The President, Nana Akufo-Addo, has acknowledged the efforts of FBNBank Ghana towards the growth of the economy and has commended the bank and its staff for their contribution over the past years.
In a keynote address read on his behalf by the Deputy Minister of Finance, Dr John Kumah at the FBNBank@25 Gala Dinner to commemorate the bank’s 25th anniversary in Ghana, the President said, “I have followed the growth of FBNBank over the years and this celebration should be an exciting moment for all those who have been involved in bringing the bank to its present state. You have been an integral part of the growth of the Ghanaian economy. Having evolved from the status of “a small Nigerian bank” some 127 years ago into an African leader and a bank of choice, FirstBank has become an industry leader in innovation, financial inclusion and SME banking. The results of these innovative interventions are well demonstrated in the many awards of recognition received by the bank over the last few years.”
The President urged the bank to develop easily accessible products for young entrepreneurs in order to help change the narrative of the country’s teeming youth being jobless with the attendant risks of being the source of social problems.
“As the bank celebrates 25 years of existence, I urge you to focus your attention also on the design of financial products for Ghanaian youth engaged in entrepreneurship. We are told some 70 per cent of our population is aged 35 years or younger. This so-called youth batch provides immense opportunities for rapid development. Fortunately for us, our flagship Free Senior High School policy and Technical and Vocational Education Training (TVET) programmes, have increased access to education. It is time to turn our demography and investment in education into a powerful economic driving force rather than a potential source of social and political unrest. We are creating conditions for entrepreneurs to thrive and for the private sector to grow and expand and create jobs, particularly for the youth,” he said.
According to the President, this would be possible if banks in Ghana took another look at their high lending rates and join hands with the government to support the efforts of young entrepreneurs.
“We need to work together to find an enduring solution to this problem. Government is working hard through the introduction of new policies to enhance the credit delivery system,” he said.
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