Annual Reports 2016 PDF

Access Bank (Ghana) Plc
2016 Annual Report

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Access Bank (Ghana) Plc - Annual Report 2016
4
Contents
01 Overview 04 Governance
Welcome 8 The Board 54

Business and Financial Highlights 9 Directors, Officers and Professional Advisors 56
Location and Offices 10 Management Team 57
Chairman’s Statement 12 Directors’ Report 58
Managing Director’s Review 15 Independent Auditor’s Report 60
Responsibilities of the Board 64
Authority of the Board 64
02 Business Review 05 Financial

Statements
Corporate Philosophy 20 Statement of Comprehensive Income 68
Our Year 21 Statement of Financial Position 69
Commercial Banking 24 Statements of Changes in Equity 70
Business Banking 25 Statement of Cash Flows 72
Personal Banking 26 Notes 73
Corporate Banking 28 Other financial Information 119
Oil and Gas 29 Value Added Statement 123
Investment Banking 30
Digital Banking 32
Operations and IT 34
Service Quality 36
Our People, Culture and Diversity 38
03 Sustainability and
Risk Management 06 Shareholder
Information
Community Engagement 44 Notice of Annual General Meeting 126
Sustainability Report 46 Proxy Form 127
Sustainable Banking through Top 20 Shareholders 128
Risk Management 48
07 Corporate
Information
Branch Network 132

Locate our ATMs 134
International Network 135
5
Overview
A brief review of Access Bank’s financial and

operational achievements in the past year.
Welcome 8
Business and Financial Highlights 9
Location and Offices 10
Chairman’s Statement 12
Managing Director’s Review 15
6
Welcome
Over the past 7 years, we have demonstrated our commitment to building a new Ghana by developing
timely and relevant banking solutions for the everyday Ghanaian. Our drive to enhance the financial
well-being of our customers, shareholders, communities and other stakeholders through our banking
operations has become evergreen than ever before.
We understand that our customers’ expectations are evolving rapidly and are excited about the many
opportunities for technology to improve customer convenience and provide a consistent experience
across all our delivery channels.
Through our digital play, our Bank is using technology to deliver a best-in-class ecosystem of e-banking
and e-commerce solutions, which makes banking friendly and more accessible to all.
For us, the next few years is promising as we strengthen our resolve to explore new frontiers that bring
added value and enable our stakeholders prosper in their endeavours.
As we journey on in 2017, we will continue to remain a customer-centric bank, delivering on our brand
promise of speed, service and security.
Join us on our journey to a new Ghana in the diamond age.
Our Brand Promise
SPEED SERVICE SECURITY

Rapid response and quick access to advice, Service matters to our customers, whose Security is fundamental to customers. They need
information and products are important to all expectations have risen dramatically. to be able to trust us to manage their finances
customers. responsibly. 95% of customers surveyed say that
Service is both a qualitative and quantitative
Our ability to translate effective governance and measure: it has much to do with how customers security is the most important factor in choosing
leverage employees’ competence to deliver swift feel and how long they have to stand in a queue. to bank with us.
and appropriate responses to customers is a Our customers appreciate that we treat everyone
significant competitive advantage. with respect and consideration.
8
Business and Financial Highlights
2016 2015
GHS’000 GHS’000
Revenue 487,852 420,870
Profit before income tax 69,070 122,751
Profit after income tax 41,949 80,435
Shareholders’ funds 429,562 359,950

Capital expenditure (including intangible
assets and other prepayments) 53,272 54,185
Total assets 2,679,839 2,424,646
Earnings per share (GHS) 0.38 0.73
Net assets per share (GHS) 3.6409 3.2520
Shareholders’
Funds
+19% PBT
GHS’MM -44% Total Assets
GHS’MM +11%
GHS’MM 123.2 122.7
2680
429.56 2420
359.95
71.8
69.1 1720
291.2
216.5
991.1
2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016
Gross Earnings
GHS’MM +16% Customers’
+16% EPS -48%
Deposits
GHS’MM 0.77
487.85 0.73
2010
420.9
1730
311.4 1200 0.41
0.38
187.1
725.6
2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016
Net Loans and

Advances GHS’MM
+6% Pre-tax ROE
42%
-53%
37%
1286
1212
34%
853.1
16%
433.7
2013 2014 2015 2016 2013 2014 2015 2016
9
Locations and Offices
We are one of the foremost financial institutions Our Nationwide Network

in Ghana with a strong bias for excellent service
delivery. We serve over 400,000 customers
from 50 branch locations across all 10 regions Greater Accra Region Volta Region
of Ghana. • Abeka Lapaz • Ho
• Accra New Town
Beginning its operations in 2009, the Bank provides • Achimota Ashanti Region
universal banking services and is well acknowledged • Adjirigano • Adum
for its comprehensive range of financial product
offerings. The key business segments of the • Airport • Alabar
Bank are: Corporate Banking, Commercial • Alajo • Asafo
Banking, Business Banking, Personal Banking, • Ashaiman • New Amakom
Oil and Gas and Investment Banking.
• Castle Road • Suame
• Dansoman
We take pride in our ability to add value to clients,
leveraging our unique value proposition to provide • Darkuman Central Region
innovative and proactive solutions across the entire • East Cantonments • Kasoa(2)
economic value chain. In deploying products and • Ghana Airport Cargo Centre
services, the Bank adheres to responsible business (GACC)
practices and readily commits resources to social Eastern Region
investments in realisation of its corporate social • Haatso • Koforidua
responsibility convictions. • Kaneshie
• Kaneshie Post Office Western Region
• Kantamanto • Enchi
• Lashibi • Sefwi Wiaswso
• Legon • Takoradi
• Madina • Tarkwa
• Nima (2)
• North Industrial Area Brong-Ahafo Region
• Odorkor • Techiman
• Okaishie
• Osu Oxford Street Northern Region
• Osu Watson House • Tamale
• Ring Road Central
• South Industrial Area Upper East Region
• Spintex • Bolgatanga
• Tema Community 1
• Tema Industrial Area Upper West Region
• Tema Main • Wa
• UPSA
10
Our International Network
We have a presence within West and East Africa

and the United Kingdom. The Bank also has
business offices in the Republic of China, India,
Lebanon and the United Arab Emirates.
United Kingdom
Lebanon
China
United
Gambia
Arab
Emirates
Sierra Leone
India
Ghana
Rwanda
Nigeria
Democratic
Republic of Congo
Zambia
11
Chairman’s Statement
Esteemed Shareholders,
It is indeed an honour to welcome you to the 9th Annual General Meeting of

your Bank. This meeting is also our first as a public company, having listed
“Your Bank has continued to build a on the Ghana Stock Exchange (“the Exchange”) as the first Ghanaian bank
sustainable banking franchise over the of Nigerian origin and the 11th Bank on the Exchange.
past year despite the hard realities of On behalf of the Board of Directors, Management and Staff, I would like to
our economy.” report that your Bank has continued to build a sustainable banking franchise
over the past year despite the hard realities of our economy.
Our performance in 2016 reflected the economic challenges of the past

three years, as the environment within which we operated was defined by
peculiar political and economic uncertainty and the tightening of the fiscal
space that had knock-on effects on the banking industry.
The Global Economy

Global economic growth once again slowed to 2.3% in 2016 after several years
of subdued growth below the 3% benchmark. The year in review witnessed
what could arguably be described as a shift from the established order, towards
emerging nationalist tendencies on the political front. Notable events such
as the US Presidential Election, Brexit and the Italian referendum, among
others, attest to the level of uncertainties in the global political landscape.
Economic growth is, however, projected to pick up its pace in 2017 and 2018,
especially in emerging markets and developing economies such as Ghana,
due to a rebound in commodity prices. However, there is a wide dispersion
of possible outcomes given the uncertainty surrounding key global issues.
These include the new U.S. Administration, the still unfolding Brexit and the
impending elections in Germany and France and their global ramifications.
12
The Domestic Economy Partnerships
Ghana’s experience in the past year was not at variance with that of other As a catalyst for socio-economic growth, Access Bank (Ghana) Plc continues
emerging and developing economies. The country was already in its 2nd year to form strategic alliances with institutions in key sectors of the economy
of a 3-year IMF programme that was expected to achieve macro-economic to drive growth. The year 2016 was no exception, as the Bank supported a
stability for the country and engender a rebound to economic growth. The number of landmark projects in public-private partnerships (PPP), including:
measures implemented to translate the expected growth are yet to manifest
in real economic impact as pressures on inflation, lending rates and foreign • Part financing for a US$40 million facility to create one
exchange continued. Political and economic observers attributed this to various of the largest cargo hubs in West Africa in a PPP
macro-economic and power shortage challenges faced during the past few years, arrangement with Air Ghana Limited (AGL), Ghana Airport
culminating in a 3.6% real GDP growth in 2016, the lowest in a decade, from a Company Limited (GACL) and Swissport.
projected 4.2%. Latest available figures also indicate Year-End Debt – to - GDP
ratio of 72% and a cash basis budget deficit of 8.7%, as compared to 5.1% in 2015. • The provision of over 400,000 multipurpose ID cards
for students in senior secondary schools in a PPP with
On the political front, Ghana enjoyed yet another peaceful General the Ministry of Education (MoE), Ghana Education Service
Elections and transition to a new Administration in the 4th Republic. (GES), Conference of Heads of Assisted Secondary
The political stability the country has enjoyed over the past 25 years Schools and other private sector actors.
continues to position Ghana as a beacon of democracy in the sub-region.
Recognition
The Banking Industry
Our Bank recorded significant strides in its reputation index as it moved up
The Banking industry has for the second year registered a negative 39 places to become the “14th Most Respected Company” in Ghana at the
growth, estimated at 4.5%, for the 2016 financial year according to the 15th Edition of the Ghana Club 100 Awards. The ranking is an evidence
Bank of Ghana’s Financial Stability Report. Liquidity constraints as a of the trust that our numerous customers and stakeholders have placed in
result of legacy debts from the energy sector stifled lending activities. our business as we strive to deliver value to them.
The drag on business growth as well as the dwindling disposal income
also took a toll on the growth of customer deposits across the industry.
The conclusion of an agreement with Government to restructure the Financial Performance

Energy Sector Debts and pass the Energy Sector Levies Bill into law
In 2016, our Bank recorded a reduction in its profits by 44% to GHS44 million, largely
was a welcome news. However, these interventions came late in the
arising from loan provisions for outstanding legacy debts from the energy sector.
year and, hence, could not provide the needed respite to the industry.
Much as we are disappointed by the out-turn, your Board considers these actions
necessary and prudent in the short term to sharpen our focus to build a more
sustainable and profitable Bank and franchise, for the benefit of all stakeholders.
The Bank We Are Today
Despite these challenges, your Bank has remained resilient and demonstrated
Strengthening our Capital that its growth prospects were largely on course as Earning Capacity
and Customer Deposits saw growth. Some growth highlights were:
During the year, our Bank was tenacious in its bid to strengthen its capital position
by way of a public offer to raise GHS104 million. The Offer was deemed successful, • Gross Earnings of the Bank increased by
having met the minimum subscription of GHS21million as stated in the Prospectus. 16% to GHS487.85 million from the previous year.
The decision to convert Access Bank (Ghana) to a publicly listed company • Customers’ Deposits also increased by 16% from
was a milestone decision by shareholders of the Bank. We have been GHS1.7 billion to GHS2.01 billion.
clear in our minds that to rank amongst the top tier Banks in Ghana within
the next few years, it was important to make our banking franchise more • Shareholders’ Funds increased by 19% from
indigenous and this meant being more inclusive in our ownership structure. GHS359 million to GHS429.9 million.
• Total Assets increased by 11% rising from GHS2.4 billion

in 2015 to GHS2.68 billion in 2016.
• Net Loans and Advances witnessed a marginal growth

from GHS1.2 billion in 2015 to GHS1.29 billion in 2016.
We have set for ourselves ambitious targets to return to good profit in the
current year.
13
Dividends
In realising our long-term strategic objective, the Bank withheld dividend We are also enhancing our financial inclusion drive on the under-served
payments in 2015 with the view of ploughing back profits to consolidate segments of society through our “W” initiative. Over the past 2 years, we
its growing franchise amidst the challenging environment. The decision have provided financial literacy training for over 21,500 women across the
on profit retention provided our Bank with the needed balance sheet to country through workshops, seminars and one-on-one engagements.
withstand the shocks of the business operating environment in 2016.
The year 2016 was however no different from the past year, as the recovery to
sustained growth in our operating environment and, hence, profits continued Our Communities
to be slow.
Our commitment to driving sustainable banking is also thriving as we recorded
In view of our commitment to continue running the Bank as a sustainable 1,385 volunteers, which was our highest level of employee volunteers in 2016.
and responsible business, the Board is proposing to Members not to pay Volunteerism forms a core part of our Social Responsibility Strategy and has
dividends for the 2016 financial year. We assure you that the Board and been embraced in meaningful ways by all our employees, who continue to devote
Management of your Bank remain focused in working to protect your their time and resources to helping our communities. We are building on these
investment in the Bank and in delivering value to all our shareholders. successes to create a sustainable and responsible banking business for the future.
Changes to the Board Looking Ahead
During the year, Mr. Elias Igbinakenzua and Mr. Kameel Adebayo resigned While we are aware of the challenges that lie ahead, the year ahead presents
from the Board. Mr. Igbinakenzua had served as a Non-Executive Director new opportunities for our Bank. Our focus will be on developing our competitive
for 3 years whilst Mr. Adebayo served for 4 years as an Executive Director. advantages to emerge as a sharper, safer and stronger bank in 2017.
On behalf of the Board, I would like to express our gratitude to Messrs. As external forces continue to reshape our business, I am optimistic about
Igbinakenzua and Adebayo for their significant contributions to building the the Bank’s growth prospects in the year ahead.
Bank. We wish them well for the future.
It is also my honour to announce that Mr. Kris Ifeanyi Injoku, Mr. Kolawole Ajimoko
and Ms. Joyce Dimkpa joined the Board in November 2016 as Executive Directors.
Appreciation
Our new board members Mr. Injoku, Mr. Ajimoko and Ms. Dimkpa bring a wealth
On behalf of the Board of Directors, I would like to once again welcome
of high-level banking experience, having worked across various markets in Africa.
our new shareholders to the Access Bank Family, whilst assuring all our
stakeholders of our renewed commitment to a path of sustained growth.
I would also like to extend our gratitude to the Management Team

