2nd Ghana Credit Excellence Awards Held

Officials of the award winning institutions in a group photograph

THE CHARTERED Institute of Credit Management, (CICM) Ghana, recently held its Second Ghana Credit Excellence Awards and Presidential Ball to reward financial sector players and individuals who have excelled in the field of credit management.

The ceremonywas also to inspire financial institutions and staff who have exhibited sound credit risk management and banking regulations.

Speaking on the theme “Leveraging the Africa Continental Free Trade Agreement (AfCFTA) to boost Ghana’s Economic Development: The role of the Financial Service Sector”, the Director, Banking Supervision Department of Bank of Ghana, Osei Gyasi, pledged the central bank’s commitment to monitor the changing financial landscape and put in place measures to assess financial vulnerabilities in other AfCFTA member countries.

He further said credit risk constituted about 70% of the Basel Pillar I risks in banking operations, adding, the Bank of Ghana was supportive of the institute’s role in building the capacity of the financial services sector in credit risk management.

“The Bank of Ghana’s monetary policy decisions have aimed to contain inflation within the medium-term target band. In view of diminishing risks to the inflation outlook over the past five years and to support growth, the bank’s Monetary Policy Committee has consistently lowered the policy rate from 25.5% in January 2017 to 14.5% in March 2020, and further down to 13.5% in May 2021,” he further said.

Mr. Osei Gyasi also urged financial institutions to focus on innovative and cost-effective trade finance products that would attract businesses across the sub region to accelerate growth and development of the continent.

Executive Secretary of the Chartered Institute of Credit Management (CICM), M. Agyapong Amo, entreated financial institutions to pay attention to credit risk models and systems in this era.

According to him, credit was the heart of the financial system, hence the need to pay attention to the risks and its attendant effects on the financial system.

FBN Bank won the CICM Bank of the Year Award, whilst Amenfiman Rural Bank Plc was adjudged the CICM Rural Bank of the Year.

ABii National Savings and Loans won the CICM Savings and Loans Company of the Year, whereas CICM Microfinance Company of the Year went to Kenstep Microfinance Ltd and Fido Micro Credit was adjudged Micro-Credit Company of the Year.

Other award winners were Dun & Bradstreet Ghana, CICM Credit Reference Bureau of the Year; MTN Mobile Money Ltd, CICM Mobile Loan Platform Innovation of the Year; Maglans Micro-Credit Services, Micro-Credit Enterprise of the Year; Expert Consult Ltd, CICM Debt Collection Agency of the Year and Angel Group of Companies Plc, Equity Investor Innovation of the Year.

A business desk report