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UKGCC In The News

Average base rate of banks hits 25.7%

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The average base rate among commercial banks is 25.7 percent.

This represents a 3.4 percent change from the 26.6 percent recorded in September.

According to the Bank of Ghana’s Annual Percentage and Average Interest report, Unibank remains the bank that offers the highest percentage on base rate.

Their interest stands at 35.7 percent. This is however a reduction from the previously recorded 36.8 percent it recorded in August.

Meanwhile Bank of Baroda still offers the lowest base rate of 15.1 percent. It previously recorded 15 percent in September this year.

The base rate is the lowest rate at which a bank would lend to its customers.

Of the 31 banks that were surveyed by the Bank of Ghana, Unibank offers the highest base rate at 35.7 percent.

It is closely followed at the second position by Sovereign Bank whose base rate is at 33.7 percent base rate.

The Royal Bank and Premium Bank occupy the third and fourth highest positions. Their base rates are 33.5 and 33 percent respectively. Omni Bank and National Investment Bank placed fifth with their base rates at 30.4 percent.

Meanwhile Of the thirty one banks surveyed, Bank of Baroda’s 15.1 percent is the least preceded by Standard Chartered Bank and Barclays Bank with base rates at 17.8 and 18.1 percent respectively.

The fourth and Fifth positions are occupied by Societe General and Stanbic Bank with base rates at 18.6 percent and 18.9 percent.

Source: citibusinessnews.com

Agriculture to get 11% of Barclays Bank’s loans

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Barclays Bank Ghana Limited says it is committed to ensuring that farmers get financial support in order to improve productivity.

To show commitment, the bank has set up Agribusiness Desk primarily to address financial concerns of farmers. The bank has also invested over US$57 million into the maize and soya value chain from 2014 to 2017.

The Head of Agribusiness at Barclays Bank Ghana, Mr Andrew Ahiaku, told the GRAPHIC BUSINESS after a media dialogue on Wednesday, September 13 in Accra, that the bank had dedicated 11 per cent of its entire loan portfolio to finance agriculture.

He stated that the bank has develope agricultural policy and a strategy aimed at supporting agribusiness in a quest to encourage growth in the sector.

“For us at Barclays Bank Ghana, we see and treat agribusiness as the business of agricultural production,” he said and added that financing of the sector must be approached from the value chain perspective.

Agribusiness is the business of agricultural production, which focuses on agrochemicals, breeding, crop production (farming and contract farming), distribution, farm machinery, processing and seed supply, as well as marketing and retail sales .

Supporting the sector

Touching on projects undertaken by Barclays Bank, Mr Ahiaku noted that the bank had already embarked on several projects such as supporting Guinness Ghana Breweries Limited (GGBL) in their sorghum project in the northern part of the country.

“Beyond this, the bank has also supported the biggest poultry farmer in the country (Akate Farms) with about GH¢4 million in 2016,” he said.

“Though government wants banks to dedicate 10 per cent for agricultural financing,” he said and added that Barclays Bank had taken a step further to do 11 per cent.

Mitigate risks associated with agricultural financing

Mr Ahiaku called on the government to help mitigate risks associated with the agricultural sector in order to encourage banks to support the sector.

“If the government was able to support the sector such that there was a strong market to sell produce then the only thing banks or farmers will think about was production risk which could be addressed by agricultural insurance,” he added.

So far, he said: “What Barclays Bank is doing is to partner with other stakeholders to mitigate the risks associated with agricultural financing in the country.”

 

Mr Ahiaku was speaking ahead of this year’s National Food and Agric Show (FAGRO), which is slated for Tamale from September 26 to September 30, 2017.

Some of the activities lined up for this year’s event include a leadership summit for women in agriculture, an agricultural colleges dialogue, a seminar on how to structure strong farmers cooperatives, a business plan writing boot-camp for agribusiness players and a forum to discuss the government one- district, one- factory (1D1F) agenda.

UK-Ghana Chamber of Commerce marks 1st anniversary

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The United Kingdom-Ghana Chamber of Commerce (UKGCC) has marked one-year of operations in Ghana. It also used the occasion to introduce its new High Commissioner, Mr Iain Walker.

Taking over the ambassadorial position from Jon Benjamin in August, Mr Walker is poised to continue strengthening the relationship between UK and Ghana.

Addressing guests at the cocktail event held in Accra, the new High Commissioner said: “UKGCC is proud to be a year old and more grateful for the opportunity to connect businesses and create further opportunities.”

He congratulated the UKGCC team for achieving enviable milestones within this short period.

The High Commissioner called on the business community to go into more partnerships, highlighting the huge benefits both organisations stood to gain.

In his welcome remarks, Mr. Tony Burkson, Chief Executive Officer of UKGCC thanked members of the chamber for believing in the role of the chamber and always being ready to take part in activities that promote and boost their business relationship.

Dignitaries present at the anniversary cocktail included Vice President Dr Mahamudu Bawumia.

The cocktail provided great networking opportunities for members of the chamber who were present.

The Chamber

The UKGCC is a robust organisation made up of local experts and professionals that will be the voice for British businesses looking to access and engage with the Ghanaian market, while providing assistance to Ghanaian companies investing in the UK.

It facilitates and promotes trade and commercial relations between the UK and Ghana and provides support for its members through the sharing of knowledge and ideas whilst hosting various activities designed to build stronger networks that will connect business and create further opportunities.

Source: Daily Graphic