The Bank of Ghana yesterday in Accra, handed over Class “A” Banking License to the Energy Bank Ghana Limited established by a Nigerian business mogul, Jimoh Ibrahim, at a ceremony witnessed by the President of the Republic of Ghana, Professor John Atta Mills.

This is coming as Ibrahim pledged to invest $50million towards building a first class hospital in Ghana.
Handing over the banking license to Ibrahim, the Governor of Bank of Ghana, Mr. Kwesi  Bekoe Amissah –Arthur said the Energy Bank Limited had met the minimum share capital requirement of 60million cedis for first class banks in Ghana and passed other checks by security agencies.

He noted that the investment was a demonstration of the confidence of foreign investors in Ghanaian economy. “The name selected for this bank is interesting. It shows that the bank has decided to position itself to take advantage of the huge potential in the energy and petroleum sector. Just as the sector has great prospects; it carries with it enormous risks. But the background of the promoters gives some comfort, even though there are huge challenges that can only be overcome with dedication,” he said.

He however cautioned that the board of the Energy Bank should know that the share capital could easily fizzle out, if not properly managed and advised them to be innovative in order to remain competitive in the banking sector.

Speaking while inaugurating the bank’s office complex, President Mills said it was a demonstration of the confidence of the international business community in the economy of Ghana.

He appealed to the Energy Bank and other financial institutions in Ghana to reduce the cost of credit in order to create jobs and invest in human resources.

“We welcome wholeheartedly, the Energy Bank into the business community of our dear nation. We know that with their antecedents and with the kind of support that they have, they should not find it difficult to operate in the Ghanaian business community,” he said.

In his speech, the Chairman of Energy Bank, Barrister Ibrahim said Ghana’s banking sector was one key institution in that country’s success story.

“It is amazing to see 28 Ghanaian banks having over $1billion shareholders fund spreading across all aspects of banking in a 25million population of Ghana; compared with 23 Nigerian banks with shareholders fund of about $1.9billion for 150 million population. There is no doubt that Ghana presents a future economic stability guarded with robust human resources of the Bank of Ghana,” he said.

“Mr. President, I am encouraged by the development in Ghana and as someone, who prize intellectual capacity in high esteem over moral intelligence, I cannot but appreciate a growth that is propelled or instigated by brainstorming exercise rather than any other incapable one that is influenced by local circumstances and ethnic zeal or overzealous retaliatory attack that have no fundamental bearing on your sustained economic growth,” he added.

He commended President Mills for being prudent and not overheating the system in the face of global recession.
“As a mark of our love for the government and the people of Ghana, our Group will further invest $50million, in the first instance, towards building a first-class hospital, provided the government will provide land where such hospital will be built,” he said.

Source: http://www.thisdaylive.com/articles/jimoh-ibrahim-gets-ghanaian-banking-license/86680/

Nigerian Govt need to get their acts together. .all our business men dont feel safe again investing in Nigeria. .

Job opportunities keep moving to Ghana. .

another proof that GEJ is the worst President we ever had

Even Angola will pass Nigeria with the development going on over there in Angola

the man gets richer by the day.

olas2u:

Even Angola will pass Nigeria with the development going on over there in Angola

Sorry to say bro but they are already ahead, stupid useless leaders we have. We are tired of noise makers

I will keep saying , investors are eloping becos of sanusi disastrous banking and fiscal issue.
The only license available just now in Nigeria is the damn, un-attractive, non- profitable, risk aversed, sanusi-compelled type of banking.

Unemployment is getting higher, skyrocketing, foreign investors are shying away, now our very own, soludo-policy-aided rich men are deserting the economy.

Our banking has shrunk, shrunked so badly, yet no foreseeable idea to turn the tide.

This jimoh ibrahim hasn't got a bank in Naija ooh, if sanusi's policies went inspiring who jimmy not start from his home?
Jimoh is Muslim, if his kind doesn't lead the way for sanusi's hollow islamisation of the bank wud it b pascal dozie that wud lead?  That clearly shows dearth of confidence in the person of sanusi and his archaic policies.

