Ecobank pledges support for govt’s 24-hr economy

By Joshua AMLANU

Ecobank Ghana Plc is aiming to leverage its financial strength to play a pivotal role in the rollout of government’s ambitious 24-hour economy policy, set to launch on July 1, 2025, as the bank leverages its financial muscle and strategic focus to bolster businesses and drive national growth.

This commitment comes following the bank’s strong 2024 performance.

The 24-hour economy policy aims to transform Ghana’s economic landscape by promoting round-the-clock operations across businesses and public institutions. Structured in three eight-hour shifts, the initiative is designed to enhance productivity, create jobs and boost industrial output.

Ecobank’s leadership signalled its readiness to align with this vision, emphasising its role in facilitating financial intermediation to ensure the policy’s success.

“We are ever ready to support government’s policy. “We will make sure of supporting businesses to ensure it works, doing whatever is required in the financial intermediation space to help businesses and the country succeed,” said Samuel Ashitey Adjei, Ecobank Ghana’s Board Chairman, during the 2025 annual general meeting (AGM).

Ecobank’s pledge comes on the heels of a stellar 2024, with the bank reporting a pre-tax profit of GH¢2.4billion – a 139.3 percent surge from the previous year. Total revenue reached GH¢5.4billion, driven by a mix of net interest income (70 percent) and fee-based income (30 percent).

The bank’s total assets grew 36.7 percent to GH¢46billion while customer deposits climbed 23.2 percent to GH¢32.5billion, reflecting robust market trust. A cost-to-income ratio of 36.8 percent underscored operational efficiency, despite inflationary pressures averaging 22.9 percent in 2024.

Managing Director Abena Osei-Poku highlighted the bank’s resilience amid a challenging economic environment, marked by a 19.18 percent depreciation of the Ghanaian cedi and a high policy rate of 29 percent for most of the year.

“As a systemically important bank, our priority is to safeguard our market leadership while embracing innovation to meet evolving customer needs,” she said.

Ecobank’s strategy, anchored on Growth, Transformation and Returns (GTR), positions it to support the 24-hour economy through tailored financial solutions and enhanced customer experiences. The bank’s focus on technology and strategic partnerships is expected to streamline operations for businesses transitioning to extended hours. Its commitment to sustainability, evidenced by initiatives like the Accelerating Solar Action Programme, aligns with the policy’s long-term economic and environmental goals.

Analysts see Ecobank’s involvement as critical, given its market leadership and extensive network. The bank’s 2024 accolades – including ‘Ghana’s Best Bank’ by Euromoney and ‘Best Sustainable Finance Bank’ by Global Finance – reinforce its capacity to drive transformative policies. However, challenges such as persistent inflation and regulatory shifts – like the tiered Cash Reserve Requirement – may test the bank’s agility.

In its outlook, Ecobank aims to deepen its impact by empowering businesses with innovative financing and fostering a workforce equipped for a dynamic economy. With a capital adequacy ratio of 17.03 percent, well above the regulatory minimum, the bank is financially primed to back government’s vision.

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