Graphic Business News

Banks lose grip on club 100 rankings • As MTN tops all

By: Kester Aburam Korankye
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Mr Samuel Koranteng, MTN Ghana Corperate Service Executive displays the award
Mr Samuel Koranteng, MTN Ghana Corperate Service Executive displays the award

 

ONCE again, the universal banks in the country failed to register an impressive performance at this year’s Ghana Club 100 Awards.
Out of about 28, only 12 were able to make it to the enviable list of 100.
Although a considerable number of non-bank financial institutions (NBFIs) and rural and community banks featured prominently on the rankings, they also occupied lower positions on the list compared to previous years when financial institutions outperformed other sectors on the rankings.

Barclays Bank (Ghana) Limited, which was the best performing universal bank in 2017, occupied the 21st position on the rankings released during the weekend at the 17th Ghana Club 100 Awards at the Kempinski Hotel in Accra.
The bank ranked behind ASA Savings and Loans Limited, which placed 12th to be adjudged the best Savings and Loans Company, and Sefwiman Rural Bank Limited, which occupied the 18th position as the Best Performing Rural Bank in the country.

MTN tops all
Meanwhile, Scancom Ghana Limited, operators of the telecommunication network, MTN, was adjudged the best performing company of the year 2017 at the awards ceremony.
The company also emerged as the highest taxpayer for the year and the largest company for 2017.
Olam Ghana Limited showed an impressive performance to win the GC100 Best New Entrant Company and the best Agriculture and Agribusiness Company for 2017.

Innovation and technology 
While assuring that the criteria for selection and participation had not changed, the Chief Executive Officer of the Ghana Investment Promotion Council, Mr Yofi Grant, said the ranking consultant, Ernest and Young (EY), considered the size, growth and profitability of companies in the rankings.
In his welcome address, Mr Grant said the theme for the rankings, “Technology, Innovation & Entrepreneurship – Opportunities for growth and development”, was in line with government’s vision to leverage on technology and entrepreneurship to create jobs for the teeming unemployed in the country.
He said the government was focusing on technology and innovation to drive growth and development while encouraging entrepreneurship.
“Technology and innovation is the new frontier of businesses across the globe. The benefits are many and multifaceted,” he said.

Private sector growth
A Deputy Minister of Finance, Mr Kwaku Kwarteng, who delivered a speech on behalf of the President, Nana Addo Dankwa Akufo-Addo, commended the GIPC for their relentless work in securing significant Foreign Direct Investments (FDI’s) into the country to boost the economy and support the growth and development of domestic enterprises.
“I would also like to thank them for their contribution to boosting our business environment with the ranking of the top 100 Ghanaian companies through the Ghana Club 100 brand, which reinforces corporate excellence, transparency and best practices,” he said.
Mr Kwarteng assured the business executives seated in the packed hall of the government’s commitment to develop the country riding on the back of the private sector.
“In order to set the stage for the private sector to succeed and develop along these lines, the government has been active in laying down the right infrastructure and systems such as, the National Identification System, Digital Addressing System, Paperless Ports, Interoperability Electronic Platform for the payment of goods and services, and Cyber Security,” he said.

About GC 100
The GC100 event was first held in March 1998. The event remains one of the flagship programmes of the GIPC.
It is aimed at introducing a system of ranking the top 100 companies in Ghana while encouraging and nurturing the private sector to develop and grow to compete internationally.
The objective is to develop a database of the top 100 viable companies, as an annual “who is who” on the Ghanaian corporate business calendar and through creative media vehicles and activities, promote Ghana’s corporate capacity. — GB