JP Morgan has announced that it will enter the Ghana banking market by the first quarter of next year. This is indeed welcome news for the burgeoning banking industry in Ghana.
The entry of JP Morgan offers numerous opportunities for the financial sector in the country. First it will further increase the competition in the sector and eventually culminate in more efficiency and effectiveness in the sector. The small banks which dominate the banking scene in Ghana will also have access to credit from JP Morgan instead of looking overseas for credit with it attendant increased transactions cost. We are likely to see an uptick in the already booming construction business as more credit becomes available.
Over all, this move also signifies that the Ghanaian economy is maturing and growing. Most importantly, it will indicate to other industry leaders that it ok to invest in Ghana.
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