As we all know, the ’90s was a critical time for Ghana, and it is no exaggeration to say the Bank was at the forefront of some of the successes and great milestones the country achieved. The economy underwent a major structural change, with a firm turn toward free-market ideals.
This led to the privatization of many state enterprises and the push for capital markets as the basis for raising equity for enterprises. UMB, then Merchant Bank, was one of the few centres of excellence in understanding the complexities of investment banking and had the capacity to structure the deals needed here.
I vividly recall our participation in the famous Ashanti Goldfields Corporation floatation and the leading role the Bank played in the establishment of the Stock Exchange.
I am quite clear in my mind, having served in leadership at the Bank, that we have always been very patriotic, with an eagerness to support national growth policies. Perhaps this comes from our heritage as a policy bank, but always kept an eye on the national interest. That is why we found it prudent to set-up or support the establishment of organizations like the Home Finance Company (now Republic Bank).
It is also a matter of pride for me that some of our colleagues in leadership and fellow alumni went on to have great impact on the commercial history of the country. Some of the people who were part of the establishment of the First Atlantic Merchant Bank and CAL Bank were UMB (Merchant Bank) alumni.
The current leadership and staff of the Bank need to know their heritage and be proud of it. The story of merchant and corporate banking in Ghana cannot be told without our bank and that is a great charge we need to guard and grow.
I urge the team there now to be honest, dedicated, keep the interest of Ghana in view at all times and above all else, focus on the most important part of any bank- the CUSTOMER!’
