Vice President of IMANI Africa, Bright Simons, has expressed concerns over the unprofitability of the Ghana International Bank (GHIB), a subsidiary of the Bank of Ghana in London.
According to him, Ghana seems to have its state-owned enterprise gloom based on the performance of GHIB.
In a post shared on his Twitter handle, the Founder and President of mPedigree indicated that GHIB six years ago used to make a profit of US$17 million.
However, the performance of the bank has plummeted over the years to the extent that it is now making a loss of $16.5million.
Bright Simons said despite making such losses, the bank had also tripled its staff cost over the 6-year period.
“Ghana seems to have exported its State-owned Enterprise gloom. Most folks don’t pay attention to Ghana International Bank, a Bank of Ghana subsidiary in London. From profit of ~$17m 6yrs ago to a loss of ~$16.5m today. And, oh, they tripled staff costs during the same period,†he tweeted.
Ghana International Bank (GHIB) was incorporated in the United Kingdom in 1998 to finance international trade and serve as an intermediary for the flow of funds to and from Ghana.
Authorized and regulated by the Prudential Regulation Authority and Financial Conduct Authority, the bank is now owned by a consortium of major Ghanaian financial institutions, with the Central Bank of Ghana[Bank of Ghana] serving as the majority shareholder.
GHIB focuses on six key areas: treasury and global markets, trade finance, corporate and institutional banking, retail and small business banking, correspondent banking, and payment solutions. But our focus remains the same to support the economies of Ghana and the wider African continent.
Ghana seems to have exported its State-owned Enterprise gloom. Most folks don’t pay attention to Ghana International Bank, a Bank of Ghana subsidiary in London. From profit of ~$17m 6yrs ago to a loss of ~$16.5m today. And, oh, they tripled staff costs during the same period. 🤔 pic.twitter.com/gtCFz5DdIJ
— Bright Simons (@BBSimons) April 6, 2022
Ghana seems to have exported its State-owned Enterprise gloom. Most folks don’t pay attention to Ghana International Bank, a Bank of Ghana subsidiary in London. From profit of ~$17m 6yrs ago to a loss of ~$16.5m today. And, oh, they tripled staff costs during the same period. 🤔 pic.twitter.com/gtCFz5DdIJ
— Bright Simons (@BBSimons) April 6, 2022
Both commercial and investment banks around the globe saw a small dip in profits and then a surge in 2021. Private banks in Ghana reported nearly a $bn in profits in 2020 & saw a ~25% surge in profits in 2021. So can’t blame COVID. @kifiluSienu pic.twitter.com/ZkIafSGFRF
— Bright Simons (@BBSimons) April 6, 2022
Source: www.ghanaweb.com