Madam Pearl Nkrumah, the Executive Director for Retail and Digital Banking at Access Bank (Ghana) Plc, has called on financial institutions to support the advancement of Ghana’s tourism and creative arts industries.
She noted that the growth and revenue potential of the tourism sector hinged on their ability to support it and make it a fertile area for investment.
Madam Nkrumah made the call at the just ended Tourism Investment Summit held in Accra, a statement issued by the Bank, copied to the Ghana News Agency, said on Tuesday.
She highlighted the need for financial institutions to be proactive in providing tailor-made products and services to individuals and institutions earnestly growing the tourism and creative industry in Ghana.
“Financial institutions are armed with tools and skills to play a vital role in promoting tourism in the country,” she said.
“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 per cent to over 20 per cent.”
Shedding light on strategic investments made by Access Bank in the sector, Madam Nkrumah said financial support to the hospitality and aviation sector amounted to $30 million.
It also deployed a 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’ had showcased African talent and ingenuity to the world while contributing to the growth of the industry and promoting financial inclusion.
She reiterated the bank’s unwavering commitment to supporting the growth of Ghana’s tourism industry through governmental collaborations and a continuous support for SMEs and investment 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,” Madam Nkrumah said.
The Tourism Investment Summit was organised by the Ministry of Tourism, Arts and Culture through the Ghana Tourism Development Project, in partnership with the Ghana Tourism Authority and other agencies, on the theme: “Tourism Investment, A Catalyst for National Development”.
GNA