The Bank We Are Building for Tomorrow
and our employees for their unwavering support over the years.
Delivering our Strategy
I remain confident about the successes we can achieve together in 2017 and
The achievement of our 5-year strategic plan to rank amongst the top tier beyond.
Banks in Ghana by 2018 is alive. Your Bank continues to enjoy and maintains
God bless Ghana.
a positive goodwill in the market, a recognition which was recently validated
by its successful listing on the Ghana Stock Exchange.
God bless Access Bank (Ghana) Plc.
Despite the seeming challenges, we are now in a much better position to
Thank you.
focus on delivering our objectives and transforming the Bank into a large
retail bank that can guarantee exceptional service to its customers.
We have stepped up our investments in improving service delivery across

board by installing additional customer feedback systems across the Bank’s
locations. This has been complemented with initiatives to reduce waiting
times at the banking hall for important services. Frank W. K. Beecham III
Chairman
“Your Bank continues to enjoy and

maintains a positive goodwill in the
market, a recognition which was
recently validated by its successful
listing on the Ghana Stock Exchange.”
14
Managing Director’s
Review
“With a strengthened capital position,

the Access Bank we know today will be
able to continue on its path of investing
heavily in technology, mobile capabilities
and other infrastructure.”
Our Bank continued to show strong signs of growth in the past year, With a strengthened capital position, the Access Bank we know today will
albeit the hard realities of our economy. Today, we have built our banking be able to continue on its path of investing heavily in technology, mobile
franchise to become more indigenous than ever before and this is capabilities and other infrastructure. These capabilities fall in line with the aim
reflecting positively in the growth of our market share in the industry. of improving our efficiency and serving over 80% of our retail and business
customers through modern electronic banking channels in the coming years.
We are now in a much better position to focus on our long-term aspiration
of being the most respected African Bank, especially in Ghana as our service Though 2016, was a difficult year for our Bank, there is good progress to report on
level and product improvements are already delivering benefits for both our strategy to build a strong and sustainable bank here. We are confident that the
customers and other stakeholders. The continued growth witnessed in our next years will not be the same as the past, as we have learnt great lessons and put
Personal, Business, Commercial and Corporate Banking businesses was as a in place the necessary measures to return the Bank to a sustainable headline of
result of our service led business reorganisation in the past year. good profits. Much work lies ahead of us in ensuring that we are well positioned for
long-term value creation in our remarkable journey to be a leader in this market.
In our bid to consolidate our position as a truly national bank, we have now
established a foray in each of the ten regions in Ghana. Today, Access Bank We remain optimistic in growing our business. We will continue to place greater
with 50 branches is ranked amongst the top 6 banks in terms of branch emphasis on expanding our retail banking business, proactively managing our
network and is able to serve thousands of customers nationwide. risk, improving on our cost reduction strategies and harnessing the potential
of our employees.
While appreciating the need for physical presence across key cities and
commercial centres, we appreciate that customers are increasingly interacting I am grateful for the loyalty and determination that our employees have exhibited in
with their mobile devices to connect and stay ahead in their businesses, careers serving our customers every day, despite the many challenges. I would like to also
and lifestyles. As a result, our Bank today is spearheading a digital transformation thank all our stakeholders – Board, Shareholders, Executive Management, Regulators
in the diamond age of Ghana’s history with e-banking and e-commerce services. and more importantly our Customers for helping us to sail through a difficult year.
The release of our new Mobile Banking solutions, such as the Access Mobile App I remain confident that together we can edge closer to achieving
and USSD *901#, have enabled us put banking in the palm of our customers, our vision and build the enduring bank that we all so much desire.
allowing them to conveniently perform important banking transactions on the go.
We have further extended convenience in the banking hall by providing

the flexibility for customers to reach our 24-hour contact centre
instantly through our auto-dial “customer feedback system”, which is an
industry first. In addition, we have introduced “slip free banking” across Dolapo Ogundimu
all our locations to ensure customers are served promptly without Managing Director
having to go through the cumbersome process of completing forms.
15
16
Business
Review
Highlights of the past year, an analysis of our
business divisions and a report on our service,
people and culture.
Corporate Philosophy 20
Our Year 21
Commercial Banking 24
Business Banking 25
Personal Banking 26
Corporate Banking 28
Oil and Gas 29
Investment Banking 30
Digital Banking 32
Operations and IT 34
Service Quality 36
Our People, Culture and Diversity 38
18
Corporate Philosophy
VISION MISSION
Setting standards for sustainable
To be the world’s most business practices that unleash
respected the talent of our employees, deliver
African Bank. superior value to our customers and
provide innovative solutions for the
markets and communities we serve.
Our Core Values

Excellence Professionalism

- Financial education – helping
• Surpassing ordinary standards to be people clearly understand • Putting our best foot forward in
the best in all that we do; how our products and everything we do, especially in
services work; high-pressure situations;
• Setting the standards for what it
means to be exceptional; - Financial inclusion – providing • Consistently bringing the best of our
finance to those individuals knowledge and expertise to the
• Never losing sight of our table in all our interactions with our
and communities that traditionally
commitment to excellence, even stakeholders;
have limited or no access to
when the going gets tough;
finance and • Setting the highest standards in
• Remembering that excellence our work ethics, behaviours and
- Treating customers fairly – building
requires dedication and activities in the way we treat our
long-term relationships based on
commitment and customers and–just as importantly
trust, fairness and transparency.
• Our approach is not ‘excellence – each other;
at all costs’ but ‘excellence on all • Putting our customers’ needs ahead
fronts’ so that we deliver outcomes Empowered Employees of our own;
that are economically, • Recruiting and retaining the right
environmentally and socially • Maintaining composure and clear
people and teams based on shared
responsible. thinking at all times and
values and vision;
• Ensuring continuous learning;
• Developing our people to become
through continuous growth
Leadership world-class professionals;
and career development.
• Leading by example, • Encouraging a sense of ownership at
leading with guts; individual level whilst fostering team
spirit and loyalty to a shared vision; Innovation
• Being first, being the best,
sometimes being the only; • Promoting a sense of belonging • Identifying new market needs
and community; and opportunities;
• We must embody the change
we want to see; • Facilitating continuous learning by • Creativity, invention, inspiration
providing the training, tools and exploration;
• Setting the standard;
and coaching to help our • Pioneering new ways of doing
• Challenging the status quo; people grow; things, new products and services
• Market making and • Helping them take care of and new approaches to clients/
their health; customers;
• Self-awareness in being able
to maintain a balanced assessment • Pursuing a positive work/life balance • Being first, testing the waters and
of externalities and costs incurred for increased productivity and pushing boundaries;
in the pursuit of leadership. improved employee satisfaction • Going from concept to market/
and reality and
Passion for Customers • Encouraging a diverse workforce, • Anticipating and responding
respect for and appreciation of quickly to market needs with the
• We live to serve our customers; differences in ethnicity, gender, right technology, products and
• In addition to delivering excellent age, national origin, disability services to achieve customer
customer service, we focus on: and religion. objectives.
- Economic empowerment – enabling
people to achieve more through
provision of finance and lifting
people up throughout the
value chain;
20
Our Year
The year 2016 was full of exciting memories and modest achievements, Maternal Health Support Scheme (MHSS) Launched
despite the challenging environment. We continued to pursue our goal of
becoming a Bank of Choice for the various markets we operate through
for Families
innovative and responsive products and service initiatives. In May 2016, the Bank launched the ‘W’ Initiative’s flagship value proposition
– the Maternal Health Support, in Kumasi, to help provide women and their
families with financial support for the best health care.
Access Bank Lists on Ghana Stock Exchange
The MHSS makes available to women concessionary loans for local and
As part of the Bank’s quest to rank amongst the top tier banks in Ghana, international expert medical advice and specialist procedures such as In
Access Bank successfully listed on the Ghana Stock Exchange in 2016. The Vitro Fertilisation (IVF), natal support, myomectomy (fibroid removal),
Bank believes this is a step that will bring it closer to achieving its objectives hysterectomy (uterus removal), dental, sperm injection, breast care,
of becoming Ghana’s Most Respected Bank. The colourful and memorable orthopaedic treatments among others.
event was well attended by distinguished personalities including members
of the Access Bank Board led by the Chairman, Mr. Beecham; Managing Through the ‘W’ initiative, Access Bank shows its unique understanding of
Director of the Ghana Stock Exchange, Mr. Kofi Yamoah; Managing Director the needs of women and charts the path to unleashing the power to change
of Sentuo Steel, Mr. Ningquan Xu; as well as representatives from the Bank their world by giving them the opportunity to flourish, connect with each
of Ghana, The Nigerian High Commission, SSNIT and SEC among others. other and share experiences that inspire and empower
The Access Bank IPO which opened on 19 October and closed 25 November,
2016, sought to issue 26,000,000 shares at GHs 4 per share to raise GHS
104million.
Access Bank Creates Platform for Regulus Chief

Financial Officers
The Bank partnered the Regulus CFO’s Forum to help enhance the
financial performance of businesses which will impact the economic
growth of Ghana. The forum comprises CFOs, Financial Controllers and
Financial Directors of companies with businesses in the various sectors of
development.
Regulus CFO Forum is aimed at managing an interactive financial executive
networking group that will empower its members in Ghana and beyond.
The forum is expected to enhance the performance of CFOs through
meetings, ground breaking discussions and conferences, as well as also
provide immense value to its members through multiple trainings and
create mentorship opportunities for new members.
21
Our Year (continued)
‘W’ Holds Knowledge hub Access Women Network Celebrates Week

Delivering on its quest to build a network of knowledgeable women to manage The Access Women Network, a women’s group within Access Bank,
their businesses effectively, the Bank under the ‘W’ Initiative held a financial dedicated the last week in June 2016, to bring all female staff of the Bank
literacy workshop for over 50 women entrepreneurs to enable them stay together to once again encourage and help them steer their career wheels.
competitive and profitable. The week-long celebration played host to Mrs. Mosun Belo-Olusoga,
The workshop dubbed, “The ‘W’ Knowledge Hub” was the maiden edition Chairperson of the Board of Directors for Access Bank Plc as Special Guest.
of the capacity building series which is expected to take place during each She was accompanied by two other executives; Ms. Bolaji Agbede, Head of
quarter of the year. Group Human Capital Development and Ms. Osayi Alile, Head of Access Bank
Foundation, who also held mentoring and career sessions with the female staff.
Some key topics discussed during the workshop included: Preparing a
Business Profile, Attracting investment for your business, creating your Key among the activities was the support given to the Tetteh Ocloo
personal and business brand and Effective time management. State School for the Deaf. Other activities included a grooming soiree
in partnership with Vlisco and FC Perfumery for female employees, 60
minutes with Mrs. Mosun Belo-Olusoga on her career journey, a two-
day lesson on sign language and a session with ‘W’ Ambassadors on the
Maternal Health Support Scheme. The climax was a Bank-wide fun and
games that had the football team of the Tetteh Ocloo School of the Deaf
playing the Access Bank team.
22
Access Bank Rolls Out Bancassurrance Offerings Access Bank Improves it’s Reputation Index
Access Bank, in 2016, through a strategic partnership with Wapic Insurance Access Bank enhanced its reputation profile by moving 39 places up to
and Ghana Life Insurance, unveiled its bouquet of insurance products rank as the 14th most prestigious company in Ghana in 2016 at the 15th
onto the Ghanaian market to drive its inclusive banking agenda. The edition of the Ghana Club 100 awards.
introduction of the Bancassurance products is to mobilise capital for The ranking is evidence of Access Bank’s continuous improvement in
economic development, deepen the financial services sector, broaden its operations, supported by significant investments in key areas of its
financial inclusion and help ease the burden individuals and businesses go business to offer a superior banking service to customers.
through in the wake of crisis.
Under the auspices of the Ghana Investment Promotion Centre (GIPC),
The insurance products unveiled to the public are: Educational Plan, Child the ranking uses three main criteria; size of the company, growth and
welfare Plan, Funeral Plan, Retirement Plan, Personal Accident Policy, profitability to arrive at the club 100 list. The Ghana Club 100 is a yearly
Motor Insurance Policy, Shop Owner’s Policy, Home Safe Policy and Asset official list of the top 100 companies in Ghana who have excelled in growing
all Risk Policy. their business operations in the year under review.
Access Bank partners Aramex for Shop & Ship Service

Realising the difficulty many Ghanaians face in shipping items bought online “Shop & Ship” gives members shipping addresses in the US, UK, China,
to Ghana, Access Bank, in the year under review, teamed up with Aramex Germany, France, UAE, Singapore, Malaysia, Italy, Hong Kong, Spain, India,
to introduce the Shop & Ship service, an industry novelty. By offering the South Africa, Canada and Turkey to use as shipping addresses on their
Shop & Ship service, an online platform and delivery services, Access Bank favourite online stores and have them shipped to Ghana at reasonable
is bringing to Ghana a convenient shopping experience where customers shipping rates.
will receive purchased goods in a short period of time.
23
Commercial Banking
Ghana continues to be an import driven economy; Highlights Focus on Public Sector

and this continues to create a viable market for
The Group continued to be a key player in the About the Sector / Structure
foreign exchange and trade finance services. Rising
FMCG market, handling large ticket transactions
income levels have also driven up the demand for This is the part of national economy providing
for dominant players in the industry. A merger of
fast–moving consumer goods. Modest economic basic goods or services that are either not
the import and distribution sectors of the FMCG
growth and the relatively stable monetary or cannot be provided by the private sector.
industry ensured that we fully harnessed the
market during the year fuelled growth amongst They are defined to include government
inherent benefits of the value chain module that
key sectors thereby providing opportunities for related organisation and institutions. Public
drives and underpins the Bank’s business model.
packaged finance and transaction facilitation Sector comprises Ministries, Departments and
opportunities for banks and financial institutions. The Manufacturing team continued to support Agencies (MDAs), Metropolitans, Municipals and
With the commercial sector being the main driver local production, with emphasis on export- District Assemblies (MMDAs) and State Owned
of the Ghanaian economy, this division plays a vital oriented businesses as a means to conserve Enterprises (SOEs).
and/or generate foreign exchange to support
role in the Bank’s quest to support the growth
the Bank’s business and the overall economy.
of the Ghanaian economy through bespoke and
innovative financial services and further make us The Group continued to strengthen its Highlights
the bank of choice for our clients. To ensure we are pharmaceutical desk by further growing its business An upgrade was done on our collection platform to
able to adapt and sustain our business strategy, our portfolio in the industry and providing timely support improve the systems capabilities and this helped to
operational structures are designed to consistently for companies engaging in the importation and meet the demands of the volumes of our collection
train, highlight, empower and enhance the skills of manufacture of ethical drugs among others. service.
our staff. Players within the fast-growing services sector, The Unit, in 2016, focused on growing the Bank’s
managed by the General Commerce units, also business from collection mandates to being a key
continued to receive support from the Group partner to government such as managing funds for
The Sectors in terms of invoice discounting, working capital key government initiatives.
support, etc.
The Commercial Banking Group was restructured
to include the key Public Sector portfolio in With the relative stability on the foreign exchange
addition to existing re-aligned business units. market the mainstay of the Commercial Banking Looking Ahead
Our business focus is segmented across seven Group, the Group continued to make significant
The new Public Sector going into 2017, will seek to
major markets, with the aim of delivering a unique contributions to the Bank’s performance whiles
deepen its partnership with government to offer
experience at each service touch point. Our focus consolidating the gains made in previous years.
solutions that will ensure an efficient government
areas are: machinery in the following areas: provision of public
• General Commerce industries services such as DVLA, Passports, NHIS, etc.;
Providing innovative e-payment systems i.e. E-Travel,
• Manufacturing E-Fuel and collection platforms that eliminate
• Public Sector revenue leakages.
• Construction
• Fast Moving Consumer Goods
(Importers and Distributors)
• Automobiles
• Pharmaceuticals and Chemicals
Services
• Lending Services
• Cash Management Services
including Cash pick-ups,
Teller implants and
Point of sales devices.
• Trade Finance including import &
export, Letters of Credit, guarantees
and International payment services.
• Working capital support
• LPO Financing
• Receivables Discounting
• On-lending Facilities
• Asset Finance and Leases
• Bonds and Guarantees
24
Business Banking
The Business Banking group focuses exclusively on Services Highlights

