Business News of Wednesday, 18 September 2019
Source: Consolidated Bank Ghana
The country’s third-largest bank, Consolidated Bank Ghana (CBG) last Tuesday, took a giant step, when it offered to support business between Ghana and Singapore. The objective is to foster international trade, as part of the Bank’s plans to be a major player in the industry.
In line with its strategy, CBG hosted a delegation of Singaporean businesses that were in Ghana as part of a West African tour, to explore business opportunities. The delegation made up of 12 different companies came from the oil and gas sector.
The Managing Director of CBG Mr. Dan Wilson Addo at the cocktail reception, told the Singaporean businessmen and women that the Bank was poised to play a significant role in trade between the two countries. He spoke about providing trade finance support and any other intermediation roles to help businesses from both countries. Mr. Addo said the Bank is prudent and “rich in diverse areas of expertise including oil and gas, which makes us a great partner”.
The interest of Singapore businesses is represented in Ghana and globally by trade and enterprise development agency, Enterprise Singapore. Enterprise Singapore supports companies to develop capabilities to grow and globalise. Its overseas centre in Ghana, one of three located in the African continent, focuses on building strong engagements with African governments and catalysing collaboration opportunities in the private sector.
Regional Director for Sub-Saharan Africa (Accra), Ian Lee, who led the delegation, touted the expertise and strengths of Singapore businesses, highlighting how they are valuable partners to local industry players. He commented that while many Singapore companies are already doing business in Ghana, the lack of local financing options remain a challenge. CBG’s support is therefore important and timely. Mr Lee encourages more Singapore businesses to work with CBG.
CBG is only a year in operation but has chalked significant successes. The Bank has completed the integration of its core banking applications, enabling seamless transaction of business across all its 114 branches countrywide. CBG has also seen a quick turnaround in its operation. It has posted its first profit and embarked on an aggressive marketing and branding campaign, significantly increasing its visibility.
The Bank was formed in August last year to take over five struggling banks in the country. The Bank, as a result of its history, has a rich array of expertise who are aggressively driving its growth agenda.
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