[ 2011-04-18 ]

Alhassan Andani, Managing Director of Stanbic Bank Ghana

Stanbic Bank MD bullish of Ghana’s economic growth
The Managing Director of Stanbic Bank Ghana,
Alhassan Andani has rekindled hopes in the
Ghanaian economy saying all signs point to a
positive growth for the economy this year.

“I am very bullish about Ghana’s economy this
year, for key reasons. In the face of the current
crisis in the Middle East, the world is looking
for more assured and stable democracies which can
provide this critical resource—oil and gas.
Ghana is very attractive now to buy crude from due
to our stable democracy” he said.

Mr. Andani speaking in an interview on the back of
Stanbic Bank’s Stanbic Finance Presentation said
traditional produce such as cocoa will still take
a good place in bringing in foreign exchange for
the economy.

“Gold is still the store of value and due to all
that is happening in the world, the price of gold
is also expected to rise as it did in last year
and year before when the global economy took a
down turn. The BRICS countries [Brazil, Russia,
India and China] and other emerging economies will
demand minerals such as diamonds, manganese and
bauxite, which Ghana is blessed with. With the
prices of these minerals going up, Ghana is sure
to rake in a lot of revenue from that sector”,
he added.

Mr. Andani also identified some internal indices
which he said will support the general growth
areas after the first quarter performance.

“If you look at the internals, there is a lot of
focus on agriculture and agro processing.
Agricultural development is to the country, and
once our food baskets began yielding food to their
capacities, Ghana would be self-sufficient in food
production. We have the whole of the Sahel to
export food to, without really having to cross any
borders”, Mr. Andani said.

Mr. Andani further indicated that since most
economies were taking time to recuperate from the
impact of the global economic downturn, most
people were looking for emerging markets like
Ghana, where rule of law thrives as well as viable
investment opportunities exist to invest their
capital.

“In view of all these, I can only be confident
that this economy will do well, under the auspices
of good governance and democracy”, Mr. Andani
intimated.

Stanbic Bank recorded a profit of 19.1 million
Ghana Cedis over the 2009 1 million Ghana Cedis
profit it recorded in 2009. Net interest income
grew from 42 Million Ghana Cedis in 2009 to 59.3
million Ghana Cedis in 2010.

The bank improved its credit provisions reducing
its credit impairment rate from 31.6 million Ghana
Cedis in 2009 to 12 million Ghana Cedis is 2010.
Return on equity hit 17% in 2010 from 1% in 2009.

Source - MyjoyOnline

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