small and medium-scale enterprises with emphasis
There are different value propositions for each The co-branded debit pre-paid cards which were
on businesses with turnovers of 15million and
sector and in collaboration with our digital introduced to the market and targeted at clubs,
below. We provide SMEs with financial, training
banking team, we continue to roll out various associations and other exclusive groups like sports
and advisory services to support their needs. We
electronic products suited for each sector. groups will continue to feature in our product
believe SMEs hold the key to propelling Ghana’s Products like POS, Access Pay and Easy Cheque offering this year and beyond. The card lends itself
employment growth, hence, with the support of Manager are targeted at Traders & Distributors as both an ID and a payment card for users.
our Business Banking Division these SMEs can and professional firms. Many Educational
explore and break through the boundaries of what Institutions, primary through to tertiary have
is possible in their enterprises. benefited greatly from our Transflow and Web Looking Ahead
acquiring collection solutions. The hospitality
industry has also seen a boost in patronage Going into 2017, the group will continue to
with the introduction of our state of the art Web focus on cutting edge electronic products to
The Sectors online payment systems as well as our hybrid provide value-added services to its customers.
POS capability of handling payments from both Customers should be on the lookout for a new
Even though SME businesses can be found in and revolutionary card payment system that will
varying sectors, The Business Banking division local and international cards.
be of benefit to all our customers as well as non-
currently focuses on the following: The Mpower Biz account continues to be a account holders of Access Bank.
must have for most SMEs because of the zero
• Religious and Faith-based
COT charge feature which makes it attractive
Institutions
to businesses with thin margins. The newly
• Health Institutions introduced account to mobile money wallet
(Hospitals and Pharmacies) capabilities, also known as push and pull, has
provided convenience for most traders.
• Education
(Primary, Secondary and Tertiary)
• Professional Firms
(Law, Auditing, etc.)
• Associations
(Professional, Trade and Alumni)
• Sports Clubs
• Hospitality Services
(Hotels, Restaurants, Car Hire etc.)
• Traders and Distributors
(Importers and Exporters)
25
Personal Banking
The Personal Banking Group forms the retail Inclusive Banking - Caters for segments Customer Engagement and Analytics
segment of the Bank and delivers timely and of the market that require special focus - This segment is focused on driving product
innovative financial products and services to and attention including children, students, activation and usage. Our staff also engage
individuals and families. As the largest market pensioners, the unbanked, etc. This also includes customers through various multimedia channels
facing division, Personal banking is heavily the Bancassurance services. that is social media, emails, among others.
supported by various channels including e-banking,
ATM and our branch network. Our approach to
value creation in the Personal Banking Division Employee Banking – The Personal Banking Services Offered
remains consistent. We provide relevant banking Group was revamped to focus and offer more
bespoke and personalised banking services • Current Accounts for day-to-day
products and services to our ever-growing base money management
to affluent professionals and employees with
of customers in the markets and communities
small and medium-sized organisations, via • Flexible savings account options
we serve. With a retail focus, we offer an array of
banking tailored to their value chain. Helping with competitive interest rates; for
integrated products and services in our Personal
professionals achieve their financial goals is children, students and employees
and Private Banking Groups complemented by a central to our value proposition and we are
Products and Segments Group which responds to dedicated to giving the full benefits of our • Bancassurance products to secure
the financial and lifestyle needs of customers with support, with an array of savings, investment and life and property
bespoke banking products and services plus wealth loan options. Where appropriate, we also share • Lending services including salary
management solutions. new perspectives and directions. The unit caters advance (overdraft facility), personal
for individuals within the value chain of the Bank’s and vehicle loan
corporate customers including public sector
Business Focus workers. • Local & international debit cards
available in Gh-link and VISA
• Children
• Credit Cards
• Students Franchise Banking - Our Franchise banking
• Salaried Workers segment focuses on the remittance business of
the Bank. Our Franchise business keeps growing
• Pensioners with fresh mandates and deepening relationships
Highlights
• High Earning Individuals where the Bank either serves as an agent or The Personal Banking Group in 2016 focused on
utilises institutions as agents in delivering quality providing exciting product offerings to our various
services to its customers. Some key partners customer segments. Key amongst this is the
Our Market Segments are MoneyGram, Western Union and Ria while Mpower Salary Account for employees in both
capitalising on the Bank’s wide network for Cross public and private organisations. The Mpower salary
Exclusive Banking - This is a specialised Border transfer to Nigeria. account offers lifetime zero account maintenance
segment that provides banking services fee, access to salary advance, personal and vehicle
for NGOs & Embassies and High Net worth loans, free ATM Card, access to insurance products
Individuals. It also runs the Bank’s women at discounted premiums as well as attractive
banking initiative dubbed ‘W’ which is aimed at discounts from selected vendors.
inspiring, connecting and empowering women
to achieve more. Exclusive banking forms a major In 2016, we unveiled our employee banking
plank under the Personal Banking Group. campaign dubbed “Get Paid Anyday”. This
campaign provided customers with incentives
on their salary accounts and was a major driver
for availing loan facilities at highly attractive
rates to employees of various public and private
institutions.
The Group leveraged on the Bank’s Looking Ahead

award of being the Most Influential Bank
on Social Media in 2015, to increase In 2017, the Personal Banking Group
awareness on our Solo Account and will focus on driving our bouquet of
encourage students to patronise the electronic products to our cherished
benefits it offers. With the tag line “Solo customers. Through extensive customer
dey Pap”, the campaign was organised engagements and analytics, the Team
during the Back-to-School season of will drive the utilisation of electronic and
most tertiary institutions and was a huge other products as a means of delivering
success. Solo Account sign-on therefore cutting edge digital banking solutions
increased by over 400% as compared to and enhanced customer experience.
the previous year. We will roll out dedicated Digital Banking
We also launched the “Gye na Gye Ne centres to enhance customer experience
Saa” campaign to encourage customers and transaction processing. These centres
receive remittances through our network will be fitted with state of the art Smart
of branches and agencies across the Terminals and free Wi-Fi to cater for the
nation. This was a reloaded edition of banking needs of our customers. The
the highly successful “Gye-na-Gye” Wi-Fi service will also be rolled out at
promotion done the previous year. 2016 selected branches during the year.
saw more customers being rewarded Our women initiative ‘W’, since its launch
instantly with airtime whenever they in March, 2015, has endeared many
received their remittance transactions women across the country to the Bank
through Access Bank. through its dedicated offerings and
In line with our promise to provide services. This year, we are introducing
superior innovations to our customers, a loyalty card called the ‘W-Card’ that
the Bank upgraded its Internet and comes with a suite of enhanced benefits
Mobile Banking services for individual and service offerings for our valued
customers. The solution offered women to benefit from.
customers the opportunity to transfer We will officially outdoor our revamped
funds to other banks within and outside Exclusive Banking service to our
Ghana, make card and cheque book customers through the launch of our
requests as well as pay bills. flagship ‘Privilege Account’. Eligible
Our innovations on mobile banking customers will enjoy priority Banking
services was also extended to our services as well as exclusive access to
Mobile Money offering with the launch benefits from any of our international
of our Push and Pull service. This service partners worldwide.
enabled customers move funds from
their mobile wallets to the traditional
bank accounts and vice versa.
Beyond our electronic banking services,
the Bank also invested in increasing its
physical presence through the roll out
of three new branches in Wa and on
the University of Ghana and KNUST
Campuses. These innovations and
activities contributed immensely to
growth in customer base and deposit
mobilisation efforts of the Bank.
27
Corporate Banking
The Corporate Banking Group provides distinctive Highlights

and high quality financial services to multinationals
In 2016, the Group made significant inroads
and large local clients spanning several industries.
into the Aviation and other key sectors of the
We focus on building strong and mutually beneficial
economy through the provision of asset financing
partnerships with our clients. Our well-trained and
and working capital support for our clients. Our
responsive staff have the capacity to meet the
concentration was geared towards deepening
dynamic and specific needs of our customers who
existing relationships and acquisition of new
we see as partners. The Corporate Banking division
customers through the provision of high quality
has emerged as one of the largest support base for
financial services and value chain management.
major institutional clients that are driving change
in Ghana. Mindful of the challenging operating The major challenge in 2016 for the country
environment, we have continued to strengthen was in the energy sector which the country has
our risk management framework whilst developing been grappling with for the past 3 years. This had
innovative and value-adding solutions for these adverse effects on industries particularly those
corporates. in the metal fabrication sector which rely heavily
on power. Despite these challenges, we retained
our business and consummated new deals
through effective relationship management and
The Sectors the provision of business advisory services to our
cherished customers.
• Multinationals and Telecoms
• Mining and Construction
• Cocoa and Exports Looking Ahead
• Metal Fabrication In 2017, the division will focus on deepening the
already existing relationships with our stakeholders
• Aviation and Hospitality
through the provision of timely management
• Maritime information and effective customer service
while continuing to partner and support new
relationships through our value-chain model.
Services
• Cash management services
• Treasury services for
attractive rates on low risk
money market instruments
• Trade finance services
• Current accounts to manage
day-to-day cash flow
• E-banking services for funds
transfers, payroll management
and collections
• Mobile Money services
28
Oil and Gas
With the fast growing Oil & Gas industry in Ghana, Services Offered Highlights
the Oil and Gas Group was set up as one of
the very strategic marketing segments to give • Acquisition and development of Despite the challenges faced in the sector
additional attention to the Players in the Upstream, strategic oil Assets in 2016 due to the high indebtedness of the
Midstream and Downstream segments of the Oil Government to the sector, the Group made a
• Financing of Crude Oil and
and Gas industry in Ghana. This group also focuses significant contribution to the Bank’s revenue
Petroleum product importation to
on the energy sector of the economy with special and asset base in 2016. This feat was achieved
serve the need of the economy
attention given to the Power Producers (i.e. both by granting facilities to some Power Generation
• Escrow Account Management Companies. The Group also supported some
the Government owned and the Independent
Power producers). • Invoice Discounting Bulk Distributing Companies in the purchase
of Products for onward delivery to Power
• Treasury and Liquidity management generation companies in the face of the energy
The Sectors • Offering of bridge finance services crisis faced in the country.
• Oil Marketing Companies • International Trade Finance
• Oil Services Looking Ahead

• Bulk Distributing Companies In 2017, the focus is to further strengthen the
existing relationship with major stakeholders in
• Power Producers
the industry through the provision of specialised
• Independent Power and customer-based products to harness
Producers Energy the best of the industry whilst contributing
significantly to the growth of the Ghanaian
economy.
29
Investment Banking
Our Investment Banking group is made up of the Business Focus

Treasury and Financial Institution segments.
Financial Institutions under the Investments Our customers trust us to assist them maximise
Banking Group are responsible for tapping the value of their hard-earned money, grow their
into opportunities presented by financial businesses and ultimately make the best choices
Financial Institutuions Intermediation including corresponding banking for their financial welfare. We cannot afford to
services to Non-Bank Financial Institutions let them down; we must reciprocate their vote
The Financial Institution Unit (FI) is a specialised
(NBFIs) licensed by the approved authorities. of confidence in our expertise by collaborating
unit established and equipped with the appropriate
The unit partners NBFIs in areas of Clearing, effectively to provide them with a prompt, accurate
competencies and capacity to handle the
Money Transfer (Franchise), Issuance of Cards and pertinent service that consistently surpasses
sophisticated needs of our customers in the
and deployment of ATMs, International Trade their expectations.
Financial Services sector. The unit offers
financing, advisory and transaction services to Business, Working Capital Support, Cash
clients in this industry with special emphasis on Management and Investments. Our customer
non-bank financial institutions. The Non-Bank base covers: Treasury
Financial Services industry in Ghana is a fast • Savings and Loans Companies Treasury is a key player in the Bank’s service
growing one with a huge potential. There are delivery, providing cutting edge financial services
• Finance Houses
currently four main sectors within this market to all the Bank’s customers to meet their funding,
space namely: • Asset Management Institutions foreign exchange, investment, liquidity and risk
• Savings and Loans Institutions – 31 • Insurance Companies management needs. The Group takes pride in
delivering first-class products and services to
• Finance Houses – 23 The strategic objectives of the unit are prudent customers. Working closely with relationship
and takes into consideration the risk appetite of managers, we provide our customers with
• Insurance Companies
the Bank with our customers’ need for quick and financial solutions ranging from currency swaps,
• Life Insurance – 23 flexible service delivery. Ultimately, the Bank is outright purchase and sales of fixed-income
• Non-Life Insurance – 26 positioning itself to be the reference point for all instruments, repurchase agreements, liquidity
corresponding Banking activities in respect of and yield enhancement products.
• Asset Management Institutions - 114 NBFIs in Ghana.
30
The Treasury function over the years, has come Highlights

to be known as the heart of the Bank due to the
critical roles it plays in the efficient management The major focus for Treasury remains an
of the Bank’s balance sheet as well as being exceptional service by continuously supporting
a liquidity provider in the Ghanaian Financial the business growth of customers with
Markets. Treasury is a one stop shop for bespoke innovative and timely solutions.
solutions to meet customers’ foreign exchange, In 2017, Treasury seeks to increase its visibility
liquidity, risk management and hedging needs. globally on both the Foreign Exchange and Fixed
Income markets. By deepening our indigenous
relationships and efficiently collaborating with
Our unwavering goal is delivering best-in-class offshore participants in our local markets, we
products and services to our customers as expect to be the window to the Ghanaian market.
well as pioneering financial services to deepen
the Ghana financial markets. These financial
solutions include currency derivatives, outright
purchase and sale of Fixed Income products
(including bills, notes and bonds issued by
the Government of Ghana) and repurchase
agreements.
31
Digital Banking
Our Digital Banking solutions support opens unified In our bid to position the Bank as a centre for • Branch and ATM Locator
multi-channel integration that enables the Bank to innovation and commercialisation of technology • Quick Guide (FAQ)
deliver seamless customer service on any device or we introduced new and enhanced existing various
channel to third parties and external partners. services to improve customer experience through • Live- Chat to Contact Centre
our digital banking solutions. Below are a few • Funds transfer to Mobile Wallet
highlights:
Digital Banking is a key driver of innovation in today’s • Funds transfer to all banks
financial services industry. The increase in the use in Ghana
of technology is gradually changing consumers’ Access Mobile App • View all your accounts
behavioural patterns particularly as it relates to balances at a go
Our newly improved and self on
purchase and payment systems. Social networking,
boarding mobile banking application • Viewing of last 3 months
peer reviewing of products and online research
was officially launched in December, 2016. The transactional statement
have therefore become the norm.
Mobile Banking application was introduced
• Bill payments
to offer customers a superior mobile banking
service experience in line with our promise • Airtime Top-Ups
Digital payments are increasingly becoming
significant in Ghana, particularly with mobile to deliver Speed, Services and Security. This • Customers’ updates
money. As a forward looking bank, Access Bank newest addition adopts all the functionalities and
features of the existing App and more features • Branch and ATM Locator
is positioning itself to meet customer demand
for online and mobile interaction by putting fully optimised for smart phones:
digital distribution at the heart of its personal and • A key differentiator for the app is its
business-banking proposition. Our digital banking ability to initiate the account Access Pay
strategy is to incorporate multi-channel integration opening process To meet the growing demand and fulfil our
with emphasis on creating new business models 2016 goal of anticipating customer needs, our
• Cheque management system
and digital assets that are valuable to the customer. flagship corporate product, Access Pay which
• Card management system is an e-payments management platform that
32
enables corporates to make payments from Card Services

their account to beneficiaries was enhanced
to integrate Corporate Internet Banking Instant issuance
Functionalities. This means that, customers can A key value proposition of the Bank to customers
now perform Account Management functions is giving service with optimum turnaround
like view multiple account balances and print time which is giving service with speed. The
statements in different formats. introduction of the Instant Issuance device
across all branches nationwide is helping the
Bank provide customers with a better level of
Payment Gateway Services (e-Pay) service while reducing the time for obtaining
their debit cards.
As the world transits into a digital sphere, the
Bank has strategically positioned itself to be at
the forefront of digital payment solutions. We Credit Card
were recently licensed to acquire the online use
of Payment cards (Visa, MasterCard, Diners, We also welcomed our Visa Gold and Platinum
Discover card) in 7 various currencies. This Credit Cards onto the Ghanaian market. With our
solution has bolstered our value proposition to wide network of partners the credit cards can be
serve customers with an enhanced electronic used at over 24 million Merchant locations and on
platform. over 1million ATMs in more than 220 countries.
The Visa Credit Cards are linked to a line of
credit separate from the customer’s main bank
Push and Pull account. It also affords the cardholder various
discounts and other lifestyle rewards.
The timing could not be better for Access Bank
to capitalise on the growth of mobile money
services in Ghana. Push & Pull is our new solution E-PIN
that allows customers to link their MTN mobile
money wallet to their Access Bank Account and Security remains a priority in our operations
perform banking transactions. The solution is and we take pride in giving our customers the
accessible on ALL phones. confidence in our operations. To help customers
better manage their Pin for their cards, we also
introduced the Electronic Pin generation which
Mobile Money Payments enables a customer to choose the combination
of his/her own PIN at the ATM. This service has
We introduced alternative mobile money
improved our turnaround time for the issuance
services to our cherished customers in addition
of cards to our cherished customers and
to MTN and Airtel Mobile Money. This was
reduced the Bank’s cost associated with courier
aimed at targeting mobile phone subscribers
and clearing of Pin Mailers.
and converting them into potential customers.
Access Bank is now working with all relevant
stakeholders to further deepen the partnership. Live Chat
Customer feedback and prompt attention to
Shop and Ship customer queries is very vital to the Bank’s
operations. In view of this, the Bank activated the
The Bank also partnered with Aramex, operators
live chat feature on its Contact Centre service
of Shop and Ship service, a leading international
making the centre one of a complete solutions
logistics company to make global online shipping
provider as we strive for exceptional customer
more convenient and accessible to consumers
experience. Customers can chat live with our
from all over the world. This service fills the gap of
service agents via our website and the mobile
Ghanaians having to rely on relatives and friends
banking app.
abroad to bring their shopping items to them
in Ghana. By this partnership, Access Bank is
bringing to its customers a convenient shopping
and shipping experience at a discount. Access
Bank customers can access shop and ship
registration forms on our website www.ghana.
accessbankplc.com or at any of our Branches
nationwide and enjoy a 50% discount.
33
Operations and IT
Our IT operating landscape witnessed a significant New Channel Server Data Recovery Infrastructure
growth in improving the stability of our services,
infrastructure and business transformation. Being The Bank installed a new channel platform aimed Upgrade
at improving branchless banking and turnaround The Bank made enhancements to its infrastructure
a major enabler to other divisions across the Bank,
time of transactions performed on the ATM and for the Disaster Recovery thereby ensuring the
the department drove important changes in
other channels. workability of the backup system in the unlikely
internal and external service offerings. In particular,
there were significant service improvements event of a disaster affecting the production site.
to customers on the basis of game-changing
initiatives and optimised infrastructure. The Bank Upgrades of Applications
has overall made a substantial progress in the IT and Systems New Transaction Alert System
transformational journey.
The Bank embarked on an exercise to upgrade To improve on our service delivery to our valued
some of her platforms such as the Production customers, the Bank upgraded the Transaction
The Operations and IT Division comprises the Database to a higher version which is more Alert System. This is to improve on the delivery
following groups: robust. The Bank also upgraded the Operations of transaction alerts to our customers through
System (OS) to a higher and more resilient SMS and emails. The platform was upgraded with
• Branch Services version meant to help improve on transaction enhanced features that deliver transaction alerts
• Central Processing Centre processing time and enhance service delivery to efficiently.
• Customer Data Maintenance Service customers.
• Global Trade Multi Format Statement Delivery

