Morocco’s Attijariwafa bank sets sails towards Ghana

Morocco’s leading bank group, Attijariwafa bank, has set sails towards Ghana where it seeks to conquer the banking market. In a first step, it signed a partnership agreement with GCB Bank Ltd, the second top bank group of the West African country.

After it established its presence in several francophone countries neighoring Ghana, Attijariwafa bank has entered the Ghanaian market on the occasion of the visit King Mohammed VI has just paid to Accra last week.

The agreement with GCB Bank seeks to establish cooperation in the area of investment, trade funding and in a larger extent the funding of projects across the continent, Moroccan media Leconomiste reports.

The agreement enables Attijariwafa bank, which was crowned best African bank in 2016, to establish itself in one of the most dynamic markets of the West African region, Leconomiste comments.

GCB Bank is the leading Ghanaian bank in terms of national coverage, with 161 local branches and about 2,000 staff, according to 2015 figures.

Ghana, which boasts enormous development potentials, is projecting a 7.7 per cent economic growth this year. Its banking sector is the most attractive of the region.

Attijariwafa bank is not the only Moroccan finance institution eyeing Ghana’s potential. Other Moroccan institutions such as the BMCE Bank of Africa and Groupe Banque Centrale Populaire (GBCP) have also laid foundation for their entry in the country.