FirstRand plans to replicate in Ghana its successful economic model implemented in South Africa. The company’s Ghanaian subsidiary -FirstRand Bank Ghana- was strengthened at the end of 2019 through the acquisition of Ghana Home Loans (GHL Bank) and the new entity founded through this merger will offer diversified banking services, mainly focusing on car and home loans, according to information published by Bloomberg.
The interest in the automotive sector stems from changes in legislation in Ghana prohibiting the entry of vehicles more than 10 years old and encouraging the establishment of assembly plants. FirstRand hopes this will benefit Ghana's middle class, whose purchasing power has been increased by a 6.5% growth over the past three years.
In the real estate segment, the bank wants to take advantage of the housing shortage, which has now reached 2 million units in the country. FirstRand Ghana, which can count on a strengthened total balance sheet with assets worth $364 million, intends to build on this organic growth to reduce its financing costs for the benefit of its customers.
Idriss Linge
Novo Nordisk cuts Wegovy prices in South Africa amid competition Move targets rival Eli Lil...
Firms move beyond payments toward integrated SME platforms Services include invoicing, inve...
The BCEAO now allows UEMOA citizens abroad to open CFA franc accounts under the same conditions as...
WAEMU posts 3.31 trillion CFA francs trade surplus in Q4 Exports surge 50.4%, led by gold, ...
ECOWAS, Energy China discuss regional power infrastructure cooperation Talks cover $36.3...
Estimated resources rise to 1.38 billion barrels of oil equivalent Volumes remain contingent, not yet classified as recoverable reserves New drilling...
African banking revenue surpasses $100 billion, with strong profitability Growth driven more by favorable conditions than operational...
Kenya sells 15% stake in Safaricom to Vodacom for $1.8 billion Transaction reduces state ownership to 20% and gives Vodacom majority control...
Zijin secures shareholder approval for its C$5.5 billion ($3.9 billion) acquisition of Allied Gold Deal expands Zijin’s footprint across Ghana, Côte...
The Bijagos Archipelago, located off the coast of Guinea-Bissau, stands as one of West Africa’s most extraordinary island systems. Made up of around forty...
RFI confirmed the end of “Couleurs Tropicales” following Claudy Siar’s departure after 31 years. The move follows a series of high-profile exits...