• Channel Services Slip Free Banking System
• Information Technology This is a flexible and scalable, real time engine that
Stemming from the Bank’s sustainability agenda
and contributing to a healthy environment, was designed to provide a bridge between the
the Bank embarked upon the Slip Free Banking conventional account statement delivery and the
The Bank enriched its customer experience at multi format medium. Corporate organisations
project. The goal is to enable customers
every touchpoint, leveraging improved security with multiple accounts are being served real time
perform transactions in the banking hall without
systems plus stable core banking and ancillary with their account statements in various formats
completing deposit and withdrawal slips. The
applications to enhance the efficiency of service (MT9*, XML, XLS, PDF, CSV, TXT, WSDL), etc.
service helps to achieve:
offerings with the aim of gaining a significant
wallet share of target customers. Some initiatives • Improved turnaround time in the
implemented to drive service efficiency included banking hall and eliminate crowding.
SSNIT Payment platform System
the following: • Cost reduction of printing deposit
The Social Security National Insurance Trust
and withdrawal slips while promoting a
(SSNIT) Collections platform is a highly simplified
paperless environment.
but efficient system for processing SSNIT Tier 1
and Tier 2 retirement contributions for corporate
clients. The system was deployed to meet the
need for automation for SSNIT customers, making
34
it possible for all customers to walk in to any Access Following the successful implementation of the
Bank branch and process their SSNIT payments. trade portal in 2016, Citi Bank Group recognised
There are options to pay through internal accounts, Access Bank for its consistent and excellent
third party cheques and Access Bank cheques. processing of international funds transfer
transactions. The distinction demonstrates the
high standards of performance of our people
GhIPSS Instant Pay (GIP) and dedication to serving our customers.
The recognition also underscores the Bank’s
As the first bank to have rolled out the Gh-link
commitment to provide customers with seamless
cards in Ghana, the Ghana Interbank Payments
and efficient support for their trade transactions.
and Settlement System (GhIPSS) Instant Pay (GIP)
The Bank has gotten staff members with diverse
solution was a project the Bank looked forward to
experience and expertise in International Trade and
implementing because of the convenience it brings
Commodity Financing who are well-positioned and
to our customers. The instant payment solution
reliable for businesses in Ghana. Our trade product
can be used by customers to transfer funds to
offerings include:
other banks via our numerous channels such as
internet Banking, mobile applications, ATMs, Point • Import and Export Letters of Credit
of Sales (POS) terminals or Teller points. • Import and Export Bills for Collection
• Guarantees, Bids, Performance
and Bonds
Access Trade Portal
• Commercial Papers
The Bank’s Access Trade Portal was also upgraded
to help improve customer international trade • International Payments Services:
transactions. It is an innovative internet-based – Open Accounts
solution offering importers and exporters a
full-featured console to seamlessly connect to – Advance Payments
the Bank and initiate their international trade – Personal remittances
transactions while simultaneously having access
– Inward remittances
to a wide range of features to follow up with these
transactions. The features include the ability to • Facilitation of Equity Confirmation
request for Letters of Credits, Bills of Collections for investors
and Tracking of Shipment anywhere. • Advisory Services.
35
Service Quality
Pushing boundaries is not just about making major Highlights Internal Customer Satisfaction
advances, but taking care of the details. Step by
step, we are transforming notions of customer In line with realising our vision of becoming the Survey (ICSS)
“World’s Most Respected African Bank”, the Bank The Bank carried out an online Internal Customer
service across banking, one transaction at a time,
adopted the concept of Customer Experience Satisfaction Survey (ICSS) to solicit feedback
and with each customer interaction treated with
(CX) as the foundation of its organisational and expectations of staff on the level of service
equal importance.
strategy. The paradigm shift from ‘Customer received by internal service providers. This
Service’ to ‘Customer Experience’ is driven by survey sought to serve as an in-house peer
The Customer Experience Management Unit the desire to create an “enjoyable” experience review mechanism aimed at enhancing internal
through its mandate liaises with all other units at all our touch points and channels beyond the business partnerships in service delivery. On
within the Bank to ensure that the Bank consistently routine of meeting our customers’ expectations. the whole, staff participation was enthusiastic
delivers an enjoyable experience to customers and This revised strategic intent is geared towards and results of the survey indicated a general
other stakeholders. firmly positioning the Bank as the most customer- improvement in Workplace Ethics and overall
friendly financial institution. This will provide a Employee Satisfaction.
clear point of differentiation from competitors in
Our customers remain the foremost priority and the sector and culminate in attaining a clear-cut
the central focus of our business; we are thus competitive advantage. Employee Engagement
fully committed to responding to their needs with
the utmost urgency and resourcefulness. As a With this in mind, the CEM unit rolled out a series Monthly Service Quiz
customer-centric bank, the daily commitment of activities during the year under review to The monthly service quiz is one of the key
to providing maximum value to customers is enable staff imbibe CX and trigger the expected initiatives that underpins the Bank’s efforts to
the driving force behind the formation of our outcomes. These activities are expected to establish a culture of continuous organisational
Customer Experience Management (CEM) unit. result in an enhanced service quality delivery learning. The Quiz which is hosted on the
The unit is empowered to continually evaluate our and a delightful service experience for all our intranet, seeks to deepen staff knowledge about
customers’ experience at the Bank’s various touch customers. the Access brand, policies, products and services
points and make the necessary interventions to and employees who excel in this endeavour are
address customers’ challenges, respond to their rewarded monthly.
varied needs and improve their overall customer
experience.
36
The Monthly Service Quiz has since caught on Generally, most of the Bank’s branches received
with staff and consistently records an average high ratings on parameters such as:
participation of over 200 staff. It has generated • Friendliness of staff
the desire for continuous learning amongst
employees while promoting healthy competition • Professionalism of staff
and increased product knowledge. • Tidy branch premises
• Pleasant in-branch ambiance
Quest for Excellence Hour (Q4EH) • Speed of processing transactions
This is a periodic service forum which serves as • Short waiting periods
a platform to sensitise and educate Access Bank
staff on topical issues of the Bank. During Q4EH,
a number of resource persons from both internal The Bank’s e-banking channels such as ATM,
and external sources are selected to speak on POS, online and mobile banking received
topics pertaining to Service Quality as well as favourable ratings as well.
other pertinent service-related issues. At each
Q4EH session, representatives from various
units and branches bank-wide are invited to Complaints Handling and
participate. These representatives are expected
Reporting
to subsequently cascade the knowledge acquired
to their team members. In the year under review, Access Bank is committed to handling customer
five sessions of Q4EH were conducted to complaints speedily with due consideration to
enlighten staff on the following pertinent topics: the peculiar requirements of each complaint.
The Bank’s Strategy for 2016, Cross-selling, Through our Contact Centre and in-branch
Customer Relationship Management, Innovation Customer Care Officers, efforts are made to
and Empowered Employees. resolve complaints in short order. However,
in circumstances where this is not feasible,
complaints are referred to responsible units for
quick resolution. All complaints are logged, the
Customer Service Week root causes identified and the lessons learnt
The Bank joined thousands of organisations are noted to avoid recurrence. A Customer
across the world to celebrate the Global Complaints Report is regularly presented to the
Customer Service Week from October 3-8, Executive Management and the Operational Risk
2016. The celebration was held under the theme, Management committees.
“Diverse Needs; One Unique Experience”. Over
the past seven years, Access Bank has leveraged
on this event as a viable platform to reinforce
Customer Feedback System
its “Passion for Customers”. The celebration
rewarded customers for their valued patronage Further to providing multiple feedback channels
and loyalty to the Bank, strengthened the for customers and improve satisfaction, we
company-customer bond and reaffirmed the took an extra step to further facilitate real time
Bank’s commitment to excellent service delivery. dialogue with customers. In an industry-first
move, the Bank installed proprietary feedback
systems at all branches across the country. The
Customer Feedback System (CFS) is in the form
Customer Satisfaction Survey of a booth housing an IP Phone which auto-dials
A Banking Industry Customer Satisfaction directly to our 24 Hour Contact Centre. It will
Survey (BICSS) was initiated by KPMG to serve as an alternate channel for customers at
ascertain customer satisfaction levels across the branch to lodge complaints and also receive
banks in Ghana. Access Bank was rated as the prompt feedback on enquiries.
sixth overall Best bank. The Bank’s performance With the exception of a few locations where the
on several key industry service benchmarks booths are internally positioned, the CFSs are
across branches and other touch points received mostly situated outside the Banking Halls. This
a high rating in comparison to other banks from a will enable customers contact the Bank after
pool of 30 banks within the sector. normal banking hours and also in instances
where they have challenges with our ATMs or
other channels.
37
Our People,
Culture and Diversity
Each and every one of our employees and other Career Development and Improving and Harnessing Skills
stakeholders is fundamental to us and to our
success in seeking to forge new ways forward.
Recruitment In our quest for excellence, we ensure that we
develop leaders who impact and transform our
The Bank remains committed to building our Next Generation Leaders
environment through cutting edge personal
employees’ capabilities and continuously create Access Bank is a fast-paced, result-driven and development programmes. We therefore employ a
the right platforms to enable them excel and deliver innovative organisation which seeks to constantly blended learning approach to ensure that the right
strong performances as they work to create a set new and higher benchmarks through which skills and content offerings are mapped to match
better, more prosperous community. we assess and improve ourselves by continuously the skills gap at any given time.
seeking superior platform(s) from which to practice
In line with our dedication to a continuous growth
the business of Banking & Finance.
and career development, all 587 staff participated in
We therefore strive to create an environment various local and international training programmes
and opportunities that unleash the talents of our aimed at enhancing their skills and knowledge
employees by recruiting the most skilled and talented on the job. Notable courses rolled out in the year
individuals through a systematic and consistent included Anti-Bribery and Corruption, Anti-Money
approach by which we attract, select and retain the Laundering (ABC and AML), ACI for treasury staff,
most capable staff through an open competition IBFC’s Strategic Importance of Equity Capital and
of merit. Based on this, our employees define the PWC’s Finance for Non Finance Managers as well as
industry standards at all times and at all levels. other specialist trainings.
During 2016, our Entry Level Training During the year under review, we also partnered
Programme (ELTP) developed and produced with leading global organisations such Kellogg
(70) graduates. Through our career fairs and School of Management (US), Wharton Business
aptitude test, these graduates were selected School in Pennsylvania, IFC and Global Media
from the country’s premier universities as well as Alliance to deliver the best programmes for our
top Universities in the United Kingdom (UK) and Senior Management intended to enhance their
underwent a Nineteen-week intensive training managerial and leadership competencies.
at the Access Bank School of Banking Excellence
In addition, the Bank partnered with leading local
in Lagos, Nigeria. Some of the courses covered
and international institutions such as University of
in the training school included Financial
Ghana, Ashesi University, University of Mines and
Statement Analysis, International Trade Finance,
Technology, Lancaster University and Webster
Understanding Banking Operations, Economics,
University through Career Fairs, Seminars and
Credit Analysis, Accounting, Anti-Money
internship opportunities in order to obtain and keep
Laundering and our Credit Policy Guide (CPG). To
the right talents for the Bank.
date, One Hundred and Sixty-Three (163) trainees
from Ghana have graduated from the programme A total of about 53,200 hours approximately was
since 2009 and each year our trainees excel and dedicated to training of our staff across the Bank in
return with various impressive awards. the 2016 financial year. This included training of our
staff who graduated from the School of Banking
Excellence, Lagos.
38
Productivity and Rewards

Consistent with the Access culture, we recognise
and reward employees who make substantial
contributions to the growth of the business through
an established fair and transparent performance
management system. This system provides a basis
for evaluating the performance and contribution
of staff to the business. As such, high performing
staff are duly recognised and rewarded for their
achievements.
Many of our staff were rewarded during the year for
their exceptional performances and contributions
to promoting the Access brand of speed, service
and security. A total of 99 staff representing 16.8%
of our professional staff were promoted.
In addition, the Bank participated in the Annual CEO
and Country Awards in which some staff members
won various awards including ‘Employee of the
Year’, ‘Best Employee Voluntarism Group’, ‘Brand
Ambassador’, ‘Excellence in Leadership’, ‘Best
Customer Service Staff’ etc.
Employee Engagement
To unearth the rich talents of staff and promote
a sense of belonging, the Access Social Clubs
were launched in May this year. The clubs include
Culinary minds, Access Tour, Writers and Debators
Club, Theatre Arts Club among others.
To enhance team bonding and encourage
the physical well-being of staff, our 3rd Annual
Bankwide Fun and Games was held in June this
year. Staff were grouped into different colours to
promote a healthy competition. The success of the
event led to the launch of the Bank’s Team Colours
to promote and maintain interdepartmental
relationships.
This year, the Bank partnered with Run For a Cure
Africa (RFCA) which is a non-profit organisation
for the eradication of Breast Cancer. Together
with RFCA the Bank engaged in a Breast Cancer
awareness walk at the Lincoln Community School.
A seminar on Breast Cancer awareness was also
organised and staff had the opportunity to undergo
free Breast Cancer Screening.
Access Bank Ghana also partnered with Ghana Red
Cross Society to hold First Aid training sessions for
staff bank-wide. To promote a peaceful election,
the Bank also sponsored a Health/Peace Walk
organised by Ghana Red Cross at Trade Fair in
December this year.
39
Our People, Culture and

Diversity (continued)
Access Women Network Week • Branch Visitation and Time with • Vlisco & FC Cosmetics
Country MD Grooming Event
Celebration
Ms. Bolaji Agbede and our Head of HR, The Bank also partnered with Vlisco
The Access Women Network is a platform that
Ann Obeng-Ababio, embarked o n to bring together fashion and beauty
women in the Bank use as a group to effect a
Branch visitations in Accra where they experts who demonstrated how the
positive impact in their lives, society and the
interacted and shared knowledge with ladies in the Bank should portray a
Bank as a whole. As part of the 2016 Employee
staff after which the Country MD hosted stylish but professional image in
Engagement plan, AWN organised its first
a soiree for the Group AWN Executives order to impress our customers,
AWN Week Celebration in June this year. The
and Management. bosses and colleagues.
celebration played host to Mrs. Mosun Belo-
Olusoga Chairperson of the Board of Directors
for Access Bank Plc who was accompanied by
two Group AWN Executives: Ms. Bolaji Agbede • AWN CSR Project
Workforce Diversity
and Ms. Osayi Alile who are the Head of Group As a sustainability-focused organisation, Access
As part of its week celebration, AWN
Human Capital Development and consultant to Bank (Ghana) Ltd is committed to promoting
the Access Bank Foundation respectively. supported the Tetteh-Ocloo State equal opportunity for employment and career
School for the Deaf in Ashaiman during advancement and to eliminate discrimination
Highlights of the AWN week celebration included: its special week-long celebration. This based on race, tribe, ethnic background, sex, age,
• 60-minute engagement with Group included the renovation of all their marital status and handicap.
Board Chairperson, Mrs. Mosun classroom blocks, assembly hall and
staff common room. The support Diversity and inclusiveness constitute the basis
Belo-Olusoga.
also included donation of stationeries, of our long–term growth strategy. We therefore
Our staff were invited to interact seek to maintain a workplace in which people
play toys for the younger ones,
with Aunty Mo at our head office of all backgrounds and cultures feel included,
mattresses as well as beddings and
where she used the opportunity to welcomed, valued and respected. Our objective,
toiletries. Four trees were also planted
share her career path and personal therefore, is to maximise the skills, knowledge
by the executives on the school’s
life with the women in the Bank to and uniqueness of our employees.
premises to signify the growing
inspire them to greater heights in
relationship between the Bank and the As at 31 December 2016, our staff composition
both their personal and corporate
school. In view of the above, a two-day stood at 587 across the ten regions of the country
lives.
sign language class was organised for representing 45.7% male and 54.3% female. Our
front line staff by the school. top management gender analysis also stood at
• Mentoring Session 66.7% male and 33.3% female and approximately
1.0% of our total staff were physically challenged.
This was facilitated by Ms. Osayu A l i l e ,
Head of Access Bank Foundation, who
coached our staff on how to improve
their performances on the job and
enhance their current skills whilst
striving to acquire new ones.
• Career Counselling Session

