We are happy with the management of economy – Alexandre Maymat, Societe Generale Group

Ghana has been hailed for its consistency in improving its economic indicators to attract more foreign investment.

The Director of International Banking of Africa, Mediterranean Basin and Overseas (AFMO) of the Societe Generale Group, Alexandre Maymat who made the observation noted that indicators such as inflation and interest rates that had gone down in recent times gave impetus for investment especially into the country’s financial sector.

“We have been quite happy and satisfied with the efficient management of the economy and the pragmatic measures Government is putting in place to put the economy back on track despite the present challenges,” he said.

The exchange rate stability as well as the financial sector stability in the Ghanaian Banking industry is highly commendable,” Mr Maymat said at a business cocktail meeting in Accra on Thursday.

The event was also to officially introduce the new Managing Director for SG-Ghana, Hakim Ouzzani who takes over from the outgoing Managing Director, Mr Sionle Yeo to the stakeholders of the bank.

According to the Head of AFMO, successive government’s contribution to sustaining peace on the sub-region has accounted for SG-Ghana’s acquisition of 52 per cent majority shares of the bank.

“It is gratifying to note that the performance of the bank has so far been impressive because the bank has recorded a lot of growth in business and profits over the years.

He said “It is therefore our expectation that our operations in Ghana will continue to be more profitable so that it could open the country to other French investments.”

The Incoming MD who corroborated Mr Maymat’s stance on the economy said the bank had not regretted investing in Ghana.

Describing the emerging competition in the country’s banking sector as encouraging, Mr Ouzzani however called for a move beyond the introduction of new products and entry of new banks “to a culture where banks effectively reach out to a client and the general public to mobilise deposits and provide financial support for businesses particularly corporate clients and SMEs.”

He outlined strategies to efficiently penetrate into the industry to increase the bank’s market share while ensuring swift response to clients’ financial needs taking into consideration good risk management and control systems, corporate governance and vigilance.

“I am going to pursue an open door policy as my predecessor did so that customers can reach me with their needs, problems and suggestions to enable us move the bank’s business forward to our mutual benefit,” Mr Ouazzani said.

Mr Sionle Yeo, the outgoing MD on his part asked workers to “extend love, support and co-operation to my successor to enable him continue from where I left off so that together we can build a vibrant, solid and prosperous bank in the years ahead.”

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