FirstBank Ghana has officially introduced its Private Banking and Wealth Management Service in Kumasi, a significant development designed to offer personalized banking experiences that cater to the unique financial needs and aspirations of high-net-worth individuals and families across the country.

The service promises to deliver a comprehensive suite of products, including investment management, estate planning, tax advisory, and tailored credit solutions.

With 130 years of experience, the Bank is certain their expertise in the banking field offers clients the privilege of working with dedicated relationship managers who are committed to understanding their individual needs and providing exceptional service.

CEO of FirstBank Ghana Limited, Victor Yaw Asante, emphasized the need to protect wealth without being affected by inflation and depreciation.

“High net worth individuals are usually also interested in how to protect their wealth. The two key things that affect wealth quickly are inflation and depreciation, so you always make sure you’re invested in instruments and in products that protect the value of your money”.

“The whole point is about getting a return that is above what you lose as a result of depreciation and inflation. It is one of the reasons why you must invest. Try to find instruments that will give you a return that is higher than what you lose as a result of inflation. So first make sure you don’t lose value and then make sure you get a good return on it,” he said.

The launch featured notable financial experts who shared insights on current market trends, investment strategies, and the importance of wealth management in achieving financial security highlighting the growing demand for personalized banking solutions in Ghana, particularly among the affluent demographic.

Idowu Thompson, Global Head and Group Executive Private Banking and Wealth Management for FirstBank Nigeria, highlighted the continuous change in the economic landscape and assured they will adapt to new strategies that protect the wealth of their target audience.

“With the change in economic landscape, the rate of adoption has also transformed greatly. Change isn’t always bad and challenges doesn’t mean that it’s an end in itself. We will continue to engage all opportunities we can to meet needs,” he stated.

He further explained that even though the initiative targeted high-net-worth individuals, it is all inclusive for anyone who sees the need to manage their finances.

“We are speaking to private wealth but it’s also more inclusive these days. So it’s not just something that is for the super affluent or high valued people. It’s for everybody who wants to know how they can better organize their finances so they can live their best lives,” he explained.

The Head of Private Banking and Wealth Management, Catherine Ekar, assured that as more individuals seek personalized financial services, the bank is poised to meet personal demands and goals of clients.

“How we will cater for needs is going to be very specific, tailored to each person’s needs. Depending on what their goals or their financial plans are, you make a solution for them. For some clients it’s about safeguarding their wealth for future generations, for some it’s about hedging against forex, so we look at how we set a portfolio for them to achieve their goals. It’s really important to know your clients and understand what their goals are,” she said.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

Featured

Kester Aburam Korankye

Mar – 14 – 2025 , 12:45

2 minutes read

Vice-President Professor Jane Naana Opoku-Agyemang has urged the Governing Board of the Bank of Ghana to examine the bank’s existing policies to ensure they are aligned with leading contemporary policies.

She said more importantly, the policies should align to the government’s social contract with the people of Ghana. 

The Vice-President made the call when she swore in the Governing Board of the Bank in Accra.

She said the government had ensured gender parity in the composition of the Board with the appointment of five women.

This composition, with over 40 per cent female representation, makes this Board appropriately diverse, inclusive and consistent with leading global practice and standards on board diversity and inclusion, she said.

“I have no doubt that with the right board dynamics and support from the government and all other stakeholders, you will live up to all expectations,” she said.

Prof Opoku-Agyemang expressed the hope that the Board would provide the necessary and enabling governance structures and financial sector leadership to propel the economic reset, rebuild and consolidation agenda of the government.

She said the members’ diverse backgrounds as public and private sector operators had equipped them with the required attitude and perspectives to offer the dynamic and inspirational leadership the Bank required at this critical period with significant challenges in the economy. 

“The Bank presently requires dynamic and innovative leadership to provide the public services it is known for, and ultimately to restore and enhance the trust of the public and stakeholders in the Bank,” she added.

 The Vice-President said the success or otherwise of the government largely depended on the performance of the Central Bank.

She said, “The President’s social contract with the people of Ghana to reset, rebuild and restore public trust and macro-economic stability, through responsive financial sector governance and sound economic policies rest on your shoulders as the Board, in equal manner as the Cabinet, the Minister for Finance and all other key stakeholders.”

Dr. Johnson Pandit Asiama, the Governor of the BOG, said the moment marked the beginning of a new chapter for the institution, as we embarked on a renewed commitment to financial stability, sound monetary policy, and economic resilience.

“We stand at a time of significant economic challenges macroeconomic instability, rising inflationary pressures, currency volatility, and fiscal constraints—all of which demand urgent and strategic action,” he said.

He said the Board, composed of esteemed professionals with vast expertise, was tasked with guiding the Bank’s policy direction and ensuring that we navigated these challenges with boldness, integrity, and accountability.

He said the inauguration provided them with an opportunity to reaffirm their commitment to excellence, transparency, and independence in their monetary and financial policies.

Source: GNA

play videoActing Commissioner-General of the Ghana Revenue Authority, Anthony Sarpong

The Acting Commissioner-General of the Ghana Revenue Authority (GRA), Anthony Sarpong, has reminded businesses operating in the e-commerce sector of their obligation to file their taxes.

He stated that the GRA will leverage technology to locate online businesses and ensure they comply with tax regulations.

According to him, it is an act of patriotism for these businesses to voluntarily pay their taxes without being pursued.

Speaking on the sidelines of the KPMG-UNDP Post-Budget Forum on March 13, 2025, he said, “For many of us who are doing business online, this is the time—the tax man will be coming to you. I know that with technology, we will find you. So make it easier for us. We will be coming after you with the spirit of dialogue and compliance, using only minimal force in line with the law. We want voluntary declaration and compliance.”

Similarly, the Partner and Head of Tax at KPMG Ghana, Kofi Frempong-Kore, urged the government to take advantage of modern technology to improve tax collection and expand the tax net.

According to him, the e-commerce sector is thriving due to the innovative ways people are using digital platforms to conduct business. He suggested that the government could adopt similar strategies to enhance tax collection and bring the informal sector into the tax net.

Speaking on the sidelines of the KPMG Post-Budget Forum on March 13, 2025, he stated, “Technology plays a crucial role. We need to leverage technology to identify individuals operating in the informal sector. The Commissioner-General even mentioned that if you go on Instagram now, you’ll find many people, including some of my colleagues, engaged in trade.”

“They advertise their products on Instagram and Facebook, keep the goods in their car boots, meet buyers to complete transactions, or even deliver the items directly. Today, people are delivering food using technology. This means the government can use the same digital tools to collect revenue,” he explained.

Frempong-Kore also expressed concern over Ghana’s narrow tax base, which he noted relies heavily on the formal sector.

“Less than 2 million Ghanaians are paying taxes out of a population of over 30 million, and these are mainly individuals employed in the formal sector. The focus should be on the informal sector, where the majority of Ghanaians operate. That is where I believe the government should direct its efforts,” he emphasised.

SSD/MA

KPMG calls for inclusion of informal sector, online businesses in tax net