Societe Generale to increase investment in economy

Managing Director of Societe Generale (SG) Ghana, Gilbert Hie, says the bank will continue to invest in the critical areas of Ghana’s economy to boost its development.

Over the past decade, the French multinational bank has invested over a billion dollars in different sectors of the economy, some of which include the contribution of US$270million to the improvement of energy generation. The bank was also the lead syndicator and arranger for last year’s US$1.2billion cocoa syndication deal.

Speaking at the opening of the bank’s US$20-million ultra-modern six-storey head office complex in Accra, Mr. Hie said SG is currently involved with various projects in the fields of health and transportation.

“We will definitely continue to support the government in these fields and bring external finance to boost development. Last year we arranged the US$1.2billion cocoa syndication deal, and we will be bidding soon because the season is here. It is our mission to support the Ghanaian economy in the various sectors.”

Moving forward, Mr. Hie said the prospects of the bank are great. “We are very much involved in trade finance, development of SMEs and we have quite an aggressive programme for 2014. We will be opening three to five new branches. Currently, the bank has 37 branches and we are looking forward to increasing that.”

The new head office building will provide customers and the public easy access to the bank and seeks to bring its entire staff under one roof to consolidate its operations and increase efficiency. The office is equipped with a privileged banking centre and two ATMs.

President John Dramani Mahama, in a speech read on his behalf by Trade and Industry Minister Haruna Iddrisu, acknowledged the bank’s contributions to the country’s socio-economic development over the years, and expressed his high expectation for SG Ghana in the coming years.

President Mahama assured investors that the Bank of Ghana’s recent directive that local transactions should be carried out in cedis is not meant to stifle their businesses, but rather to bring sanity into the banking and financial industry.
He said repatriation of their profit is assured, adding that genuine transactions can be done in dollars in line with the Bank of Ghana’s directive.

Deputy French Ambassador to Ghana Ms. Cecile Vigneau said Ghana represents a model of political and democratic stability in Africa, stating that the country is a high-level partner of France.

Jean Luc Parer, Head of SG International Banking for Retail and Financial Services, said the bank is committed to playing its role in assisting economic development now that Ghana is at the threshold of significant economic growth.

By Bernard Yaw Ashiadey | B&FT Online | Ghana