Share

Banking on Ghana’s growth

accreditation
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
We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders