Ecobank Ghana Ltd. (EBG)’s China desk, which it set up last year, has generated $100 million worth of investment from the Asian nation in Ghana.
Ecobank Ghana’s parent company, Lome, Togo-based Ecobank Transnational Inc. (ETI), entered into an alliance with Bank of China to boost the flow of money and trade between China and Africa. The desk was opened in Accra, Ghana’s capital, in April last year.
“The desk is capable of attracting Chinese trade inflows and investments into the local economy, which hitherto would not have been because the means was not created,” Managing Director Samuel Ashitey Adjei said at a the lender’s annual meeting today in Accra. “We are very encouraged by this and plan to build upon it this year.”
Two senior staff of the Bank of China are based in Accra and facilitate communication with traders and Chinese investors, Adjei said. It has also made doing business easier for Ghanaian traders with operations in China, he said.
Ghana has been increasing its economic links with China in recent years. The world’s second-biggest cocoa producer has an arrangement with China Development Bank Corp. to borrow $3 billion for oil and gas infrastructure, ports, railways and road projects, the biggest loan in Ghana’s history.
The bank’s net income rose 21 percent to 23 million cedis ($12 million) in the first-quarter through March. Net interest income climbed to 35.6 million cedis from 28.9 million cedis a year earlier, it said yesterday.
Ecobank Ghana’s shares traded unchanged at 3.05 cedis by the close in Accra.
To contact the reporter on this story: Moses Mozart Dzawu in Accra at email@example.com
To contact the editor responsible for this story: Emily Bowers at firstname.lastname@example.org