Credit to manufacturing and infrastructure sectors by Standard Chartered adds Ghs 2.8 billion to GDP
Credit to Ghana’s manufacturing and infrastructure sectors by Standard Chartered Bank over a ten-year period resulted in a $507 million or Ghs 2.8 billion addition to the country’s Gross Domestic Product (GDP).
This is per a recently published independent socio-economic report on the bank’s activities and reiterated by the Chief Executive Officer (CEO) of Standard Chartered Bank, Mansa Nettey at the Standard Chartered Digital Banking, Innovation and Fintech Festival.
“An independent socio-economic report established that our lending to the manufacturing and infrastructure sectors in Ghana between 2009 and 2019 generated a GDP impact of USD507million equivalent to GHS2.8 billion or to about 1 percent of GDP.
“Additionally, our lending activities supported about 122,000 jobs in the Ghanaian economy while directly and indirectly providing opportunities for us to expand our impact by collaborating with clients on inclusion, diversity, and environmental protection,” she remarked.
Speaking further at the event, Ms Mansa Nettey noted the bank, since its inception 125 years ago as the Bank of British West Africa and subsequently to Standard Chartered Bank Ghana, has maintained its role as the nexus of financial market development in Ghana.
This, the CEO noted, is by virtue of the bank’s deep knowledge of the dynamics of the Ghanaian market, and access to best practices and investors across its footprint markets as well as maintaining a market and thought leadership role that has supported the aspirations of government, regulators, peer banks, clients and other stakeholders.
“Our deep knowledge of the dynamics of the Ghanaian market, and access to best practices and investors across our footprint markets has helped us remain at the nexus of financial market development in Ghana while contributing significantly to the management of multiple economic cycles and the overall socio-economic development of Ghana over the last twelve and a half decades,” she noted.
According to the CEO, some of the notable outcomes of Standard Chartered Bank’s contribution to the management of the country’s multiple economic cycles and overall socio-economic development include;
- Provision of specialized risk management solutions for currency, interest rates and commodities.
- Leveraging of structuring, project, and corporate finance capabilities to facilitate long term project and infrastructure financing.
- Provision of leading international loan syndications to support financing of cocoa and other key sectors.
- Leading the development of Financial and Capital Markets in Ghana to facilitate the right support for key economic activities.
Touching on climate change and the bank’s commitment to it, Ms Mansa Nettey noted Standard Chartered Bank is committed to attaining a net-zero carbon emissions status by 2030 for its operations and by 2050 for its financing.
“We are committed to attaining a net zero carbon emissions status by year 2030 for our operations, and by year 2050 from our financing.
“We are providing the advisory services and financing that our clients need to complete their own aspirations and while ensuring that this commitment does not lag development in Ghana and other footprint markets. We aim to facilitate a rapid, just transition to net zero where it matters most,” she said.
Standard Chartered Bank’s Digital Banking, Innovation and Fintech Festival forms part of the activities of the bank’s 125th-anniversary celebrations in Ghana and an apt platform to showcase Ghana’s digital infrastructure and the great strides the country has made in its national digitalisation journey.
The Digital Banking, Innovation and Fintech Festival FinTech festival held under the theme, “Shaping the next phase of Ghana’s Financial Technology Landscape for the 21st Century”, brought together local and international players in the Fintech ecosystem, seasoned experts and practising Fintech innovators to engage and share insights on how to adopt, leverage and scale digitisation, innovation and technology within the financial sector.
