History of Standard Chartered Bank in West Africa/Ghana

These speeches are really useful to understand how western banks started businesses in other countries as foreign banks. And overtime became an integral part of the local economy.

Ernest Addsion, Governor of Bank of Ghana recently inaugurated a new headquarter building of Standard Chartered Bank in Ghana. His speech gives us a brief about the bank’s origins in Ghana:

It gives me great pleasure to be here today for the official launching of this new ultra-modern head office for Standard Chartered Bank (Ghana) Limited, and for the opportunity to make a few remarks on this occasion.

2. Standard Chartered bank has been a very successful Bank with a great tradition as a financial institution. Established as the Bank for British
West Africa (BBWA) during the colonial era, it predates all existing banks including the Bank of Ghana itself. The Bank’s slogan “Here for Good” provides a deep historical perspective to banking in Ghana and indeed in the entire West African sub region. The Bank has also been managed  largely by a Ghanaian workforce and it is a Ghanaian Bank by every standard.

3, Mr. Chairman, the overall contribution of Standard chartered to the banking industry in Ghana is not in doubt. Its history is intertwined with the
socio-economic development of Ghana. It remains one of the top tier banks in terms of total assets and deposits of the industry. The Bank has also
contributed churning out of astute professional bankers who have moved on to serve other institutions in the industry. It has also supported lending
to various sectors of the economy such as mining, utilities, construction, agriculture, manufacturing, and services. More recently, the bank has gone
through some transformation based on its business model re-engineering to reposition itself as a major player in the industry.

Wiki link of BBWA gives some more history. Fair bit there as well. The journey started from 1891 and was eventually taken over by Standard Chartered in 1965.

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