The Governor, Bank of Ghana, the country’s apex financial regulatory institution, Dr. Henry Kofi Wampah, Thursday in Accra, praised UBA Ghana, for instituting a robust risk management system which has led to zero infractions on regulatory provisions on the part of UBA Ghana. Dr. Wampah said this while receiving the Group Managing Director, UBA Plc, Mr Phillips Oduoza, in his office in Accra.
l-r: Second Deputy Governor of the Bank of Ghana, Abdul Nasiru Isahaku; GMD/CEO, UBA Plc, Mr. Phillips Oduoza; Governor, Bank of Ghana, Dr. Henry Kofi Wampah; First Deputy Governor of the Bank, Millison Narh, during the visit of UBA management to Bank of Ghana in Accra.
He commended the pivotal role played by UBA in deepening financial inclusion and providing funds to critical sectors of the Ghanaian economy, especially the Bank’s immense contribution to the country’s foreign exchange stability. He said that the bank’s provision of foreign exchange support to the economy has largely contributed to macro-economic stability in the country.
The Governor called on UBA to organise seminars and workshop on risk management for indigenous financial institutions in the country to help build a strong risk management culture in Ghanaian financial institutions. He also called on UBA to support government’s policy on import substitution, aimed at growing the economy by growing the volume of exports, through encouraging the production of locally made goods.
He announced that the Bank of Ghana will soon introduce a new foreign exchange platform while expressing his appreciation to UBA Ghana for the support the bank has been giving to Ghana’s economy despite the global economic challenges and its attendant constraint in financial landscape.
While thanking the Governor for the regulatory institution’s recognition of the Bank’s robust risk management policies, Phillip Oduoza, the Group Managing Director of UBA Plc said, “UBA being a global bank and the only African bank operating in United States, a geography noted for its strict control system, means that it has to institute a best in class risk management practices across its pan-African banking operations.” He assured the Governor of UBA’s readiness to continue its support for Ghana’s foreign exchange operations by making available needed foreign exchange when needed.
Oduoza emphasized the commitment of UBA to the development of Africa.
“As an African institution, we understand the dimensions and characteristics of the continent’s financial landscape. It is our conviction that for the continent to grow, its indigenous financial institutions, like ours, with necessary wherewithal, should champion it. This is what we are doing in 18 African countries where we operate,” Oduoza said.
He informed the Governor that the Bank’s operation in Ghana, remains its flagship on the continent, largely due to “the social economic and political stability the country offers to investors. We are most encouraged by the stable economic policies offered by Bank of Ghana. Our bank has reaped bountifully from the stability and we hope other countries on the continent will take a leave from Ghana.”
UBA Ghana, then known as Standard Trust Bank Ghana, was the first subsidiary of the UBA Group. The Bank is ranked among the top five leading banks in Ghana.