Ms. Bolaji Agbede, Head of Group
Human Capital Development
counselled female staff about work life
balance, career progression and the role
of women in society.
40
Sustainability
and Risk
Management
The review of the progress the Bank is making towards
building a sustainable banking franchise in Ghana.
Community Engagement 44
Sustainability Report 46
Sustainable Banking through
Risk Management 48
42
Community Engagement
44
45
Sustainability Report
A future of prosperity cannot be achieved Milestones of Sustainability Strategy

without a focus on sustainability and the critical
role it plays in meeting the needs of people At Access Bank we measure our sustainability based on the following focal areas
and safeguarding the environment while
generating reasonable profit. Over the years, Best Business Practices
we have demonstrated a sincere commitment We have entrenched sustainability at the core of our business operations through strong corporate
to sustainability principles across our various governance, sound environmental initiatives, responsible business practices and transparent reporting
operations and our core business functions of all our activities.
have become more integral to the Access Bank
Financial Inclusion
strategic business objectives.
We are focused on providing financially responsible products and services that are geared towards
With our ever improving environmental, social
bringing segments of the market that require special attention as well as the unbanked and under-
and economic performance, we have transited
banked community into mainstream banking.
from being just a Ghanaian bank, breaking new
grounds and rapidly moving towards becoming Empowerment
Ghana’s Most Respected Bank. Our financial We educate, empower women and encourage diversity in business. Through our Women Banking
inclusion strategies, women empowerment team, we are able to promote, develop and enhance the potentials of women entrepreneurs to excel
strides, community investment activities and in their various fields of endeavour.
employee volunteering efforts are helping to Employee Relations and Diversity
grow our bank and a sustainable future for our
communities. At Access Bank, we take pride in having one of the most skilled workforces. We continue to attract,
develop and retain a diverse group of talented employees. We also ensure that our employees have
In 2016, we continued to pay close attention to access to the best training and development resources so that they can improve their individual skills.
sound business practices to drive a profitable and
Community Investment
sustainable growth that is also environmentally
responsible and socially relevant. We continually contribute to the development of our local communities through specific social
interventions and mutually beneficial partnerships. Our community investment activities are funded
As an organisation, this strategy has influenced
through the Bank’s 1% PBT reserve and our vibrant Employee Volunteering Programme. Focus areas
the entire spectrum of the Bank’s business and include Education, Health, Sports, Environment, Arts and Culture.
has been the bedrock of success chalked within
the year under review. Environmental and Social Risk Management
We ensure that we do not engage in activities that degrade our environment. We make every effort to
measure and reduce our environmental footprint by providing appropriate solutions to our customers
and employees and by carefully managing our project finance activities
Corporate Governance
Our governance framework is designed to local codes are either absent or not sufficiently
ensure ongoing compliance with all relevant detailed.
corporate governance codes. Our governance Details of our corporate governance can be
and risk-management frameworks remain found under the Corporate Governance section
strong and robust. Over the years, these of this document.
frameworks have protected the Bank whilst
allowing us to pursue opportunities that drive
long-term growth and value.
Adherence to Best Practise
Access Bank Ghana is committed to implementing
the best practice standards of corporate In line with best practices for sustainable banking,
governance. It is governed under a framework the Bank realigned its processes to focus on prudent
that enables the Board to discharge its oversight measures that support its objectives of sustainable
functions while providing a strategic direction growth. We implemented appropriate systems to
for the management to ensure regulatory enable us adhere to all stipulated environmental and
compliance. social regulations related to our banking operations
in Ghana.
Our governance framework is in alignment with
Bank of Ghana’s regulatory environment, and As a result, Access Bank did not bear any
the Bank continues to exhibit a high standard financial or non-financial sanctions, queries,
of governance which is essential for the fines or penalties owing to non-compliance to all
sustainability of the business. relevant national, environmental and social laws
or voluntary codes and standards of corporate
Our core values of excellence, innovation, sustainability to which we are subscribed. These
leadership, passion for customers, professionalism apply to our materials, energy and general
and empowered employees continue to shape resource efficiency performance.
our corporate behaviour.
The Bank holds ISO 9001:2008 certification
Access Bank has a multi-faceted approach for Quality Management Systems and also
to governance that combines adherence to subscribes to the Equator Principles to guide its
relevant local codes while adopting international operations and activities.
best practices, especially on issues where
46
Occupational Health and Safety Financial Empowerment

(OH&S) Access Bank is committed to channelling As such, we continue to receive recognitions
resources to develop and harness the strength and accolades for our strides in promoting
Access Bank is committed to applying the
of underserved segments of the market sustainable development in Ghana through our
highest standards of health and safety practices.
including women. We know that women are banking operations and corporate citizenship
This safeguards our employees, customers and
important stakeholders and contributors to the efforts. Notable among these in the year under
contractors. Our health and safety management
society. They remain a veritable backbone of review is “Outstanding Business Sustainability”
system is built into our organisational activities.
sustained economic growth and development. by the Karlsruhe Sustainable Finance awards.
We lead, manage and coordinate a systematic
approach to managing potential risks and identify As such, Access Bank continued to play a role in
opportunities for continuous improvement empowering women through financial literacy
through trainings and testing of procedures. programmes such as the ‘W’ Knowledge Hub, a Key Highlights
key engagement tool for women entrepreneurs
With regards to OH&S in 2016, Access Bank joined to better manage their businesses. • Partnership with the Sports
the Ghana Red Cross Society as a corporate Directorate of the premier
member. Through this membership, the Bank Through the ‘W’ Initiative, more than 21,500 university in Ghana, University of
benefits from a partnership which will see the women have been trained in capacity building Ghana, to organise competitions
Ghana Red Cross Society provide training, workshops, thus fulfilling the Bank’s quest of aimed at harnessing talents in
sensitisation and first aid support for employees being a bank of choice for women. athletics.
across the Bank. This is also extended to the In furtherance of the Bank’s women • Partnership with Run for the Cure
Bank’s events and activities as a safety measure. empowerment drive, the “Maternal Health to support breast cancer awareness
Our Health and Safety newsletters, training Support Scheme” was launched to support creation.
materials and email blasts across the Bank women and their families with a financial lifeline
to undergo various medical procedures including • Blood donation exercise in
continue as the forum for discussing health and partnership with Rotary Club, Ring
safety of our employees. The BCP team monitors IVF, Vasectomy among others.
Road and National Blood Bank.
the outcomes of these activities regularly to ‘W’ is the first banking solution that allows an
enable us continuously improve our processes entire family to bank and benefit together, while • Donation to Christ the King to
and mitigate risk. also operating their individual accounts. support the Weija Leprosarium.
• Support for the Linguistics
Department at the University of
Ghana to accelerate their workflow
in serving students.
• Health Walk with the Ghana Red
Cross Society in Accra.
Employee Volunteering
Programme
A key engagement strategy Access Bank has
adopted to help impact communities positively
is the Employee Volunteering Programme.
Employees are empowered to achieve their goals
through the creation of an inclusive environment
where they have the freedom to contribute to
a corporate culture that they desire. We pride
ourselves as the organisation that constantly
builds core capabilities while engendering a
sense of shared values for staff. This helps us
behave as one team across our different markets
and business segments.
Corporate Social Responsibility
We are extremely proud of our employee
As in the previous years, Access Bank has built an
volunteers who in 2016 identified, selected and
enviable reputation in driving sustainable banking.
championed innovative initiatives to better the
The Bank continues to foster a corporate culture
lives of people in our host communities. The
that values CSR by pursuing initiatives in the arts
collaborative efforts of more than 1,000 of our
and culture, health, education, environment
employee volunteers have brought evident
and sports. Our strategic initiatives through
social dividends to our host communities and
collaborations with key stakeholders within
contributed to Ghana achieving the Sustainable
Ghana have created a significant shared value for
Development Goals.
our Bank and our shareholders, our employees,
host communities and the entire nation.
47
Sustainable Banking
through Risk Management
We recognise the role of responsible risk management practices in The Bank’s risk appetite can be expressed in terms of how much variability
achieving our strategic vision, and have a well-established risk governance of return the Bank is prepared to accept in order to achieve a desired level
structure and experienced team to deliver on this mandate. of result. It is determined by considering the relationship between risk
Our risk-management framework provides essential tools to enable us and return. The Bank’s risk appetite is always set at a level that minimises
take timely and informed decisions to maximise opportunities and mitigate erosion of earnings or capital due to avoidable losses in the banking and
potential threats. trading books or from frauds and operational inefficiencies.
Risk Management Strategy and Objectives

Our Approach to Risk Management
The strategy for the management of risk is to empower all our staff actively
Risk is an inherent part of the Bank and its business activities. Access Bank’s to identify, control, monitor and regularly report risk issues to management.
overall risk tolerance is established in the context of the Bank’s earning power,
capital and diversified business model. The broad risk management objectives of the Bank are:
Effective risk management is critical to any Bank for achieving financial • To identify and manage existing and new risks in a
soundness. In view of this, aligning risk management to the Bank’s planned and coordinated manner with minimum
organisational structure and business strategy has become an integral disruption and cost.
part of our business. Access Bank’s risk-management framework and • To protect against unforeseen losses and ensure
governance structure are intended to provide comprehensive controls and stability of earnings.
ongoing management of the major risks inherent in its business activities.
• To maximise earnings potential and opportunities.
It is also intended to create a culture of risk awareness and personal
responsibility throughout the Bank. • To maximise share price and stakeholder protection.
The Board of Directors and Management of the Bank are committed • To enhance credit ratings and stakeholder perception.
constantly to establishing, implementing and sustaining tested practices • To develop a risk culture that encourages
in risk management to match those of leading international banks. The all staff to identify risks and associated opportunities
Bank is convinced that the long-term sustainability of its franchise depends and to respond to them with cost-effective actions.
critically on the proper governance and effective management of our
business.
The evolving nature of risk management practices and the dynamic Scope of Risks
character of the banking industry necessitate a regular review of the
The scope of risks that are directly managed by the Bank is as follows: Credit
effectiveness of each enterprise risk management component. As such,
Risk, Operational Risk, Market and Liquidity Risk, Legal and Compliance Risk,
the Bank’s Enterprise Risk Management (ERM) framework is subject to
Strategic Risk, Reputational Risk and Capital Risk.
continuous review to ensure effective and cutting-edge risk management.
Responsibility
The Chief Risk Officer has the primary responsibility for risk management
and the review of the ERM framework. All amendments to the Bank’s
ERM framework require the Board’s approval. The Risk Management
and Compliance group is responsible for the enforcement of the Bank’s
risk policy by constantly monitoring risk, with the aim of identifying and
quantifying significant risk exposures and acting upon such exposures as
necessary. Access Bank Ghana has adopted (with relevant modifications)
the risk management framework of its parent company which is based on
the guidelines of the Basel II Capital Accord.
Risk Culture and Appetite

The Bank’s risk management philosophy is that a moderate and guarded risk
attitude ensures sustainable growth in shareholder value and reputation.
The Bank believes that enterprise risk management provides the superior
capabilities to identify and assess the full spectrum of risks and to enable
staff at all levels to better understand and manage risks.
48
Risk Management Governance Structure
Board of Directors
Level 1
Board Audit Board Risk Board Committee Board Credit

Committee Committee on Human Resources Committee
Managing Director
Level 2
Asset and Liability Enterprise Risk Management
Committee (ALCO) Committee (ERMC)
Management
Credit Committe (MCC)
Risk Management
and Compliance Department
Level 3
Internal Audit Business Unit Risk
Department Champions
Anti-Money Laundering and Combating • Training: Bank-wide trainings were – Risk-Based Approach to
the Fight against Terrorism (AML/CFT): organised for all employees in line AML/CFT and Regulatory
with the Bank of Ghana & Financial Compliance and
The Bank in 2016 increased its efforts at
Intelligence Centre’s AML/CFT
addressing Money Laundering and Terrorist – Basics of Money Laundering
guideline which encourages financial
Financing (ML/TF). The objective was to enable (ML) and Identifying ML Risk
institutions to design comprehensive
the Bank strengthen its resolve to stay abreast Associated with New Technology.
employee education and training
with the ever evolving AML/CFT landscape with
programmes. The training covered
particular emphasis on preventive controls.
both existing and newly recruited Anti-Bribery and Corruption (ABC):
staff to improve their knowledge in Subsequent to the appointment of a senior
• Policies: In line with the AML/CFT and further empower management staff of the Bank as the Anti-Bribery
Bank’s position on policy review, them in the fight against Money and Corruption Compliance Officer (ABCCO)
a comprehensive review of all Laundering. The topics covered to drive the ABC Programme, Anti-Bribery and
policies of the Bank was carried out included: Corruption Resource Officers were appointed
in the period under review with – AML/CFT Regulations across the Bank to also drive further the Bank’s
the aim of being ahead of the and Guidelines for Money resolve to tackle bribery and corruption on a
menacing scourge of fraud. This Transfer; granular basis, having appointment. As part of
included the review of its AML/ efforts to ensure a successful execution of the
– Customer Risk Classification
CFT Policy and Compliance Manual. Bank’s ABC Policy, training was organised for
and Due Diligence;
Additionally, the maiden AML/ all ABC Resource Officers, the Bank’s external
CFT pamphlet aimed at highlighting – Whistle Blowing Awareness vendors/ suppliers and agencies as well as staff
the pertinent issues in the AML Programme; of the Bank in 2016.
space in a concise manner – Anti-Money Laundering for
was published. Bank Managers;
49
Anti-Fraud: The increasing level of fraud incidents globally in the

financial services industry and the sophistication of techniques adopted
by fraudsters have made it imperative for the Bank not to just focus on
detective controls but also intensify preventive techniques. In view of this,
the Bank in 2016, set up an Anti-Fraud unit to spearhead the commitment
of the Bank in reducing this threat to the barest minimum through proactive
activities and reviews. The activities of this unit are complemented by the
establishment of an Anti-Fraud committee within the Bank.
FATCA: In 2015, the Bank implemented the Foreign Account Tax

Compliance Act (FATCA) for all citizens, residents and foreign-owned
entities of the United States of America (U.S.A). The Act requires that
all Foreign Financial Institutions identify American tax payers who hold
accounts with them and report information on these accounts to the United
States Internal Revenue Service. In 2016, reviews were continuously carried
out on all accounts opened with FATCA indicia, to determine whether
or not they were properly classified and to that end, if they qualified for
FATCA reporting.
50
As we continue to take more sustainable steps, we
invite you to walk the walk with us at home, at work,
and in your business.
TOGETHER,
Governance
The governance framework, including the role

and effectiveness of the Board and the alignment
of the interests of management with long-term
value creation.
The Board 54
Directors, Officers and Professional Advisors 56
Management Team 57
Directors’ Report 58
Independent Auditor’s Report 60
Responsibilities of the Board 64
Authority of the Board 64
52
The Board
Frank W. K. Beecham III
Chairman
Frank Beecham is a lawyer by profession and a past National President of the Ghana Bar Association. He has
spent the greater part of his working life in banking, having joined Merchant Bank Ghana Ltd in 1977. He served
in several departments of the Bank and its subsidiaries and left the Bank after twenty-two years as a General
Obinna Nwosu
Director
has over two decades of banking experience garnered from both Access Bank and Guaranty Trust Bank. Obinna
was a General Manager and Head, Retail Banking Division until December, 2012 when he took a study leave for a
Master’s Degree in Public Policy at Columbia University, New York. His experience spans both banking operations and
relationship management.
Kris Ifeanyi Njoku

