The Executive Director for Retail and Digital Banking at Access Bank Ghana Plc, Pearl Nkrumah has called on financial institutions in the country to extensively support the advancement and development of Ghana’s tourism and creative industries.
While speaking at the Tourism Investment summit which was held in Accra, she noted that the current growth and revenue potential of the tourism sector and their ability to support the economy make it a fertile area for financial service organizations to support
She however,highlighted the need for financial institutions to be proactive in providing tailor-made products and services to individuals and institutions earnestly growing the tourism and creative industry in Ghana.
“Financial institutions are armed with the needed tools and skills to play a vital role in promoting tourism in the country. And this can be effectively carried out by the provision of investment structures, loans for Small and Medium-scale Enterprises (SMEs), credit facilities for tourism projects, foreign exchange services, risk management, and insurance. I believe by utilizing these tools, financial institutions can significantly increase the country’s tourism contribution to GDP from 4-5% to over 20 %,” she emphasized
Shedding light on strategic investments made by Access Bank in the sector, Ms Nkrumah noted that the bank has deployed various initiatives to support the sector saying “we have demonstrated our commitment to the tourism sector through various initiatives, which include financial support to the hospitality and aviation sector to the tune of 30 million US Dollars, deployment of digital banking solutions for payment for premier events such as Afrochella, Accra Beer Festival, and Waakye Summit, and investing substantially in entertainment and arts”.
“The bank’s award-winning TV series ‘All Walks of Life’ has offered an opportunity to showcase African talent and ingenuity to the world while contributing to the growth of the industry and promoting financial inclusion. Our support for ArtX Prize Nigeria and local artistes like El Anatsui, Dafe Oboro, Belinda Kazeem-Kamiński, Chigozie Obi, Etinosa Yvonne, Bolatito Aderemi-Ibitola, Habeeb Andu and Patrick Akpojotor emphasizes our commitment to fostering artistic excellence.”
Nkrumah also reiterated the bank’s unwavering commitment to supporting the growth of Ghana’s tourism industry through governmental collaborations and a continuous support for SMEs and investment in digital technologies.
“Moving forward, Access Bank plans to continue investing in specialized financial products for businesses in the tourism sector, collaborate more with the government to align financial support with national tourism goals, provide funding for the development and improvement of tourism infrastructure, continue to commit to SMEs, and invest in digital technologies” she noted.
The Tourism Investment Summit was organised by the Ministry of Tourism, Arts and Culture (MOTAC) through the Ghana Tourism Development Project (GTDP), in partnership with the Ghana Tourism Authority and other agencies. It brought together relevant stakeholders in the tourism value chain to promote opportunities within the sector and attract investment.
The Summit was held at the Labadi Beach Hotel, Accra, on 5th December 2023 on the theme ‘Tourism Investment, A Catalyst for National Development’.
