SG Ghana signs $50m agreement with government to manage missions abroad

Societe Generale has signed a $50 million Credit Facility Agreement with Ghana to finance the rehabilitation of the government missions abroad.

A statement issued by Societe Generale Ghana and copied to the Ghana News Agency said the bank was happy to support the rehabilitation of Ghana’s missions abroad with the $50 million financing.

The agreement has come at an opportune time to support the Ghana Government to address some of the challenges faced by the Ghana foreign missions, it said.

“It is Societe Generale Ghana’s desire to partner Ghana in the socio economic development of the country and to strengthen the already cordial business relations that has existed for many years between the Societe Generale Group, Societe Generale Ghana and the Government of Ghana,” the statement said.

It said observers acknowledged that there was rule of law and respect for human rights in Ghana and that the country’s democracy had deepened.

“Therefore, as a true development partner of Ghana, Societe Generale Ghana and the Societe Generale Group have financed various Government of Ghana projects to the tune of $600 million between 2009 and 2016.

“Some of the projects Societe Generale has financed totally or as a participating bank in a syndication include the Aboadze Thermal Plant; Fire Tenders for the Ministry of the Interior; Steel Bridges for the Ministry of Roads and Highways; E-Government Project for the Ministry of Communication; two GRIDCo Transmission Projects; the Accra Streets Asphalting; the Kwame Nkrumah and Kasoa Interchanges and the Ghana Cocobod Cocoa Syndication since 1997 to date,” the statement said.

Societe Generale has significantly invested in Ghana’s financial sector in view of the stable political environment and improving economy with strong medium and long-term prospects.

The bank is one of the largest networked banks in Ghana with over 40 branches. Societe Generale Ghana is listed on the Ghana Stock Exchange and is a member of the Ghana Club 100 of the Ghana Investment Promotion Centre.

Societe Generale Ghana has more than 11,000 business customers and 216,000 retail customers.

Source: GNA