Absa Bank equips clients to manage business risks
ABSA Bank Ghana has organised a seminar on risk management for corporate investment clients as part of efforts to support its clients to thrive during these challenging economic times.
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The seminar aimed to equip clients with the tools and knowledge necessary to navigate the current economic environment and manage associated business risks effectively.
It also helped to provide valuable insights into the current economic environment and the volatility of the local currency.
At the event in Accra last Thursday, the Interim Managing Director of Absa Bank Ghana, Adolph Kpegah, said the seminar aligned well with “the bank’s commitment to empower and help transform our society”.
“The macroeconomic landscape comes with challenges and uncertainties and in the face of these challenges we have shared insights and strategies that reflect our commitment to helping businesses thrive,” he said.
Highlighting the challenges faced by Ghana over the past few years, he explained that the country has seen the currency weaken recently, which has prompted the bank to initiate such conversation with its clients.
He said despite these challenges, there was optimism about the future, stating: “we expect the economy to improve generally, and we anticipate that the exchange rate will align with this positive trend”.
“Our aim is to provide valuable insights from experts within and outside our organisation to help our clients better understand the economic environment and manage their businesses more effectively,” Mr Kpegah said.
Projection
The Chief Economist of Absa Group, Jeff Gable, said: “The cedi is volatile because we live in a very difficult environment. Globally, there are numerous uncertainties affecting major currency pairs like the Euro against the dollar and the British Pound.”
Given these circumstances, he projected that the cedi might weaken to approximately GH¢15 against the dollar by the end of this year and potentially further by the end of next year.
The economist emphasised the interconnectedness of the banking sector and the broader economy stating: “bank is as healthy as the economy in which it exists; when households and businesses thrive, it's a great time to be a bank”.
But when there are struggles, it becomes more challenging. We are genuinely all in this together."