ADDRESS BY HIS EXCELLENCY THE VICE PRESIDENT OF THE REPUBLIC OF GHANA JOHN DRAMANI MAHAMA AT THE OFFICIAL OPENING OF STANBICFEST 2009 AT THE ACCRA INTERNATIONAL CONFERENCE CENTRE ON THURSDAY, 19TH MARCH, 2009

Mr. Chairman
Board of Stanbic Bank, Ghana
The Managing Director and Staff of Stanbic, Ghana
Distinguished Invited Guests
Ladies and Gentlemen

I wish to thank Mr. Alhassan Andani and the Board of Stanbic Ghana for the invitation to open the first-ever banking fair organized by any individual bank in Ghana to showcase its services and products to the public.

In view of the global financial crunch some people are wondering whether they can still go to the banks and rely on them for any more services because of all that they are hearing about the global financial crises. I cannot help but applaud Stanbic for this initiative.

This innovation is important because it will afford both individuals and businesses the opportunity to experience a more direct and personal discussion of their requirements with the bank in order to get the best possible advice for their financial and business concerns. This initiative by Stanbic will also renew confidence in the banking system as an integral intermediary in our financial system.

Ghana's banking sector has been experiencing some steady growth over the years, with many more banks being opened in the country. But we'll all agree that the number of un-banked population still remains high. This could be attributed to a lack of understanding of what the banks offer and the inability of the banks to also tailor their services and products to meet the needs of the prospective banking public.

Let me take this opportunity to urge our banks as well as all financial and non financial Institutions in the country to move very fast to meet all regulations and deadlines set by the central bank that are aimed at improving the financial sector of this country to position us in readiness to serve as the financial services nerve centre of the West African Sub-region.

It is against this background that I welcome the decision of Stanbic Bank to hold this 3-day affair. While this will serve the advertising and promotional objectives of the bank, I am of the view that the benefits that will accrue from the public and businesses to the bank will be profound.

Ladies and Gentlemen, the government of the NDC under President John Atta Mills recognizes that in building a better Ghana, there is the need to collaborate with the private sector as one of its key stake holders. Let me hasten to caution that we will however expect private corporate entities operating in this country to meet their obligations to the State at all times without prompting from government.

As we are all aware, the country is going through some micro¬economic instability but as we have always stated as a government, we know what policies and measures to adopt so as to ensure that this country is placed on a sound footing to promote growth and prosperity for all of us.

Thus the government of the NDC is committed to building a vibrant private sector knowing that once that sector is encouraged to grow it will not only expand by creating job opportunities for the people of this country but will also contribute to improving the standard of living of our people whilst contributing to our GDP.

I am aware that we have in our midst staff of Stanbic from various parts of the continent who joined us yesterday to sign the One hundred million dollar ($100 million) facility to support peasant farmers in Ghana to improve productivity, increase incomes and alleviate poverty.

I wish you all an enjoyable stay in Ghana and urge you to make a repeat visit at the least opportunity to enjoy the proverbial Ghanaian hospitality and our rich customs and culture.

Ladies and Gentlemen, I now have the singular pleasure to officially open the Stanbicfest 2009 to enable the bank showcase its products and services to the Ghanaian public.

Thank you.