Executive Director
Ifeanyi Njoku is the Executive Director in charge of Corporate and Investment Banking with 21 years cognate banking
experience. Prior to his appointment as Executive Board Director of Access Bank (Ghana) Plc, he was the Country
Managing Director of Access Bank DR Congo (2014-2017) and is credited with transforming the Bank and improving
He joined Access Bank Plc in 2012 and managed the Dangote Conglomerate as the Group Head of Cement &
Logistics Group.
Ifeanyi who has an MSc in Public Management from the University of Birmingham, UK, started his banking career in
GT Bank Nigeria Plc and later GT Bank UK Limited where he garnered a total of 16 years banking experience working
in various sectors including Commercial Banking, Corporate Banking, Public Sector, Financial Institutions etc. He was
the pioneer Head of Institutional Banking at GT Bank UK Limited (2008-2010) and is a fellow of the British Chevening
Scholarship Programme of the British Government.
Joyce Dimkpa
Director
Joyce is an experienced banker whose work spans over 17 years in the industry. Before joining Access Bank Plc some 14
years ago, she worked with FSB International Bank where she started her career.
Her outstanding performance over the years earned her a one-year secondment with the Netherlands Development
and equity transactions across Africa, Europe and the Middle East. She has held various portfolios managing corporate
and investment banking clients.
diverse professional background and extensive experience in International Corporate Banking, Finance Analysis and
Project Finance. She has attended several Executive Leadership Programmes from leading educational Institutions.
54
Abena Amoah
Director (Independent)
Abena Amoah is an accomplished financial and investment advisor with over 15 years of work experience. She
started her career with Strategic African Securities where she worked for ten years, rising to the position of
Executive Director. She is currently the Chief Executive Officer of Baobab Advisors, a financial advisory services
company she founded in 2011. Prior to that, she headed the Ghana office of Renaissance Capital; a leading
investment bank in Moscow.
Ernest Mintah
Ernest Mintah has over three decades of experience working in the banking
and finance sectors in Ghana and the United States. He is currently the Chief
Executive Officer of Ghana Leasing Company Limited, and has been involved
in long-term lending of asset-based financing to several sectors in Ghana.
Ernest serves on the Boards of the Ghana’s Export Development and
Agricultural Investment Fund. He is also the president of the Ghana
Association of Leasing Companies.
Dela Selormey
Dela Selormey is a Chartered Accountant and Banker par excellence. His rich experience in banking spans close
to four decades during which period he rose to become the Head of Banking Supervision at the Central Bank of
Ghana. Dela has also consulted widely in banking and international financing. He consulted for the International
Fund for Agricultural Development (IFAD) and the National Project Coordinating Unit of the Ministry of
Agriculture of Sierra Leone, a project that is ongoing.
Kolawole A. Ajimoko
Executive Director
Mr. Kolawole Ajimoko has a wealth of experience spanning over two decades in the banking industry, having worked in
various fields including Compliance & Internal Control, Risk Management and Branch Operations.
Until his appointment as Executive Director (ED) for Operations & Information Technology at Access Bank Ghana,
Kola was responsible for Risk Management (Subsidiaries) and also served as Group Head for Operational Risk
Management at Access Bank Plc. He previously worked at Citi Bank in Nigeria, Senegal and Kenya before joining
Access Bank Plc in 2007.
Kola is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a Certified Risk Specialist. He holds a
BSc. Banking & Finance from Ondo State University and an MBA from Rivers State University of Science & Technology.
He has attended several professional and leadership training programmes in leading Business Schools including
Wharton School – University of Pennsylvania, the London Business School (LBS) and INSEAD among others.
Dolapo Ogundimu
Managing Director
Dolapo Ogundimu is a seasoned banker with almost three decades of high-level professional banking experience in
the sub-region. He has been recognised as a change manager and contributor to the development of the financial
service industry in Nigeria, Sierra Leone and Ghana.
Until his appointment in 2012 as the Managing Director of Access Bank Ghana, Dolapo pioneered Guaranty Trust
Bank to become one of the most successful banks in the industry. He was also the pioneer Managing Director of
GT Bank, Sierra Leone and prior to that appointment had held several management positions with GT Bank Nigeria.
Dolapo is an alumnus of the Kellogg School of Management, Executive Management Programme of the Columbia
Business School (USA), Harvard Business School, International Institute for Management Development (IMD),
Switzerland and the Lagos Business School. He holds a BSc and an MBA from the Ogun State University in Nigeria.
55
Directors, Officers and

Professional Advisors
Board of Directors Frank Beecham (Chairman)
Dolapo Ogundimu (Managing Director)
Kameel Adebayo (Resigned – 1/11/16)
Obinna Nwosu
Elias Igbinakenzua (Resigned – 1/11/16)
Dela Selormey
Abena Amoah
Ernest Mintah
Kris Ifeanyi Njoku (Appointed – 1/11/16)
Joyce Dimkpa (Appointed – 1/11/16)
Kola Ajimoko (Appointed – 1/11/16)

Secretary Albert Kwame Gyan

Auditor PricewaterhouseCoopers
No. 12 Airport City
UNA Home, 3rd Floor
PMB CT 42, Cantonments
Accra
Registered Office Access Bank (Ghana) Plc

Starlets ’91 Road
Opp. Accra Sports Stadium,
P. O. Box GP 353
Osu
Accra

Correspondent Banks Citibank N. Y

Ghana International Bank
Commerzbank
FBN Bank, UK
Bank of Beirut, UK
Standard Bank, S.A
FIM Bank, UK
56
Management Team
Dolapo Ogundimu - Managing Director

Kola Ajimoko - Executive Director, Operations and IT
Kris Ifeanyi Njoku - Executive Director, Business Development
Stephen Abban - Group Head, Personal Banking
Anthony Mensah - Group Head, Corporate Banking
Kafui Bimpe - Group Head, Business Banking
Ann Obeng-Ababio - Head, Human Resources
Matilda Asante-Asiedu - Head, Exclusive Banking
Thelma Dormon - Head, Public Sector
Angela Okugo - Head, Commercial Banking
Calleb Osei - Head, Financial Control & Strategy
Victor Akangbe - Head, Information Technology
Abass Haruna Appiah - Head, Financial Institutions
Abiodun Aponbiede - Head, Conduct and Compliance
Andrea Dumfeh - Head, Remedial Assets
Phillip Ampofo - Head, Oil and Gas
Albert Gyan - Head, Corporate Counsel
Kenneth Chijioke Mba - Head, Risk Management
Edward Blankson-Mills - Head, Business Banking Unit 1
Ama Somuah-Boateng - Head, General Resource Management
Jones Darmoe - Head, Business Banking Unit 2
Katherine Ampomah - Head, Franchise Banking
Richard Torku - Head, Business Banking, Accra
Kennedy Osei - Head, Energy and Power
Peace Selorm Jilani - Head, Global Trade
Pascal Anklu - Head, Business Banking, Ashanti Zone
Florence Pipim - Cluster Head, Personal Banking, Northern Zone
Yvonne Antonio - Head, Inclusive Banking
57
Directors’ Report
Report of the Directors Financial Report

The directors present their report together
with the audited financial statements for the In Thousands of Ghana Cedis The Group The Bank
year ended 31 December 2016 in accordance
with the Companies Act 1963 (Act 179) and the 2016 2016
Banking Act, 2004 (Act 673) (as amended by the Profit before tax 69,070 69,049
Banking (Amendment) Act, 2007 (Act 738) which
discloses the state of the affairs of the Bank and from which is deducted taxation of:
the Group.
National Fiscal Stabilisation Levy of (3,452) (3,452)
Income tax expense of (23,669) (23,663)

Statement of Directors’ Leaving a net profit after tax of 41,949 41,934
Responsibility
When added to the balance brought forward on income
The directors are responsible for the preparation 54,523 53,524
surplus of
of financial statements for each financial year,
which give a true and fair view of the state of Leaving a balance of 96,472 95,458
affairs of the Group and the profit or loss and
cash flows for that period. In preparing these
Less transfers to credit risk reserve (71,866) (71,866)
financial statements, the directors have selected
suitable accounting policies and applied them Less transfers to statutory reserve (10,487) (10,487)
consistently, made judgements and estimates
that are reasonable and prudent and followed Gives a balance carried forward of 14,119 13,105
International Financial Reporting Standards
and complied with the requirements of the
Companies Act 1963 (Act 179) and the Banking
Act, 2004 (Act 673) (as amended by the Banking In accordance with Section 29(1) of the Banking Act, 2004 (Act 673) (as amended by the Banking
(Amendment) Act, 2007 (Act 738). (Amendment) Act, 2007 (Act 738), an amount of GHS10,487,000 was transferred to the statutory
reserve fund from the income surplus, bringing the cumulative balance on the statutory reserve fund
to GHS121,881,000 at the year end.
The directors are responsible for ensuring that
the Group keeps proper accounting records that The Board of Directors do not recommend the payment of dividend for the year ended 31 December
disclose with reasonable accuracy at any time 2016.
the financial position of the Bank. The directors
are also responsible for safeguarding the assets
of the Bank and taking reasonable steps for the Directors and their Interests
prevention and detection of fraud and other The present membership of the Board is set out on page 1. All directors served throughout the year.
irregularities.
The directors’ interests in the issued ordinary shares of the Bank at 31 December 2016 is as follows:
Going concern
We have no plans or intentions, for example, to
dispose of the business or cease operations
Name No. of shares
that may materially alter the carrying value or
classification of assets and liabilities reflected Mr. Ogundimu Oludolapo Omotayo 10,000
in the financial statements and based on our
assessment, the Bank is a going concern and will
be in operation for the next twelve months from
the balance sheet date.
58
Directors’ Interests in Contracts

The directors have no material interest in contracts entered into by the Bank.
Nature of Business
The Bank is authorised by the Bank of Ghana to carry on the business of universal banking.
Subsidiaries
The Bank has two wholly owned subsidiaries namely, Big Ticket Holdings Limited (BTH) and Triumph Properties Limited (TPL).
BTH is currently operating as a leasing company. TPL is dormant.
Holding Company
The Bank is a subsidiary of Access Bank Plc, a company incorporated in the Federal Republic of Nigeria and licensed to undertake all banking and related
services.
Auditor
The auditor Messrs PricewaterhouseCoopers has expressed willingness to continue in office in accordance with Section 134 (5) of the Companies Act,
1963 (Act 179).
Approval of the Consolidated Financial Statements

The Board of Directors approved the consolidated financial statements on 17 February 2017 and were signed on their behalf by:
Frank Beecham Dolapo Ogundimu

Chairman Managing Director
17 February 2017
Accra
59
Independent
Auditor’s Report
To the members of Access Bank (Ghana) Plc
Report on the Audit of the Financial Statements
Our Opinion Basis for Opinion

In our opinion, the accompanying financial statements give a true and fair We conducted our audit in accordance with International Standards on
view of the financial position of Access Bank (Ghana) Plc (the “Bank”) and Auditing (ISAs). Our responsibilities under those standards are further
its subsidiaries (together the “Group”) as at 31 December 2016, and of the described in the Auditor’s responsibilities for the audit of the separate and
financial performance and the cash flows of the Bank standing alone and consolidated financial statements section of our report.
the Group for the year then ended in accordance with International Financial We believe that the audit evidence we have obtained is sufficient and
Reporting Standards and in the manner required by the Companies Act, appropriate to provide a basis for our opinion.
1963 (Act 179) and the Banking Act, 2004 (Act 673) (as amended by the
Banking (Amendment) Act, 2007 (Act 738).
Independence
What we have Audited We are independent of the Group in accordance with the International
Ethics Standards Board for Accountants’ Code of Ethics for Professional
We have audited the financial statements of Access Bank (Ghana) Plc (the Accountants (IESBA Code). We have fulfilled our other ethical responsibilities
“Bank”) and its subsidiaries (together the “Group”) for the year ended 31 in accordance with the IESBA Code.
December 2016.
The financial statements on pages 66 to 116 comprise:
Key Audit Matters
• The consolidated and separate statements of financial
position as at 31 December 2016; Key audit matters are those matters that, in our professional judgment,
were of most significance in our audit of the financial statements of the
• The consolidated and separate statements of current period. These matters were addressed in the context of our audit of
comprehensive income for the year then ended; the financial statements as a whole, and in forming our opinion thereon, and
• The consolidated and separate statements of changes in we do not provide a separate opinion on these matters.
equity for the year ended;
• The consolidated and separate statements of cash flows
for the year then ended and
• The notes to the consolidated and separate financial
statements, which include a summary of significant
accounting policies.
60
Key Audit Matter How our Audit Addressed the Key Audit Matter
Impairment Provisions on Loans and Advances We updated our understanding of and evaluated key controls within the loan
to Customers origination, approval, monitoring and recovery processes.
We tested management process for the identification of impaired loans.

Impairment allowances represent management’s best estimate
of the losses incurred within the loan portfolio at the statement of
We tested the design and operating effectiveness of the controls over impairment
financial position date. The directors make judgements over both the
data and calculations. These controls included those over the calculation of the
timing of recognition of impairment and the estimation of any such
impairment provisions.
impairment.
• For specific impairment charges on individual loans, this

Specific impairment is calculated on an individual basis for significant included controls over the compilation and review of the
loans and requires judgement to determine when an impairment loan portfolio and valuation of collateral securities.
event has occurred and then to estimate the expected future cash
flows related to that loan. Collective impairment allowances are
• For collective impairment, this included controls over
calculated on portfolio of loans of similar nature using models which
the appropriateness of models used to calculate the
approximate the impact of current economic and credit conditions
charge, the process of determining key assumptions
on the non-significant loans together with the performing significant
and the identification of loans to be included within
exposures (exposures with no indication of impairment).
the calculation.
The underlying assumptions are subjective. The risk that the

impairment provisions on loans and advances may not be adequate We examined a sample of loans and advances which had not been identified by
to cover the default risk in the loan portfolio has been identified as management as potentially impaired and formed our own judgement.
significant and considered in our audit approach.
For individually calculated impairment, we tested the loans and advances for
which impairment triggers have been identified to assess whether the loss
The accounting policies, critical estimates and judgements and event (that is the point at which impairment is recognised) had been identified
impairment charge are set out in notes 2.11, 4(a) and 18 to the appropriately.
financial statements.
For impairment identified, we independently reperformed the calculation,
challenging the assumptions and comparing estimates to external evidence
where available.
Where impairment is collectively determined, we tested the appropriateness of

