ONE MARKET where the Mayibuye group has identified significant growth potential for Blue Financial Services is in Ghana. In its 2010 World Economic Outlook, the International Monetary Fund anticipated gross domestic product growth of around 5%, which outpaces growth in a number of other major economies, and with a population around 24m this represents a meaningful economy in which to invest.
On 18 February Blue opened a new office in Ghana’s capital, Accra. The launch was attended by Fifi Kwetey, Ghana’s Deputy Minister of Finance and Economic Planning, who commented the new business was “an indication of confidence in the stability of the economic and political environment”.
Ghana has come on to the map over recent years as a recipient of foreign capital due to its wealth of mineral resources. Oil, gold, timber, cocoa, diamonds, bauxite and manganese are all heavily sought after commodities and that’s prompted overseas companies to invest in the region.
Though it was estimated in 2007 that just under 30% of Ghanaians were living below the poverty line with the country attracting new investments a growing middle class is establishing itself, including demand for credit and other financial services that, along with tourism, have been major growth areas over the past few years.
The Organisation for Economic Co-operation and Development noted recently in a growth forecast report: “The Ghanaian economy is benefiting from one of the most successful reform programmes in Africa, with increased growth reflecting strong economic fundamentals underpinned by anti-inflationary monetary policy and fiscal consolidation.”
The report also noted major industries, such as agriculture, needed restructuring to encourage enterprise development. This could only be achieved with improved access to financing for small and micro enterprises. With state assets being aggressively privatised, free enterprise being promoted and its “Vision: 2020” plan being presented to the international investment community things look bright for the region.
“Blue is delighted to be entering into business in Ghana at a time when the outlook has never been more positive for the country,” says Blue Financial Services CEO Johan Meiring. n
On 18 February Blue opened a new office in Ghana’s capital, Accra. The launch was attended by Fifi Kwetey, Ghana’s Deputy Minister of Finance and Economic Planning, who commented the new business was “an indication of confidence in the stability of the economic and political environment”.
Ghana has come on to the map over recent years as a recipient of foreign capital due to its wealth of mineral resources. Oil, gold, timber, cocoa, diamonds, bauxite and manganese are all heavily sought after commodities and that’s prompted overseas companies to invest in the region.
Though it was estimated in 2007 that just under 30% of Ghanaians were living below the poverty line with the country attracting new investments a growing middle class is establishing itself, including demand for credit and other financial services that, along with tourism, have been major growth areas over the past few years.
The Organisation for Economic Co-operation and Development noted recently in a growth forecast report: “The Ghanaian economy is benefiting from one of the most successful reform programmes in Africa, with increased growth reflecting strong economic fundamentals underpinned by anti-inflationary monetary policy and fiscal consolidation.”
The report also noted major industries, such as agriculture, needed restructuring to encourage enterprise development. This could only be achieved with improved access to financing for small and micro enterprises. With state assets being aggressively privatised, free enterprise being promoted and its “Vision: 2020” plan being presented to the international investment community things look bright for the region.
“Blue is delighted to be entering into business in Ghana at a time when the outlook has never been more positive for the country,” says Blue Financial Services CEO Johan Meiring. n