Societe-General Complex inaugurated

The Minister of Trade and Industry, Mr Haruna Iddrisu, has told investors that the objective of the recent Bank of Ghana (BoG) directives to banks is to stabilise the economy and not to discourage the repatriation of profits.

He said the BoG was ready to assist any company whose transactions necessitated the use of foreign currency.

Mr Iddrisu made the statement when he inaugurated a modern  complex of the Societe-General Bank on behalf of President John Mahama in Accra yesterday.  

The minister urged banks in the country to invest in the informal sector. 

“I am aware that banks are conservative towards the informal sector because of the risk factors involved however, banks should loosen up their credit requirements to boost the informal sector,” he added.

Economic prospects

For his part, the Board Chairman of Societe-General Ghana, Mr Kofi Ampiah, described the country’s economic outlook as very bright, and added that foreign investor confidence in Ghana’s economy continued to soar.

He said there were promising investment opportunities in the oil and gas, herbal and pharmaceutical sectors for export and agro-processing for the food business, among others.

Mr Ampiah promised that Societe-Generale would collaborate with the government to facilitate new investments and finance capital projects and infrastructure to accelerate economic development.

Bank of Ghana

The Deputy Governor of the BoG, Dr Abdul Nashiru Issahaku, who represented the governor of the BoG, said Societe-Generale had an extensive branch network in the country which made the bank accessible to Ghanaians.

He noted that the bank had over the years rolled out innovative products, adding that the bank was a pioneer in money remittance services in the country.