Page 13 - ACCESS ANNUAL REPORT 2019

“2019 was a year of significant progress for the Bank, with a much improved operating profit and major achievements in terms of business reorganisation, cost optimisation, capital build and improved digital capabilities.
CHAIRMAN’S STATEMENT
Esteemed shareholders, it is my honour and privilege to welcome you to this 12th Annual General Meeting of your company, Access Bank Ghana Plc.
2019 was a year o si nificant pro ress or the Ban , with a much improved operatin profit and ma or achievements in terms of business reorganisation, cost optimisation, capital build and improved digital capa ilities. our Board is pleased to see the improved operating performance, which in our view, re ects the underlyin stren th o the usiness and its ability to be responsive to challenges in the external environment.
In spite of the solid foundation we have set for ourselves, post the financial sector re orms carried out y the Re ulator, we reco nise the need to continue to build capital, strengthen our balance sheet and revenue base, to better equip us in navigating unanticipated risks to the business and delivering sustainable growth, in the more robust re ulatory environment we find ourselves.
Our Operating Environment
Ghana’s economy continued to expand in 2019, with real GDP rowth estimated at . . i h growth momentum since 2017 has consistently placed Ghana among the 10 fastest-growing economies in A rica. Relative sta ility and
improvements in the macroeconomic environment contributed largely to expansion in domestic demand, fuelled by industrial sector growth, which exceeded 10 . he year closed with an in ation rate o .9 in Decem er rom 9 in anuary and the Cedi depreciated y 12. in 2019 compared to . in 201 .
Economic rowth is, however, pro ected to dampen in 2020 due to the Coronavirus CO ID 19 pandemic, with ar more worsenin effects than the geopolitical tensions in the world economy, experienced within the last ew years.
The anticipated dampened global demand could si nificantly impact Ghana’s crude oil export earnings, with repercussions for foreign currency in ows and tax revenues. hese concerns are already presenting themselves! In advanced and other emerging market economies, export restrictions could create supply chain shortages for Ghanaian usinesses, with si nificant impact on imports o intermediate and capital oods. Crude oil prices have declined sharply to historically low levels and already creating negative shocks on exports, al eit with some offsettin effects rom risin old and cocoa prices.
Frank W. K. Beecham III
C AIR A
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driving sustainable
Annual Report
growth through innovation
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