We see opportunities in West Africa
The Board Chairman of Standard Bank Group, Mr Thulani Gcabashie, says the bank believes there is enormous potential in Africa, and as such it is prepared to partner businesses to turn them into major entities to change lives on the continent.
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He said their partnership would help build collection of people and businesses to grow the economies of Africa, which still faced challenges but remained the top 10 fastest growing economies in the world.
Mr Gcabashie was addressing the second Standard Bank West Africa Trans Regional trade and business conference in Accra.
“Hope you will spot endless opportunities of partnerships and I’m hoping that at some point, I will be hearing very positive stories coming out of this gathering, which we will be ready to support,” he stated.
The Chief Executive Officer of Stanbic Bank Ghana, Mr Alhassan Andani, said as part of the larger Standard Bank Group, the bank had been attracting businesses from all across the world, the United States, Europe, Asia and it wanted also to promote trade and business partnerships among Africans, as well as between Africans and the rest of the world.
Mr Andani urged the commercial banking clients of the bank (drawn from across sub-Saharan Africa who are interested in expanding their operations or partnering with businesses in the West Africa region) to look for opportunities within West Africa.
“For those looking for investment avenues, this is the best time; Ghana and West African countries have taken all the tough decisions and next year will be a good year for stability and growth which will be good for businesses,” the Stanbic Bank managing director stated.
Mr Andani was quick to add that the bank would be ready to ‘’help you bring down some of the opportunities.’’
West Africa, opportunities and challenges
A Senior Country Partner of Pricewaterhouse Coopers (PwC), Mr Vish Ashiagbor, who made an extensive presentation on the economies of ‘’West Africa, the challenges and opportunities’’, corroborated Mr Andani’s point that tough decisions had been taken in some of the economies, including Ghana, which should see a return to stability and growth.
He said although Nigeria was facing some challenges, it remained the largest economy, followed by Ghana and Cote d’Ivoire, and was critical in investment decision making. However, Cote d’Ivoire and Senegel recorded the highest growth rates in the region, with Ghana following with 3.9 per cent of growth.
“Although the growth in West Africa appears modest, it is a testimony that West Africa is a good place to do business,” Mr Ashiagbor said, adding that the region had also seen a lot of population growth rate with a large youthful bulge, urbanisation and enhanced partnership between the state and the private sector, a departure from the past where state-owned enterprises led businesses.
Challenges
He named some of the challenges in the West African region as rising inflation, fiscal deficits, rising exchange rate, depreciation and interest rates, as well as volatilities and uncertainties as a result of rising public debts that increased sovereign risks.
While West Africa had done well with technology penetration, especially mobile telephony and financial technology (FinTech), increased foreign direct investment flows, improved good governance, amid a large informal business sector, the drivers of growth and development in the region would include agriculture and agro-processing, infrastructural development to support the rising growth, as well as oil and gas and mineral resources in general.
Mr Ashiagbor called for stronger fiscal policies in the region to improve stability and certainty, the need to diversify the economies of West Africa and institutional strengthening.
Delegates to the conference were drawn from Ghana, Nigeria, Angola, Côte d’Ivoire, China, South Africa, as well as clients from southern and eastern Africa.