Access Bank Ghana grows assets by 40%

Access Bank Ghana Plc has recorded impressive performance at the end of 2023 financial year despite the challenging macroeconomic environment.

The bank’s total assets grow by 22.3 per cent, from GHS10.057 billion recorded the previous year to GHS12.30 billion.

The Board Chairperson, Access Bank (Ghana) Plc, Ms. Ama S. Bawuah, while presenting the financial statements at the the bank’s 16th annual general meeting highlighted the Bank’s impressive performance for the year.

She said operating income increased by 40 per cent from GHS1.150 billion achieved in comparative period of last year to GHS1.613 billion while the Bank’s Loans and Advances rose by 42.81 per cent.

She said, “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.”

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

Access Bank’s commitment to expansion, innovation, and customer convenience was also showcased, with the implementation of several digital products and services such as the virtual relationship management (VRM) tool to augment customer service support.

Also speaking, Managing Director, Access Bank Ghana Plc, Olumide Olatunji, reiterated the Bank’s resilience and stability. “Despite the prevailing uncertainties, Access 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 said the Bank achieved a remarkable turnaround by resuming tax remittances to the government. 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. Concurrently, shareholders’ funds experienced substantial growth, from GHS1.014 billion to GHS1.403 billion, attributed to the transformative strategies implemented in the Bank’s business management practice.

Olatunji 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 noted.

Mr. Sampson Ashong, the General Secretary of the shareholders praised the Bank’s performance and initiatives citing its resilience and growth potential.

“I am thoroughly impressed with the bank’s commitment to sustainability initiatives and employee capacity building,” he said.

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