Ghana: Access Bank pledges support for the tourism sector

Executive Director for Retail and Digital Banking at Access Bank (Ghana) Plc, Pearl Nkrumah has urged financial institutions in the country to strongly support the progress and development of Ghana’s tourism and creative industries.

Speaking at the Tourism Investment summit held in Accra, Pearl Nkrumah noted that the current growth and revenue potential of the tourism sector and their ability to support the economy make it a fertile area for financial service organizations to support.

She emphasized the importance of financial institutions taking proactive steps to offer customized products and services to individuals and institutions actively contributing to the growth of the tourism and creative industry in Ghana.

“Financial institutions are armed with the needed tools and skills to play a vital role in promoting tourism in the country. And this can be effectively carried out by the provision of investment structures, loans for small and medium-scale enterprises (SMEs), credit facilities for tourism projects, foreign exchange services, risk management, and insurance. I believe by utilising these tools, financial institutions can significantly increase the country’s tourism contribution to GDP from 4-5 percent to over 20 percent,” she emphasized.

Shedding light on strategic investments made by Access Bank in the sector, Pearl Nkrumah noted that the bank has deployed various initiatives to support the sector  saying “we have demonstrated our commitment to the tourism sector through various initiatives, which include financial support to the hospitality and aviation sector to the tune of 30 million US Dollars, deployment of digital banking solutions for payment for premier events such as Afrochella, Accra Beer Festival, and Waakye Summit, and investing substantially in entertainment and arts”.

“The bank’s award-winning TV series ‘All Walks of Life’ has offered an opportunity to showcase African talent and ingenuity to the world while contributing to the growth of the industry and promoting financial inclusion.  Our support for ArtX Prize Nigeria and local artistes like El Anatsui, Dafe Oboro, Belinda Kazeem-Kamiński, Chigozie Obi, Etinosa Yvonne, Bolatito Aderemi-Ibitola, Habeeb Andu and Patrick Akpojotor emphasizes our commitment to fostering artistic excellence.”

She reaffirmed the bank’s steadfast commitment to fostering the growth of Ghana’s tourism industry through partnerships with the government, ongoing support for SMEs, and investments in digital technologies.

“Moving forward, Access Bank plans to continue investing in specialized financial products for businesses in the tourism sector, collaborate more with the government to align financial support with national tourism goals, provide funding for the development and improvement of tourism infrastructure, continue to commit to SMEs, and invest in digital technologies” she noted.

The Tourism Investment Summit was organized by the Ministry of Tourism, Arts and Culture (MOTAC) through the Ghana Tourism Development Project (GTDP), in partnership with the Ghana Tourism Authority and other agencies. It brought together relevant stakeholders in the tourism value chain to promote opportunities within the sector and attract investment.