Access Bank achieves growth despite Ghana’s economic downturn

June 22, 2024
Access Bank achieves growth despite Ghana’s economic downturn

(Ghana) Plc, achieved impressive growth in key areas of it operations despite Ghana's economic downturn and macroeconomic instability for the year 2023.

In 2023, the Bank's total assets grew by 22.3 per cent, from GHS 10.057 billion to GHS 12.30 billion, while operating income increased by 40 per cent, from 1.150 billion to GHS 1.613 billion, and loans and advances rose by 42.81 per cent.

Miss Ama Bawuah, Board Chairperson of the bank, attributed the growth and resilience seen in 2023 to prudent financial management and service excellence.

Ms Bawuah said this when she presented the Bank's 2023 financial statement to stakeholders.

“These achievements underscore our steadfast dedication to navigating challenges and fostering sustainable growth, reaffirming our pledge to serve you with excellence and integrity,” she said.

She noted that in 2023, Ghana's economy was characterised by macroeconomic instability, escalating inflation, and dwindling investor confidence, stemming from both domestic imbalances and external pressures.

“Against the backdrop of global and national economic uncertainties, I am pleased to share that your bank successfully applied valuable insights and industry best practices to achieve substantial growth across key areas in the past year,” she said.

Mr Olumide Olatunji, Managing Director of the Bank, also said: “Despite the prevailing uncertainties, your bank maintained a robust performance across key financial metrics, a testament to our prudent financial management and unwavering dedication to our mission.”

“We observed substantial growth in deposits, surging from GHS7.399 billion to GHS9.130 billion, marking a notable 23 per cent increase,” he added.

He noted that the Bank achieved a remarkable turnaround by resuming tax remittances to the government and a surge in shareholders' gains.

“This reversal from a negative contribution of GHS102 million to an impressive 509 per cent increase to GHS419 million underscores our commitment to fiscal responsibility and sustained growth,” Mr Olatunji, said.

He stated that, concurrently, shareholders' funds experienced substantial growth from GHS1.014 billion to GHS1.403 billion.

That, he attributed to the transformative strategies implemented in the Bank's business management practice.

The Managing Director thanked shareholders for their support and emphasised the Bank's commitment to excellence and customer satisfaction.

“We are proud of our achievements and recognise the trust our customers and shareholders have placed in us. We will continue to innovate, expand our reach, and support Ghana's economic growth,” he said.

Mr Sampson Ashong, the General Secretary of the shareholders of the Bank, lauded management for their performance and initiatives, which made the bank resilient and grow.

“I am thoroughly impressed with the Bank's commitment to sustainability initiatives and staff capacity building. Their dedication to creating a positive impact on the environment and society, while investing in the growth and development of their staff is truly commendable,” he said.

“This is evidence that Access Bank is not just focused on financial returns but also on making a positive difference in the world,” Mr Ashong noted.

Shareholders approved all resolutions of the Bank, including the re-election of the members of the Board of Directors.

Latest from Business