GHIB to boost trade finance in Sub Saharan Africa
THE Ghana International Bank (GHIB) has committed to evolve into a true Pan-African firm over the next decade to address the urgent trade needs across Sub-Saharan Africa.
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This transformation underscores GHIB's commitment to make a tangible impact in the lives of people across the continent while serving as a catalyst for development in the region.
At a reception to mark the 65th anniversary of the establishment of GHIB, the Chief Executive Officer of GHIB, Dean Adansi, said 65 years was a long time to be a strong uninterrupted commercial concern in a turbulent and ever-changing world.
He said from its beginnings as a branch of Ghana Commercial Bank to an independent UK registered bank, with unwavering support from shareholders such as the Bank of Ghana (BoG) and the steadfast loyalty of clients, GHIB has cemented its position as a pillar of strength within the Ghanaian financial system.
“Over the next decade, it is my sincere hope that GHIB can once again transform itself, from a fledgling multinational financial institution to a truly pan-African firm with the scale and resources to address the urgent trade and financial needs of its clients - governments, corporates and other institutions - across markets in sub-Saharan Africa,” Mr Adansi said.
The Governor of the Bank of Ghana, Dr Ernest Addison, commended GHIB for its tremendous contribution to Ghana’s financial sector.
He said in the last 65 years, the bank has evolved into a truly transnational banking organisation, with activities across West Africa and increasingly in East Africa.
“It has been involved in some of the most interesting and innovative transactions across its African footprint over the years, including the critical role it plays in providing much-needed correspondent banking services to most of the Ghanaian banks, and institutions across West Africa.
GHIB also continues to be a lender to governments across the continent. The bank is an active participant in trade finance activities in primary and secondary markets and has provided critical documentary collection services to Ghana Cocoa Board over the last 25 years in support of the nation’s cocoa export business,” he said.
Impact in West Africa
The governor disclosed that in 2023, GHIB intermediated over $8 billion in payments for financial institutions in West Africa.
“Indeed, it would not be an overstatement to say GHIB is a systematically important financial institution in Ghana and Anglophone West Africa,” he added.
He explained that in the last 50 years, the financial world has experienced turmoil: from the UK’s own balance of payments crisis in the early 1970s, to OPEC’s embargo, to the inflationary years of the early 1980s, to the Gulf War in the 1990’s, and the great financial panic of the late 2000’s.
However, GHIB has continued to be an important and relevant institution through all these crises with the tireless efforts of the board, shareholders, executive management, and all well-meaning stakeholders.
“GHIB remains a pillar of strength and the indispensable Ghanaian financial institution,” he added.
Alleviating hardship
Dr Addison said the philanthropic activities of the Ghana International Foundation (GIF) have been helpful in alleviating hardship in rural communities and in schools, hospitals, and other areas of Ghanaian society.
“So this is truly a historic occasion and milestone in the history of Ghanaian banking, and I am pleased to be able to share this moment of reflection with you.”