If this proposed bank was to be in Naija, now hold on, think abt it,
How many branches wud it hav in Lagos alone, SW, SE,SS, NW,NE,NN,NW,NC ?
How many people does a branch of a bank employ? Directly=100- 200 including drivers, indirectly = 200- 500 including the mama-put woman, clears, janitors, security, engineers for gen set, mechanic for their vehicles, etc

That is like 300-700 * say over 110 = 33000 to 77000
Now imagine 77000 people off the labour Market?

Now

What i dont understand is why he cant build the hospital in Nigeria, im sure if its land he can easily be given one

No one wants to stay in Nigeria

^ islamic banking

macjive01:

^ islamic banking

how does this relate to the thread

Sometimes ya'll depress the hell out of me. That some dude decides to invest in Ghana => Nigeria is dying

Maybe he just found a nice opportunity there. It isn't like he has sold off all he owns in Nigeria and moved it all to Ghana, is it?

macjive01:

I will keep saying , investors are eloping becos of sanusi disastrous banking and fiscal issue.
The only license available just now in Nigeria is the damn, un-attractive, non- profitable, risk aversed, sanusi-compelled type of banking.

Unemployment is getting higher, skyrocketing, foreign investors are shying away, now our very own, soludo-policy-aided rich men are deserting the economy.

Our banking has shrunk, shrunked so badly, yet no foreseeable idea to turn the tide.

This jimoh ibrahim hasn't got a bank in Naija ooh, if sanusi's policies went inspiring who jimmy not start from his home?
[b][b]Jimoh is Muslim[/b][/b], if his kind doesn't lead the way for sanusi's hollow islamisation of the bank wud it b pascal dozie that wud lead?  That clearly shows dearth of confidence in the person of sanusi and his archaic policies.

If this proposed bank was to be in Naija, now hold on, think abt it,
How many branches wud it hav in Lagos alone, SW, SE,SS, NW,NE,NN,NW,NC ?
How many people does a branch of a bank employ? Directly=100- 200 including drivers, indirectly = 200- 500 including the mama-put woman, clears, janitors, security, engineers for gen set, mechanic for their vehicles, etc

That is like 300-700 * say over 110 = 33000 to 77000
Now imagine 77000 people off the labour Market?

Now

jimoh is not muslim actually we attend the same church in lagos,

macjive01:

^ islamic banking

he's not muslim.

some people can have muslim names without actually being muslim.

hey guys jimoh is a fine gentleman there is no beef against him, why shud there be?

he did not accept a job he can not do?

he did not, being a local mechanic and knowing fully well that he cant repair more modern computerized cars embark on its destruction.

He did not propose islamisation of the banking industry. hold on, i hv nothing against islam, but the proposition of such banking in a "dependent" third world corrupt country wud not work. what wud be the incentive for a hedge fund manager to invest his funds in the naija banks when the said banks wudnt charge an interest?

what bank wud give u and me -common folks (just now tho), no interest loan in a country that hasnt got a database for citizenry identification?

He did not cause MASSIVE retrenchment in the banking industry

He did not cause albeit indirectly, the high rate of kidnapping and criminality. it is believed the crimes perpetuated now re by educated, technology savvy folks. what sector is on the fore front in this tech age in naija
telecom
banking
yahoo boys

yahoo boys are still in business= no cause to commit "physical" crime.
telecom is still in business= no cause to commit crime
banking ??  union bank, wema bank, unity bank, intercontinental, savanna, citizen, afri bank, progressive bank, ACB, Bank PHB, . . . .   . .  .

there is no big deal in this, jimoh ibrahim is seeing a potential in the ghana energy sector as a business man he was to take part of. this has nufin to do with nigeria nt be safe for investment or ghana now better than nigeria.

that an American came to ghana to invest does nt mean Ghana is better than US


in business profit comes first