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Prudential Bank MD hails staff for impressive performance

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The Managing Director of Prudential Bank has lauded his staff after the financial house posted a set of impressive financial results for the year 2021.

The Bank reported a significant profit growth before and after tax of 126 and 160 per cent, respectively, over its 2020 performance.

This remarkable performance was achieved on the back of the Bank’s ongoing transformation agenda which commenced in January 2020.

The Bank’s operating income increased by 18 per cent over the prior year spurred by significant growth in interest income.

Operating expenses were well controlled, growing by about 6 per cent to GH¢246 million in 2021, compared to a 12 per cent growth for 2020. 

In other indices, total assets grew by 11 per cent from GH¢3.97 billion at the end of 2020 to GH¢4.38 billion at the end of 2021, driven by a 16 per cent growth in customer deposits to GH¢2.86 billion at the end of December 2021.

Commenting on the impressive performance, the Managing Director, John K. Addo, attributed the improved performance to the changes that have taken place since the roll-out of the transformation agenda.

Key amongst the changes are the creation and strengthening of business segments to drive business growth and the establishment of a digital transformation department to advance the digitalisation of products, services and internal processes.

He noted that transaction volumes on digital products more than doubled year on year with consequent increases in related transactional incomes.

Mr Addo further noted that “the impressive performance was all on the back of hard work and dedication from staff and unflinching support from our cherished loyal customers despite the challenging covid environment”, he added.

The positivity emanating from the transformational changes contributed to the Bank being awarded a five-star rating for Outstanding Service Quality in the Chartered Institute of Marketing Ghana (CIMG) Customer Satisfaction Index (Banking) survey report.

The Bank also enviably emerged as Best Bank in Customer Satisfaction and Best Bank for Net Promoter Score, indicating strong customer loyalty.

Other laurels include recognition as Best Transaction Bank 2021 by Zeepay, a Fintech company, in recognition of the provision of excellent digital transaction services and Oil and Gas Financial Service Provider for the year 2021 (Ghana Oil & Gas Awards) in recognition of the Bank’s commitment to supporting local businesses in the oil and gas sector.

Mr. Addo concluded that the Bank had shown sustained resilience in the past two years and is well-positioned to deliver on its future growth and development aspirations despite the stressed business climate arising from the adverse economic conditions of the global pandemic.

He assured that the Bank will continuously work to improve service delivery and leverage technology to provide innovative and flexible financial products to suit the everyday banking needs of its customers.



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Economy growing strongly, data suggests robust pick-up – Governor

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The Ghanaian economy is growing strongly despite the threat of rising inflation and the recent sharp volatility of the cedi, Governor of the Bank of Ghana, Dr. Ernest Addison has pointed out.

According to him, data secured by his outfit so far indicates that the economy continues to rebound, irrespective of the challenges.

Speaking to Bloomberg ahead of the Monetary Policy Committee (MPC) meeting, which began yesterday, 18th May, 2022, Dr. Addison said he real sector of the economy has been resilient despite the impact of COVID-19 pandemic.

“The Ghanaian situation in a sense also reflects what happened in 2020 where the government took a very expansionary stance on policy. Therefore there were many interventions that was put into place in order to protect lives and livelihoods.”

“The impact of that was real sector being more resilient than we see in other places. As I said, we are beginning to see a pick-up in growth in 2021”, Dr. Addison emphasised.”

Indeed, sectors such as Information, Communications and Technology; Tourism and Hospitality; Manufacturing have bounced back, registering strong growth rates.

“Some of the data that has come in 2022 does not suggest that we are slowing down”, the Governor noted.

“I believe, if we were to choose between growth and inflation, the policy priority should be managing the pace at which prices are increasing”, he added.

Economy expanded by 5.4% in 2021 – GSS

Ghana’s economy expanded by 5.4% in 2021, far higher than the 0.4% recorded in the year 2020, a period that COVID-19 pandemic had severely hit the global economy.  

Without oil, the economy recorded a Gross Domestic Product (GDP) growth rate of 6.9%

According to provisional estimate by the Ghana Statistical Service, only 10 countries in Africa recorded growth rates higher than that of Ghana. They included Cote d’ lvoire and Uganda.

