Chocolate and oil: Ghana’s riches

[Standard Bank Team]

Ghana was due to start producing its first barrels of oil at the end of 2010 and many Ghanaians are waiting to see what impact this important development will have on the country’s economy.

Oil may be the new kid on the block, but agriculture contributes over a third of the nation’s gross domestic product (GDP), employing more people than any other sector. Cocoa is Ghana’s biggest export and it is the world’s second largest producer of cocoa (Côte d’Ivoire is number one).

Stanbic Bank (Ghana), a member of Standard Bank Group, has also been exploring the potentials in this wonderful West African country – just like the oil exploration in the country.

We may have been in Ghana under our current banking licence for over 10 years but we’ve grown a lot over the past three to four years. And 2011 promises to bring rapid expansion.

From only three branches in 2007, there are now 22. In 2007 Stanbic Bank employed 126 people; today we have 480. We are showing our support for Ghana by participating in the Alliance for a Green Revolution in Africa (AGRF) and becoming a first time joint mandated lead arranger for the Ghana Cocoa Board’s (Cocobod) annual loan.

Establishing our franchise has meant building a branch in every provincial capital in the country – we’re the only bank to do so. We’ve had a branch in Takoradi – the heart of the new oil production – for a couple of years. Oil production is not just about our corporate banking deals, whether this be with oil companies or those providing the infrastructure around its production.

It’s also about the people working in the oil industry and the small businesses that spring up to serve these people.

Did you know:
• Ghana was the first African country to win independence in 1957.
• For the last 20 years, the Ghanaian economy has grown by at least 5% every year.
• Oil production in Ghana is expected to reach 120 000 barrels per day, representing 0.2% of Africa’s oil production.
• Chocolate is good for you!