By: Christian Kpesese
The Association of Ghana Bankers has expressed readiness to provide the necessary funding to businesses under the government’s 24-Hour Economy policy.
The Banks have expressed excitement about the opportunity to be the key drivers that fuel the 24-Hour economy policy which is a private sector-led initiative.
Chief Executive Officer of the association, John Awuah, who expressed the delight of the association at the sidelines of the 24-Hour Secretariat’s roundtable discussion with banking sector players recently described the policy a as ‘groundbreaking policy of state’ said the excitement of the banking community is the fact that, its implementation is private sector-led.
“…All we know is that, it is going to be much of a private sector programme, which is something that excites us as a community of banks. It is when the private sector is at the fore-front that we can prosecute, evaluate or access its successful outcome or whatever outcome we are going to have, particular the probability that is going to be successful and its enhanced when it is led, delivered by the private sector.
So to that extent, as community of banks, we stand ready to help, as you can see, the representation is, all the banks have been present, we have every bank present at this forum. We have our banking partners, we have the development bank Ghana, We Ghana Exim, we have GIRSAL, they are all present and they are our partners, so we happy that, because they are going to be the risk mitigants of a sort, because they going to provide gurantees and other instruments to enable the banks to participate fully, its important that we are in the same room, they understand, we understand, discussions become easier”, Mr Awuah noted.
He disclosed that the Banks will carefully assess and evaluate the framework as provided by the 24-hour economy document affordable long-term funding to the lending community.
“The success of the programme is the success of the country, and as bankers, then it becomes successful programme for the banks as well. So we are very keen to be the oil that fuels the programme, obviously it take two to tango so we need private sector to also come on board, as you can see, this is not a government programme per say, government is drawing the framework but it is going to be private sector-led, and as banks, we like when its private sector so we can deploy our capital and liquidity to finance and also to mobilise private capital to ensure that the programme is successful in the end”, the Bankers CEO stated.
He commended the Secretariat’s move to secure funding for commercial banks for on-lending to business describing it providing as a good thing.
The 24-hour economy secretariat disclosed that 140 companies have so far indicated their readiness to expand within the 24-Hour Economy ecosystem and explained by the secretariat, to enable them design workable financing products as done with the defunct One district one policy.
