percent at end-2022 to 23.3 percent at end-2023. This positive trend, coupled with a recent reduction in the key policy rate from 30 percent to 29 percent, is indicative of a promising future, he added.
“Some key economic indicators are improving; for example, inflation has significantly decreased. We also experienced a drop in primary interest rates for the first time in a long time. Finally, we managed to secure the next tranche from the IMF. All the required actions have been taken and I am hopeful that 2024 will be better,” he said.
Mr. Asante made these comments during the presentation of prizes to winners of the ‘Akye’ Deposit and Win Promotion in Accra.
Similarly, the cedi enjoyed strong performance last week; gaining ground against major currencies and fuelling optimism among analysts, who predict continued appreciation.
This positive outlook is largely attributed to two key factors: anticipated inflows from the World Bank and easing foreign exchange (FX) demand pressures.
The World Bank’s approval of a US$300million Development Policy Operation (DPO) – the first of a three-part series – is seen as a significant injection of liquidity into the domestic market.
Analysts believe these inflows will bolster Bank of Ghana (BoG) interventions, allowing it to fortify a stable cedi exchange rate.
“We expect the local unit to continue strengthening this week, on the back of additional inflows from the World Bank. These funds will provide much-needed support to the cedi and contribute to a more stable exchange rate environment,” analysts at Databank remarked in a note on the subject.
Mr. Asante however noted that much more work needs to be done in sustaining the progress; stressing the need for industry players to stay committed and focused on their responsibilities despite challenges.
Prize presentation to winners of ‘Akye’ Deposit and Win Promo
In all, 37 customers from across the bank’s branches received various prizes after meeting the promotion’s terms and conditions.
Each of the winners received home appliances comprising Smart TVs, deep-freezers, air-conditioners, washing machines, sound bars and gas cookers.
The Akye Promo forms part of the bank’s efforts to encourage customers and the public to save money.
Mr. Asante mentioned that the promotion aligns with the bank’s objective of giving back to customers while promoting financial growth and strengthening the relationships between FBNBank and its valued customers. He added that the bank believes in the financial well-being of its customers, irrespective of their background.
‘Akye’, a Twi word, means excitement. FBNBank adopted the name for this campaign due to its popularity as a commonly used slang that it is often used as a catchphrase by renowned musician Samini – the bank’s brand ambassador who doubles as face of the promo.
To qualify for the promotion, customers – including new account holders – simply have to open a savings or current account with a minimum deposit of GH¢550. Apart from standing a chance of winning amazing prizes, the money will be placed in a special account that earns the customer a 5 percent interest rate per annum over the promotion period.
Per terms and conditions of the promotion, there must be no withdrawals from the account over the promotion period.
