Stanbic Bank Ghana has officially brought to a close its ‘Pure Save Campaign’ at a ceremony in Accra.
The Pure Save campaign, an initiative of Stanbic Bank, was targeted at inculcating and stimulating a savings culture among Ghanaians, as well as promoting financial inclusion – an attitude the bank believes, has a great potential to turn around the fortunes of the Ghanaian economy, while guarding against a “rainy day.”
The need for a savings culture remains critical to a nation’s economic growth.
Head of Personal & Business Banking at Stanbic Bank, Nana Dwemoh Benneh, said “Countries that have a consistent savings culture automatically have a high savings rate, and are able to overcome recessions faster than those with low savings rate.”
He added “Savings allow the necessary investment to improve a country’s capital stock and its long-run growth trajectory.
According to the World Bank, the gross savings rate in Ghana is below 20%. This situation is similar to that of other African countries such as Burkina Faso (8.59%), Togo (11.66%), Nigeria (12.049), Benin (16.75%), and South Africa (15.14%).
Also some 70% of Ghanaians are unbanked. Of the 30% with bank accounts, only a few have a consistent savings habit. China, with a gross saving rate of about 46%, has become a global economic giant with the world’s largest cash reserves at its disposal largely because it cultivated a national savings habit.”
Nana Benneh explained that “savings help one acquire valuable assets, provide financial security, and improve people’s standard of living of families. It also serves as a buffer during emergencies, and also goes a long way to foster a country’s economic growth and development.”
He further also called on financial institutions to churn out products that offer rewarding incentives on savings through simpler and attractive investment plans.
At the ceremony also witnessed Mr. Michael Kwetey emerged as the ultimate winner in the ‘Pure Save Campaign,’ receiving a cheque of GHS 100,000 as his reward.
In his address, Mr. Kwetey said “I am amazed and feel indebted to Stanbic bank for this reward, I have been greatly encouraged to save more by this promotion”.
During the period of the Pure Save Campaign, several customers have won cash prizes of GHS 10,000, 32-inch Samsung LED TV sets, iPhones and many souvenirs during weekly and monthly draws, conducted using the caritas platform of the National Lotteries Authority.
Story: Business Desk