The strong growth rate was driven by the Services sector, particularly the Information, Communication and Technology (33.1%) and the Agriculture sector, such as Fishing (13.4%).

The Services sector recorded the highest GDP growth rate of 9.4% in 2021.



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Techno Genesis Ghana graduates the first batch of trainees under BiG entrepreneurship project

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The first batch of young individuals who signed onto the Believe in Ghana (BiG) project in Kumasi have graduated to venture into the creative arts and manufacturing industries.

The Believe in Ghana (BiG) project trains young aspiring entrepreneurs to take charge in the creative arts and manufacturing sectors.

Trainees are engaged in bakery and pastries, soap and bleach making, batik and tie and dye as well as beads making.

Techno Genesis Ghana graduates the first batch of trainees under BiG entrepreneurship project

Project originator, Tony Donkor, says the employment rate of the youth in Ghana needs to be addressed through such innovations.

“The project intends to raise a generation of knowledgeable youth who can take up the manufacturing space in order to secure a brighter future for the Ghanaian youth.

“The project intends to equip illiterate, semi-literate and literate persons with the skills set to secure a better future in the absence of a salaried job” he said.

The BiG project has seen partnership with the Centre for National Culture in Kumasi who created the avenue for individuals to be trained through localized methods.

Techno Genesis Ghana graduates the first batch of trainees under BiG entrepreneurship project

Deputy Director for Performing Arts at the Centre, Mustapha Issa, says locally-manufactured items need the necessary patronage to promote local industrialization and national culture.

According to him, “people often portray cultural products as fetish and they do not want to patronize it, but if we can reorient the definition of culture to ourselves, people can then appreciate it.”

He added that, “accepting the cultural values our products stand will bring great benefit from.”

Mr. Issa also advised that the country takes its cultural values seriously in order to preserve the rich heritage as a people.

He indicated that, “our music, movies and arts should represent our heritage, rather than degrading it.”

The first cohort of 15 trainees under the project shared their experiences on the impact.

“I work in a travel agency and we usually host events where attires are worn. I signed up to the project so I can learn how to make apparels to get the contract for myself and make some money as well,” said Doreen.

Another participant, Sumaila said “I am a musician and I wanted to add a clothing line to it, so I enrolled to learn how to make batik Tie and Dye. I can use the technique to create my own brand in addition to the music I do”.

Techno Genesis Ghana graduates the first batch of trainees under BiG entrepreneurship project

The BiG project intends to train over 10,000 persons in the Ashanti Region and further extend to other regions of the country.

The Believe in Ghana Project is under the operation of Techno Genesis, in partnership with The Multimedia Group, Kumasi and the Centre for National Culture, Kumasi.



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Loyalty Insurance MD raises concern about unhealthy competition in industry

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The Managing Director of Loyalty Insurance Company Limited, Ernest Frimpong, has expressed worry about some unhealthy practices in the insurance sector.

According to him, even though Ghana’s insurance market is highly competitive, characterised by a lot of innovation, some unethical practices like premium undercutting could hamper growth of the industry.

“The Ghana insurance market is a highly competitive and dynamic marketplace,” Mr. Frimpong said.

“There is a dichotomy; on one hand, the market is characterised by innovation, and on the other hand, there is also some unhealthy competition in the market. The issue of undercutting premiums has been around for a while. We need to change this narrative; we need stronger cooperation among ourselves for the benefit of our industry”. He added.

The Loyalty Insurance MD spoke at the company’s fifth anniversary celebration launch themed, “Growing through digitalisation.”

The company unveiled four new digital applications which it believes will place it at the forefront of technological innovation in the insurance sector.

The Managing Director also expressed gratitude to shareholders of the company for raising capital to meet the National Insurance Commission’s minimum capital requirement of ¢50 million.

The Commissioner of Insurance, Dr. Justice Ofori, commended the management and staff for embracing technology as part of their operations.

He urged them to re-strategise and remain customer-focused in order to remain relevant in the industry.

“Let me congratulate management and staff of Loyalty Insurance Company Limited for the attainment of five years of growth and consistent success and express my gratitude to all who have contributed to making the company what it is today,” he said.



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