The President of the Ghana Bankers Association, Mr Alhassan Andani, has called on the government to put in the right measures to address the depreciation of the local currency the cedis.
He explained that until the fundamentals of Ghana’s economy were strengthened, the cedi would continue to depreciate in value against the major foreign currencies particularly, the United States dollar.
To do that, Mr Andani suggested to the government to identify and focus on the production of additional export commodities to help boost foreign exchange earnings.
“The continuous dependence on imports at the expense of exports will continue to put enormous pressure on the local currency,” Mr Andani told the media after the pre-launch of a Stanbic Executive Banking product on Wednesday, March 22, 2017 in Accra.
Adding that a boost in cocoa production, non-traditional exports and oil production could help reverse the fall of the cedi. “Production of more export commodities to rake in more foreign exchange,” he said,
The cedi has performed poorly against major currencies since the beginning of the year, losing about six per cent of its value to the US Dollar for instance.
Legacy debt
Mr Andani, who is also the Managing Director of Stanbic Bank, emphasised that the government had shown commitment to ensuring that the energy sector levy was paid down as scheduled.
According to him, the government had released funds for the advance payments and the quarterly payments.
“That energy sector debt is being paid down. The VRA debt is being paid down very well; the government is on schedule with the reductions as was agreed; we’ve received advanced payment of US$250 million, we have the September quarterly payment, December quarterly payment and invoice for March and there’s every indication that we will get paid, so that is really coming down,” he stated.
He explained that per the restructured payment, the government was expected to deposit about US$169 million per quarter until the stipulated five year period.
He revealed that the US$2.4 billion that was restructured was being paid on time and in the right amounts as agreed with the government.
Product launch
For his part, the Head of Personal and Business Banking at Stanbic Bank, Nana Dwemoh Benneh, indicated that the bank reintroduced its Executive Banking product in a bid to provide customers with a swifter access to a wide range of products that would enhance their lifestyle.
He said the bank had added new packages such as an educational plan, a hospital cash cover and retrenchment cover.
“This is yet another opportunity to prove to our customers our responsiveness to their needs,” he said. “As a bank, we believe a real banking experience goes beyond just deposits and withdrawals; for us, it is about enriching lives – taking to heart the customer’s comfort and giving back to them what is just right for the betterment of their lives,” he added.
The Manager of Executive Banking at Stanbic Bank, Mrs Adjoa Commey, said the product was reintroduced in line with the bank’s commitment to provide real value to its customers.
“Our customers are key to our business. We go the extra mile each day to ensure that they get the best from this relationship. This revised proposition seeks to add great value to the life of our customers; real game changers in challenging times,” she said.
Detail about the product
With the EduPlan, parents will be able to provide uninterrupted quality education for their wards to the highest level.
The hospital cash cover supports clients, in case they are hospitalised after an accident. The bank is also offering a retrenchment cover which will be paid in three instalments for three months in the instance that an Executive Banking customer loses his or her job.
Aside from these new propositions, Stanbic has also revamped some of the already existing Executive Banking offerings, including the travel insurance, for instance, and more attractive packages with regard to the salary overdraft, transactional and savings products, comprehensive home loan solutions and vehicle and asset financing.
The new Executive Banking package also offers a myriad of cashless payment options through the bank’s Gold VISA Card and other payment platforms such as the internet banking platform, Slydepay, E-ZWICH and mobile money.
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