the methodology applied by reference to the Bank and market experience for
the assumptions made such as the emergence period, the loss given default
and the probability of default.
61
Independent
Auditor’s Report (continued)
To the members of Access Bank (Ghana) Plc
Other Information the preparation of financial statements that are • Evaluate the appropriateness of
free from material misstatement, whether due to accounting policies used and the
The directors are responsible for the other fraud or error. reasonableness of accounting
information. The other information comprises estimates and related disclosures
the Financial Highlights, Shareholders In preparing the separate and consolidated
made by the directors;
Information, Other Financial Information, financial statements, the directors are
Chairman’s Statement, Managing Director’s responsible for assessing the Bank and the • Conclude on the appropriateness of
Review Report on how and where the Group Group’s ability to continue as a going concern, the directors’ use of the going
does business, Directors’ Report, Corporate disclosing, as applicable, matters related to going concern basis of accounting and,
Governance Report, Business Review Report and concern and using the going concern basis of based on the audit evidence obtained,
the Sustainability Report but does not include the accounting unless the directors either intend to whether a material uncertainty exists
separate and consolidated financial statements liquidate the Bank and/or the Group or to cease related to events or conditions that
and our auditor’s report thereon, which we operations or have no realistic alternative but to may cast significant doubt on the
obtained prior to the date of this auditor’s do so. ability to continue as a going concern
report, and the Chairman’s Statement, Managing The directors are responsible for overseeing the If we conclude that a material
Director’s Review Report, Report on how and Group’s financial reporting process. uncertainty exists, we are required to
where the Group does business, Corporate draw attention in our auditor’s report
Governance Report, Business Review Report and to the related disclosures in the
the Sustainability Report, which are expected to Auditor’s Responsibilities for the separate and consolidated financial
be made available to us after that date. statements or, if such disclosures are
Audit of the Financial Statements inadequate, to modify our opinion.
Our opinion on the separate and consolidated
financial statements does not cover the other Our objectives are to obtain a reasonable Our conclusions are based on the
information and we do not and will not express assurance about whether the separate and audit evidence obtained up to the date
any form of assurance conclusion thereon. consolidated financial statements as a whole are of our auditor’s report. However,
free from material misstatement, whether due future events or conditions may cause
In connection with our audit of the separate to fraud or error, and to issue an auditor’s report the Group to cease to continue as a
and consolidated financial statements, our that includes our opinion. Reasonable assurance going concern;
responsibility is to read the other information, is a high level of assurance, but is not a guarantee
identified above and, in doing so, consider • Evaluate the overall presentation,
that an audit conducted in accordance with ISAs
whether the other information is materially structure and content of the financial
will always detect a material misstatement when
inconsistent with the separate and consolidated statements, including the disclosures,
it exists. Misstatements can arise from fraud or
financial statements or our knowledge obtained and whether the financial statements
error and are considered material if, individually
in the audit, or otherwise appears to be materially represent the underlying transactions
or in the aggregate, they could reasonably be
misstated. and events in a manner that achieves
expected to influence the economic decisions
fair presentation and
If, based on the work we have performed on the of users taken on the basis of these separate and
other information that we obtained prior to the consolidated financial statements. • Obtain sufficient appropriate audit
date of this auditor’s report, we conclude that evidence regarding the financial
As part of an audit in accordance with ISAs,
there is a material misstatement of this other information of the entities or business
we exercise professional judgement and maintain
information, we are required to report that fact. activities within the Group to express
professional scepticism throughout the audit. We
We have nothing to report in this regard. an opinion on the consolidated and
also:
separate financial statements. We are
When we read the Chairman’s Statement, • Identify and assess the risks of responsible for the direction,
Managing Director’s Review Report, Report material misstatement of the financial supervision and performance of the
on how and where the Group does business, statements, whether due to fraud or group audit. We remain solely
Corporate Governance Report, Business Review error, design and perform audit responsible for our audit opinion.
Report and the Sustainability Report and we procedures responsive to those risks
conclude that there is a material misstatement We communicate with the directors regarding,
and obtain audit evidence that is
therein, we are required to communicate the among other matters, the planned scope and
sufficient and appropriate to provide
matter to those charged with governance. timing of the audit and significant audit findings,
a basis for our opinion. The risk of not
including any significant deficiencies in internal
detecting a material misstatement
control that we identify during our audit.
resulting from fraud is higher than for
Responsibilities of the Directors one resulting from error, as fraud may We also provide the directors with a statement
involve collusion, forgery, intentional that we have complied with relevant ethical
for the Financial Statements omissions, misrepresentations, requirements regarding independence, and have
The directors are responsible for the preparation or the override of internal control; communicated with them all relationships and
of separate and consolidated financial statements other matters that may reasonably be thought to
• Obtain an understanding of internal
that give a true and fair view in accordance with bear on our independence, and where applicable,
control relevant to the audit in order to
International Financial Reporting Standards and related safeguards.
design audit procedures that are
in the manner required by the Companies Act, From the matters communicated with the
appropriate in the circumstances, but
1963 (Act 179) and the Banking Act, 2004 (Act directors, we determine those matters that
not for the purpose of expressing
673) (as amended by the Banking (Amendment) were of most significance in the audit of the
an opinion on the effectiveness of the
Act, 2007 (Act 738), and for such internal control financial statements of the current period and
Group’s internal control;
as the directors determine is necessary to enable are therefore the key audit matters. We describe
62
these matters in our auditor’s report unless In accordance with section 78(2) of the Banking
law or regulation precludes public disclosure Act, 2004 (Act 673) we hereby confirm that;
about the matter or when, in extremely rare
circumstances, we determine that a matter
should not be communicated in our report i We were able to obtain all the
because the adverse consequences of doing so information and explanations
would reasonably be expected to outweigh the required for the efficient
public interest benefits of such communication. performance of our duties
as auditors;
Report on Other Legal and ii In our opinion, the accounts give

Regulatory Requirements a true and fair view of the state of
the Bank’s affairs and its results for
The Companies Act, 1963 (Act 179) requires that
the year under review;
in carrying out our audit we consider and report
on the following matters. We confirm that: iii In our opinion, the Bank’s
transactions were within
its powers and
i We have obtained all the information
iv The Bank in all material respects
and explanations which to the
complied with the requirements
best of our knowledge and belief
of the Banking Act, 2004 (Act 673)
were necessary for the purposes of
as amended.
our audit;
ii In our opinion proper books of
account have been kept by the The engagement partner on the audit resulting
Bank, so far as appears from our in this independent auditor’s report is Oseini
examination of those books and Amui (ICAG/P/1139).
iii The Group’s balance sheet (Group’s
statement of financial position) and
Group’s profit and loss account
(part of the Group’s statement of PricewaterhouseCoopers (ICAG/F/2017/028)
comprehensive income) are in Chartered Accountants
agreement with the books of
Accra, Ghana
account.
28 March 2017
63
Responsibilities of the Board

The Board shall be accountable and responsible for the performance and affairs of the Bank. The Board shall define the Bank’s strategic goals and ensure
the effective deployment of human and financial resources towards the attainment of these goals.
The Board shall ensure the proper management of the Bank through oversight of management performance to ensure protection and enhancement of
shareholder value and attainment of the Bank’s obligations to its employees and other stakeholders.
The Board shall ensure that the Bank observes the highest ethical standards and carries on its business in accordance with the Bank’s Regulations and in
conformity with the Laws of the Republic of Ghana.
The Board shall define a framework for the delegation of its authority or duties to management. The delegation of any duty or authority to management
shall however not in any way diminish the overall responsibility of the Board and its Directors as being accountable and responsible for the affairs and
performance of the Bank.
Authority of the Board

The Board is authorised to undertake the following functions:
• Formulation of policies and overseeing the management and conduct of the business;
• Formulation and management of the Risk Management Framework;
• Succession planning and the appointment, training, remuneration, performance appraisal and
replacement of board members and senior management;
• Overseeing the effectiveness and adequacy of internal control systems;
• Overseeing the maintenance of the Bank’s communication and information dissemination policy;
• Ensuring effective communication with shareholders;
• Ensuring the integrity of financial reports;
• Ensuring maintenance of ethical standards;
• Ensuring compliance with the Laws of the Republic of Ghana.
64
65
Financials
The statutory financial statements of the Bank

and associated audit report.
Statement of Comprehensive Income 68

Statement of Financial Position 69
Statements of Changes in Equity 70
Statement of Cash Flows 72
Notes 73
Other financial Information 119
Value Added Statement 123
66
Statement of
Comprehensive Income
(All amounts are in thousands of Ghana Cedis)
Year ended 31 December The Group The Bank

Note 2016 2015 2016 2015
Interest income 7 414,068 330,689 414,068 330,689
Interest expense 7 (215,208) (153,703) (215,208) (153,703)
Net interest income 198,860 176,986 198,860 176,986
Commission and fees 8 36,021 41,186 36,021 41,186
Net trading income 9 34,927 41,417 34,927 41,417
Other operating income 10 2,836 7,578 2,812 7,537
Total operating income 272,644 267,167 272,620 267,126
Impairment loss on financial assets 11 (55,702) (15,224) (55,702) (15,224)
Personnel expenses 12 (57,597) (43,625) (57,597) (43,625)
Depreciation and amortisation 19 (14,793) (11,165) (14,793) (11,165)
Other operating expenses 13 (75,482) (74,402) (75,479) (74,396)
Profit before tax 69,070 122,751 69,049 122,716
Income tax expense 14 (27,121) (42,316) (27,115) (42,306)
Profit after tax 41,949 80,435 41,934 80,410
Other comprehensive income
Items that may be reclassified to profit or loss

Change in fair value of available-
for-sale financial assets, net of tax 28 1,200 - 1,200 –
Total comprehensive income for the year 43,149 80,435 43,134 80,410
Profit is attributable to:
Controlling interest 43,149 80,435 - -

Earnings per share
Basic and diluted (Ghana pesewas) 15 38 73 38 73
The notes on pages 73 to 118 are an integral part of these financial statements.
68
Statement of
Financial Position
Year ended 31 December The Group The Bank

Note 2016 2015 2016 2015
Assets
Cash and cash equivalents 16 728,355 681,366 728,355 681,366
Investment securities 17 422,801 356,734 422,801 356,734
Loans and advances to customers 18 1,285,612 1,211,825 1,285,612 1,211,825
Investment other than securities 23 - - 20 20
Property and equipment 19 110,356 93,117 110,356 93,117
Intangible assets 20 5,992 5,396 5,992 5,396
Deferred income tax asset 21 13,163 5,190 13,163 5,190
Other assets 22 113,560 71,018 113,309 70,791
Total assets 2,679,839 2,424,646 2,679,608 2,424,439
Liabilities
Deposits from banks 24 - 162,852 - 162,852
Deposits from customers 25 2,009,099 1,726,179 2,009,146 1,726,227
Borrowings 26 203,668 105,372 203,668 105,372
Current income tax 14 16,515 14,743 16,348 14,582
Deferred income tax liabilities 21 4,564 2,916 4,564 2,916
Other liabilities 27 16,431 52,634 17,334 53,539
Total liabilities 2,250,277 2,064,696 2,251,060 2,065,488
Equity
Stated capital 28 144,738 118,275 144,738 118,275
Statutory reserve 28 121,881 111,394 121,881 111,394
Credit risk reserve 28 147,624 75,758 147,624 75,758
Income surplus 28 14,119 54,523 13,105 53,524
Fair value reserve 28 1,200 - 1,200 -
Total equity 429,562 359,950 428,548 358,951
Total equity and liabilities 2,679,839 2,424,646 2,679,608 2,424,439
The financial statements on pages 68 to 118 were approved by the Board of Directors on 17
February 2017 and signed on its behalf by
Frank Beecham Dolapo Ogundimu

Chairman Managing Director
69
Statement of
Changes in Equity
The Group
Year ended 31 December 2016
Stated capital Fair value Statutory Credit risk Income Total

reserve reserve reserve surplus
At 1 January 2016 118,275 - 111,394 75,758 54,523 359,950
Profit for the year - - - - 41,949 41,949

Changes in fair value of available-for-sale financial
- 1,200 - - - 1,200
assets, net of tax
Total comprehensive income - 1,200 - - 41,949 43,149
Transfer to credit risk reserve - - - 71,866 (71,866) -
Transfer to statutory reserve - - 10,487 - (10,487) -
Proceeds from issue of shares 26,463 - - - 26,463
Total transactions with owners 26,463 - 10,487 71,866 (82,353) 26,463
At 31 December 2016 144,738 1,200 121,881 147,624 14,119 429,562
At 1 January 2015 118,275 - 91,291 36,033 45,604 291,203
Profit for the year - - - 80,435 80,435
Total comprehensive income - - - - 80,435 80,435
Transfer to statutory reserve - - 20,103 (20,103) -
Dividend paid for 2014 (11,688) (11,688)
Total transactions with owners - - 20,103 39,725 (71,516) (11,688)
At 31 December 2015 118,275 - 111,394 75,758 54,523 359,950
70
The Bank
Stated Capital Fair value Statutory Credit risk Income Total

Reserve Reserves Reserve Surplus
At 1 January 2016 118,275 - 111,394 75,758 53,524 358,951
Profit for the year - - - - 41,934 41,934

Changes in fair value of available for sale instruments
- 1,200 - - - 1,200
net of tax
Total comprehensive income - 1,200 - - 41,934 43,134
Proceeds from issue of share 26,463 - - - 26,463
Total transactions with owners 26,463 - 10,487 71,866 (82,353) 26,463
At 31 December 2016 144,738 1,200 121,881 147,624 13,105 428,548
At 1 January 2015 118,275 - 91,291 36,033 44,630 290,229
Profit for the year - - - 80,410 80,410
Total comprehensive income - - - - 80,410 80,410
Dividend paid for 2014 - - - - (11,688) (11,688)
Total transactions with owners - - 20,103 39,725 (71,516) (11,688)
At 31 December 2015 118,275 - 111,394 75,758 53,524 358,951
71
Statement of Cash Flows
For the year ended 31 December The Group The Bank

Note 2016 2015 2016 2015
Cash flows from operating activities
Profit before tax 69,070 122,751 69,049 122,716
Adjustments for:
Depreciation of property, plant and equipment 19 11,883 9,045 11,883 9,045
Amortisation of intangible assets 20 2,910 2,120 2,910 2,120
Interest expense on borrowings 26 8,660 - 8,660 -
Impairment on loans and advances 55,702 15,224 55,702 15,224
Profit on disposal of property and equipment 19 (193) (209) (193) (209)
Change in loans and advances (129,489) (373,994) (129,489) (373,994)
Change in investment securities 191,249 (221,996) 191,249 (221,996)
Change in other assets (42,542) 10,015 (42,518) 10,032
Change in deposits from customers 282,920 526,526 282,919 526,546
Change in deposits from banks (162,852) 84,763 (162,852) 84,763
Change in other liabilities (36,203) 14,313 (36,205) 14,311
Change in mandatory reserve deposit (28,287) (52,655) (28,287) (52,655)
Interest capitalised on borrowings - 1,075 - 1,075
Effect of exchange rate fluctuations on cash held (20,218) (49,807) (20,218) (49,807)
Exchange loss on borrowings 26 15,085 14,873 15,085 14,873
Tax paid 14 (32,074) (41,630) (32,074) (41,630)
Net cash generated from operating activities 185,621 60,414 185,621 60,414
Cash flows from investing activities

Purchase of property and equipment 19 (32,658) (49,559) (32,658) (49,559)
Purchase of intangible assets 20 (2,758) (3,079) (2,758) (3,079)
Proceeds from sale of property and equipment 19 2,981 559 2,981 559
Net cash used in investing activities (32,435) (52,079) (32,435) (52,079)
Cash flows from financing activities

