BoG urged to relax savings and loans regulations

BY: Maclean Kwofi
Mr Derrick Ewudzie-Odoom

The Divisional Head of Marketing at The Seed Funds Savings and Loans, Mr Derrick Ewudzie-Odoom, has called on the Bank of Ghana (BoG) to allow savings and loans companies in the country to undertake international transactions.

That, he said, was necessary because it would help the savings and loans organisations to grow their capacity both in Ghana and overseas.  


Mr Ewudzie-Odoom, told the Graphic Business in an interview on the sidelines of a boot camp in Accra.

According to him, it was time the central bank relaxed some of the regulations governing savings and loans companies in the country.

“What we think the Bank of Ghana should do is to allow the savings and loans companies to transact foreign business just as the universal banks in order to improve its operations across the world,” he said.

He said per the directive governing that sector, the savings and loans institution in the country could not transact foreign business, a situation he said was affecting the companies negatively in the sub-sector.

He said savings and loans companies must be given the same opportunities to operate as the universal banks in order to inject speed into their business transactions.

He said some of the savings and loans companies were bigger than banks in terms of reach, capital and capacity to grow and expand.

Mr Ewudzie-Odoom said The Seed Funds believed in serving its valued customers in the best and effective way, and therefore relied heavily on technology and innovation to achieve that feat.

“At The Seed Funds we have a team of managers who have done it before, because we have been in the business of banking for many years and, therefore, understand the dynamics of the Ghanaian banking environment,” he explained.

The company prides itself on having a strong capital base and robust IT platform, coupled with a very experienced and diversified board of directors.

Boot camp

The Seed Funds Savings and Loans partnered the Customer Experience Consortium to organise the maiden edition of the boot camp in Accra.

The event dubbed “Media Sales Boot Camp” seeks to equip sales and marketing officers of the various media organisations in the country with modern trends in marketing to overcome challenges they encounter in their line of duty.

The Chief Service Officer of the Customer Experience Consortium, Mr J. N. Halm, indicated that market was changing at a fast pace, therefore, selling must also change to meet the needs of time.