Last week, Metro TV, in its Newsnight programme, reported --much to my chagrin--that the government had offloaded (finally) its shares in ADB in preparation for the takeover by the South African bank Standard Bank.
I've been seeing Standard Bank's ads in magazines like Business In Africa, Africa Today, and been forced to accept that it, too, like ECOBANK, wnts to be a Pan-African bank.
Predictably, I'm being biased towards Ecobank being a veritable regional bank--precissely for its history of ECOWAS' stake, and its reach in almost ECOWAS countries, including CEMAC countries. Honestly, Stanbic, a Pan-African bank? I don't think so! Where's the SADC support to underscore this? Where is the SADC region's understanding of the rest of Africa?
In my view, I see an interesting trend here--one of Stanbic, like South African big capital, choosing to lord it over Africa, and feeling, why not, West Africa's a good place. Once we get Ghana, we've got a springboard for the rest of West Africa.
Not so fast, Stanbic!
The South Africans appear not to understand not just West Africa, but its market. One thing that goes to compound this perception is an article in Friday's edition of the private Ghanaian paper The Observer, with the headline:
Stanbic Offers $80m for ADB
The sub-heading speaks volumes: Workers Charge and Say "Kai!" ADB's Western Union
Inflows for 2006 Alone Was $400m
This, in fact, was reduced from $120m.
The cheek of Stanbic! To think it could buy Ghana's only agricultural development bank for $80m, when Western Union's for ADB alone was clocking a good five times aaht amount speaks more about the South African chutzpah, or hubris, of feeling it can lord it over West Africa in general, and Ghana in particular.
Back to the news report from Metro news, I noticed that the following ight, the station reported that the government insists it had not sold its shares in ADB, and was actually looking at an unsolicited proposal from Stanbic made last year.
It was confirmed in the state-owned Daily Graphic on Thursday, as the picture above illustrates.
I certainly hope that Bank of Ghana, and Ghanaians open their eyes to the looming threat of big capital--be it outside Africa, or on the continent itself, represented by a wolf in sheep's clothing--South Africa, always ready to please the West and its elite, yet less amenable to the interests of Black Africa.
Does NEPAD ring a bell, anyone?
1 comment:
I have read a lot of unsubstantiated comments about Stanbic in the press lately, and suggest that the facts be looked at.
I have travelled across Africa on business and worked in many of this continent's most beautiful countries including Ghana, Mozambique, Uganda, Kenya, Namibia, South Africa and Nigeria. The one thing that I have noticed is that unlike many of the American and European Banks that say they are an African Bank, Stanbic really is one. I always banked with an African bank, and have found that Stanbic Bank offers me all the services that I need across the continent.
Stanbic has got a proven track record in Africa when dealing with government-owned institutions. I have personally seen what Stanbic has done in Uganda and Malawi. In these two countries Stanbic Bank has purchased and turned government banks into profitable institutions that have increased the staff complement, grown the profits, opened more branches and employed 99% of the staff from the local country. Unlike the American and European banks, I never saw any "expats" lurking about.
I know that Stanbic views West Africa as a key to its success as evidenced by its current acquisition of IBTC bank in Nigeria.
In my experience, Stanbic Bank is a world class bank, offering prompt, efficient and friendly service across the continent. What a country like Ghana needs is also a world class bank to assist in driving its economy.
Due to the nature of my work, I have dealt with ADB on several occassions in the past. While the service was good and the people helpful, I did not get the sense that it was a regional or national powerhouse. From what I have seen of Stanbic across the continent, they could help ADB enhance its services, increase its profits, grow its client base and become and institution Ghanaians can be proud of. I would be really surprised if ADB's current financial position is as strong as the local media makes it out to be. We all know that the private sector is in the business of doing business, while governments are not. I would even go so so far as to question if ADB is making a profit at all.
I have met senior Stanbic staff from all over the continent who now work abroad. Clearly, a multi national offers excellent career paths for staff, training opportunities and entry into a competative environment. I can not see how staff and customers will not benifit from a merger like this.
There are very few multi national companies that do business on the continent that I can call African or pro African companies. For me, Stanbic is a truly multi-national company. It is what you put into Africa that makes the difference, not what you take out. I have seen Stanbic increase employment, invest in infa-structure and make a real diffirence to the regions and economies in which they operate.
Perhaps Stanbic detractors should get the real facts and look at its successes and involvement in Africa.
Thank you
Charles Ndoro
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