Drawdown on borrowings 26 94,732 - 94,732 -
Repayment of borrowings 26 (20,181) (4,802) (20,181) (4,802)
Proceeds from issue of shares 28 26,463 - 26,463 -
Dividend paid to equity holders - (11,688) - (11,688)
Net cash generated from (used in)
101,014 (16,490) 101,014 (16,490)
financing activities
Net increase in cash and cash equivalents 254,200 (8,155) 254,200 (8,155)
Effects of exchange rate changes on cash held 20,218 49,807 20,218 49,807
Cash and cash equivalents at 1 January 16 543,788 502,136 543,788 502,136
Cash and cash equivalents at 31 December 16 818,206 543,788 818,206 543,788
72
Notes
1. Reporting Entity The preparation of financial statements in

conformity with IFRS requires the use of certain
Amendments to IAS 1, Presentation of
Financial Statements
critical accounting estimates. It also requires
The amendments to IAS 1 Presentation of
management to exercise its judgement in the
Financial Statements are made in the context
Access Bank (Ghana) Limited (the Bank) is a process of applying the Group’s accounting
of the IASB’s Disclosure Initiative, which
private limited liability company incorporated in policies. The areas involving a higher degree
explores how financial statement disclosures
Ghana licensed to carry out universal banking. of judgement or complexity, or areas where
can be improved. The amendments provide
The address of the Bank’s registered office assumptions and estimates are significant to the
clarifications on a number of issues, including
is Starlets ’91 Road, Opposite Accra Sports consolidated and separate financial statements
materiality, disaggregation and subtotals, notes
Stadium, P. O. Box GP 353, Osu Accra. The are disclosed in note 4.
and other comprehensive income arising from
consolidated financial statements of the Bank investments accounted for under the equity
as at and for the year ended 31 December 2016 These financial statements are presented in method. According to the transitional provisions,
comprises the Bank and its subsidiary BTH Ghana Cedi, which is the Group’s functional the disclosures in IAS 8 regarding the adoption
Limited (together as the Group). The Group’s currency. of new standards/accounting policies are not
principal activity is corporate and retail banking required for these amendments.
as well as leasing operations. The Bank is a
subsidiary of Access Bank Plc of Nigeria. 2.2 Changes in Accounting
Amendments to IAS 27, ‘Equity Method in
Policies and Disclosures Separate Financial Statements’
For Companies Act, 1963 (Act 179) reporting
purposes, the balance sheet is represented Entities are to use the equity method to account
by the statement of financial position and a) New standards, amendments and for investments in subsidiaries, joint ventures and
the profit and loss account by part of the interpretations adopted by associates in their separate financial statements.
income statement, in these consolidated the Group
and seperate financial statements The Group considered for application, certain Amendments to IFRS 10, and IAS 28,
(“financial statements”). standards and amendments which are effective ‘Sale or Contribution of Assets between
for annual periods beginning on or after 1 January an Investor and its Associate or
2016. However, these standards and amendments
Joint Venture’
as detailed below do not significantly impact
2. Summary of Significant the annual consolidated financial statements of These amendments address an inconsistency
between the requirements in IFRS 10 and those
the Group.
Accounting Policies in IAS 28 in dealing with the sale or contribution
of assets between an investor and its associate
The nature and the impact of each new standard or joint venture. The main consequence of the
and amendment are described below: amendments is that a full gain or loss is recognised
The principal accounting policies applied in the when a transaction involves a business (whether
preparation of these financial statements are set it is housed in a subsidiary or not). A partial gain
Amendments to IAS 16, ‘Property, Plant or loss is recognised when a transaction involves
out below. These policies have been consistently
applied to all the years presented, unless and Equipment’ and IAS 38 ‘Intangible assets that do not constitute a business, even if
otherwise stated. Assets’ these assets are housed in a subsidiary.
This amendment has clarified that the use
of revenue-based methods to calculate the
2.1 Statement of Compliance depreciation of an asset is not appropriate
The financial statements have been prepared because revenue generated by an activity that Amendments to IFRS 11, Joint
in accordance with International Financial includes the use of an asset generally reflects Arrangements
Reporting Standards (IFRS). factors other than the consumption of the
economic benefits embodied in the asset. The amendments to IFRS 11 clarify the
accounting for the acquisition of an interest
2.1.1 Basis of Preparation in a joint operation where the activities of the
The IASB has also clarified that revenue is operation constitute a business. They require
The financial statements have been prepared generally presumed to be an inappropriate basis an investor to apply the principles of business
in accordance with International Financial for measuring the consumption of the economic combination accounting when it acquires an
Reporting Standards (IFRS) as issued by the benefits embodied in an intangible asset. This interest in a joint operation that constitutes a
International Accounting Standards Board. presumption can be overcome if either: business. Existing interests in the joint operation
The financial statements have been prepared are not remeasured on acquisition of an additional
under the historical cost convention except as interest, provided joint control is maintained. The
disclosed in the accounting policy below. • The intangible asset is expressed amendments also apply when a joint operation is
as a measure of revenue (ie where a formed and an existing business is contributed.
measure of revenue is the limiting The amendments are effective from 1 January
Additional information required under the factor on the value that can be
Companies Act, 1963 (Act 179) and the Banking 2016.
derived from the asset), or
Act, 2004 (Act 673) (as amended by the Banking
(Amendment) Act, 2007 (Act 738) have been • It can be shown that revenue and
included, where appropriate. the consumption of economic
benefits generated by the asset are
highly correlated.
73
Notes (continued)
b) New and Amended Standards IFRS 15, ‘Revenue from Contracts with Foreign exchange gains and losses resulting from
not yet Adopted by the Bank Customers’ the settlement of foreign currency transactions
and from retranslation at year-end exchange
A number of new standards and amendments to IFRS 15, ‘Revenue from contracts with customers’
rates of foreign currency denominated monetary
standards and interpretations are effective for deals with revenue recognition and establishes
assets and liabilities are recognised in profit or
annual periods beginning after 1 January 2016, principles for reporting useful information to
loss.
and have not been applied in preparing these users of financial statements about the nature,
financial statements. None of these is expected amount, timing and uncertainty of revenue and
to have a significant effect on the consolidated cash flows arising from an entity’s contracts with All foreign exchange gains and losses recognised
financial statements of the Group, except the customers. in profit or loss are presented net within the
following set out below: corresponding item. Foreign exchange gains and
losses on other comprehensive income items
Revenue is recognised when a customer obtains
are presented in other comprehensive income
IFRS 9 Financial Instruments: control of a good or service and thus has the
within the corresponding item.
Classification and Measurement ability to direct the use and obtain the benefits
from the good or service. The standard replaces
IFRS 9, ‘Financial instruments’, addresses the
IAS 18 ‘Revenue’ and IAS 11 ‘Construction
classification, measurement and recognition
contracts’ and related interpretations. The
2.4 Consolidation
of financial assets and financial liabilities. The a) Subsidiaries
standard is effective for annual periods beginning
complete version of IFRS 9 was issued in July
on or after 1 January 2017 and earlier application Subsidiaries are all entities (including structured
2015. It replaces the guidance in IAS 39 that
is permitted. The Group is assessing the impact entities) over which the Group has control. The
relates to the classification and measurement of
of IFRS 15 and does not intend to early adopt the Group controls an entity when the group is
financial instruments.
standard. exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability
IFRS 9 retains but simplifies the mixed to affect those returns through its power over
measurement model and establishes three
IFRS 16, ‘Leases’
the entity. Subsidiaries are fully consolidated
primary measurement categories for financial IFRS 16, ‘Leases’ sets out the principles for the from the date on which control is transferred to
assets: amortised cost, fair value through OCI and recognition, measurement, presentation and the Group. They are deconsolidated from the
fair value through P&L. The basis of classification disclosure of leases for both parties to a contract, date that control ceases.
depends on the entity’s business model and that is the customer (lessee) and the supplier
the contractual cash flow characteristics of the (lessor). IFRS 16 is effective from 1st January,
financial asset. 2019 and the group can choose to apply IFRS 16 The Group applies the acquisition method
before that date but only if it also applies IFRS 15 to account for business combinations. The
“Revenue from Contracts with Customers”. IFRS consideration transferred for the acquisition
Investments in equity instruments are required 16 replaces the previous leases standard, IAS 17 of a subsidiary is the fair values of the assets
to be measured at fair value through profit or “Leases” and related interpretations. The Group transferred, the liabilities incurred to the
loss with the irrevocable option at inception to is assessing the impact of IFRS 16 and does not former owners of the acquire and the equity
present changes in fair value in OCI not recycling. intend to early adopt the standard. interests issued by the Group. The consideration
There is now a new expected credit losses model transferred includes the fair value of any asset or
that replaces the incurred loss impairment model liability resulting from a contingent consideration
used in IAS 39. For financial liabilities there were There are no other IFRSs or IFRIC interpretations arrangement. Identifiable assets acquired and
no changes to classification and measurement that are not yet effective that would be expected liabilities and contingent liabilities assumed in
except for the recognition of changes in own to have a material impact on the Group. a business combination are measured initially
credit risk in other comprehensive income, for at their fair values at the acquisition date. The
liabilities designated at fair value through profit or Group recognises any non-controlling interest
loss. IFRS 9 relaxes the requirements for hedge 2.3 Foreign Currency in the acquire on an acquisition-by-acquisition
effectiveness by replacing the bright line hedge basis, either at fair value or at the non-controlling
effectiveness tests. It requires an economic Transactions interest’s proportionate share of the recognised
relationship between the hedged item and Transactions in foreign currencies are translated amounts of acquiree’s identifiable net assets.
hedging instrument and for the ‘hedged ratio’ into the functional currency using exchange
to be the same as the one management actually rates prevailing at the dates of the transactions.
use for risk management purposes. Acquisition-related costs are expensed as
incurred.
Monetary assets and liabilities denominated
Contemporaneous documentation is still in foreign currencies are retranslated at inter-
required but is different to that currently bank mid closing rates ruling at the reporting If the business combination is achieved in stages,
prepared under IAS 39. The standard is effective date. Non-monetary items that are measured the acquisition date carrying value of the acquirer’s
for accounting periods beginning on or after in terms of historical cost in a foreign currency previously held equity interest in the acquiree is re-
1 January 2018. Early adoption is permitted, are translated at exchange rates ruling at the measured to fair value at the acquisition date; any
however the Group does not intend to early dates of initial recognition. Non-monetary items gains or losses arising from such remeasurement
adopt this standard. The Group is yet to assess denominated in a foreign currency that are are recognised in profit or loss.
IFRS 9’s full impact. measured at fair value are translated at exchange
rates ruling at the date when fair value was Any contingent consideration to be transferred
determined. by the Group is recognised at fair value at the
74
acquisition date. Subsequent changes to the the Bank estimates cash flows considering all liability and finance charges. The corresponding
fair value of the contingent consideration that is contractual terms of the financial instrument, rental obligations, net of finance charges, are
deemed to be an asset or liability is recognised including prepayment options, but does not included in other long-term payables. The
in accordance with IAS 39 either in profit or loss consider future credit losses. The calculation interest element of the finance cost is charged to
or as a change to other comprehensive income. includes all transaction costs and fees paid or the income statement over the lease period so
Contingent consideration that is classified as received that are an integral part of the effective as to produce a constant periodic rate of interest
equity is not remeasured, and its subsequent interest rate. on the remaining balance of the liability for each
settlement is accounted for within equity. period. The property, plant and equipment
Inter-company transactions, balances and acquired under finance leases is depreciated
Once a financial asset or a group of similar over the shorter of the useful life of the asset and
unrealised gains on transactions between group financial assets has been written down as a
companies are eliminated. Unrealised losses the lease term.
result of an impairment loss, interest income
are also eliminated. When necessary, amounts is recognised using the rate of interest used to
reported by subsidiaries have been adjusted to discount future cash flows for the purpose of
conform with the Group’s accounting policies. 2.10 Financial Assets
measuring the impairment loss.
b) Changes in Ownership Interests 2.10.1 Classification

in Subsidiaries without Change
2.6 Fee and Commission Income The Group classifies its financial assets in the
of Control Fees and commissions are recognised on an following categories: loans and receivables,
accrual basis when the related services are held to maturity and available-for-sale. The
Transactions with non-controlling interests that performed. Loan commitment fees for loans classification depends on the purpose for which
do not result in loss of control are accounted for that are not likely to be drawn down are deferred, the financial assets were acquired. Management
as equity transactions – that is, as transactions together with related direct costs and recognised determines the classification of its financial
with the owners in their capacity as owners. on a straight line basis over the commitment assets at initial recognition.
The difference between fair value of any period. Fees and commission expenses, which
consideration paid and the relevant share relate mainly to transaction and service fees, are
acquired of the carrying value of net assets of the expensed as the related services are received. a) Loans and Receivables
subsidiary is recorded in equity. Gains or losses
on disposals to non-controlling interests are also Loans and receivables are non-derivative
recorded in equity. financial assets with fixed or determinable
2.7 Net Trading Income payments that are not quoted in an active
Net trading income comprises gains less losses market, other than:
(c) Disposal of subsidiaries relating to trading assets and liabilities including
When the Group ceases to have control any realised and unrealised fair value changes, • Those that the Group intends to sell
retained interest in the entity is remeasured to its interest and foreign exchange differences. immediately or in the short term,
fair value at the date when control is lost, with the which are classified as held for
change in carrying amount recognised in profit or trading and those that upon initial
loss. The fair value is the initial carrying amount 2.8 Dividend Income recognition are designated at fair
for the purposes of subsequently accounting Dividend income is recognised when the right to value through profit or loss;
for the retained interest as an associate, receive income is established.
joint venture or financial asset. In addition,
any amounts previously recognised in other • Those that upon initial
recognition are designated as
comprehensive income in respect of that entity 2.9 Leases available-for-sale or
are accounted for as if the Group had directly
Leases in which a significant portion of the
disposed of the related assets or liabilities.
risks and rewards of ownership are retained by
This may mean that amounts previously the lessor are classified as operating leases. • Those for which the holder may
recognised in other comprehensive income are Payments made under operating leases (net not recover substantially all of the
reclassified to profit or loss. of any incentives received from the lessor) are initial investment, other than
charged to the income statement on a straight- because of credit deterioration.
line basis over the period of the lease.
2.5 Interest Income
Loans and receivables are initially recognised
and Expense The Group leases certain property, plant and at fair value which is the cash consideration to
Interest income and expense are recognised in equipment. Leases of property, plant and originate or purchase the loan including any
profit or loss using the effective interest method. equipment where the Group has substantially all transaction costs and measured subsequently
The effective interest method is the rate the risks and rewards of ownership are classified at amortised cost using the effective interest
that exactly discounts estimated future cash as finance leases. Finance leases are capitalised method. In the case of impairment, the
payments or receipts through the expected life at the lease’s commencement at the lower of the impairment loss is reported as a deduction from
of the financial instrument or, when appropriate, fair value of the leased property and the present the carrying value of the loan and recognised in
a shorter period to the net carrying amount of value of the minimum lease payments. profit and loss as ‘loan impairment charges’.
the financial asset or financial liability.
When calculating the effective interest rate, Each lease payment is allocated between the
75
Notes (continued)
b) Held to Maturity This includes listed equity securities quoted on or amortised cost as applicable, and no reversals of fair
Held to maturity assets are non-derivative stock exchanges. value gains or losses recorded before reclassification
assets with fixed or determinable payments and date are subsequently made.
fixed maturity that the Group has the positive A financial instrument is regarded as quoted in
interest and ability to hold to maturity and which an active market if quoted prices are readily and Effective interest rates for financial assets
are not designated at fair value through profit or regularly available from an exchange, dealer, reclassified to loans and receivables and held-
loss or available-for-sale. broker, industry bank, pricing service or regulatory to-maturity categories are determined at
agency, and those prices represent actual and the reclassification date. Further increases in
Held to maturity assets are initially recognised at regularly occurring market transactions on an estimates of cash flows adjust effective interest
fair value and subsequently carried at amortised arm’s length basis. If the above criteria are not rates prospectively.
cost using the effective interest method less any met, the market is regarded as being inactive.
impairment losses. Any sale or reclassification Indicators that a market is inactive are when
of a significant amount of held to maturity asset there is a wide bid-offer spread or significant 2.11 Impairment of Financial
not close to their maturity would result in the increase in the bid-offer spread or there are few
recent transactions. Assets
reclassification of all held to maturity assets as
available-for-sale with the difference between
amortised cost and fair value being accounted For all other financial instruments, fair value a) Assets Carried at
for in other comprehensive income. is determined using valuation techniques. In Amortised Cost
these techniques, fair values are estimated from The Group assesses whether there is an
observable data in respect of similar financial objective evidence that a financial asset or group
c) Available-for-Sale
instruments, using models to estimate the of financial assets is impaired at each reporting
Financial Assets present value of expected future cash flows or date. A financial asset or a group of financial
Available-for-sale financial assets are financial other valuation techniques, using inputs (for assets is considered impaired only if there is an
assets that are intended to be held for an example, yield curve foreign exchange rates, and objective evidence of impairment as a result of
indefinite period of time, which may be sold in counterparty spreads) existing at the reporting one or more events that occurred after initial
response to needs for liquidity or changes in dates. recognition of the asset (a ‘loss event’) and that
interest rates, exchange rates or equity prices loss event (or events) has an impact on estimated
that are not classified as loans and receivables, future cash flows of the financial asset or group
held-to-maturity investments or financial assets 2.10.3 Derecognition
of financial assets that can be reliably estimated.
at fair value through profit or loss. Financial assets are derecognised when
the contractual rights to receive cash flows
from the financial asset expire or the Group The criteria used to determine whether there is
Available-for-sale financial assets are initially objective evidence of an impairment loss include:
transfers substantially all the risks and rewards
recognised at fair value, which is the cash
of ownership. Any interest in the transferred
consideration including any transaction costs,
financial asset that is created or retrieved is
and measured subsequently at fair value with • Significant financial difficulty faced
recognised as a separate asset or liability.
gains and losses being recognised in other by the issuer or obligor;
Financial liabilities are derecognised when
comprehensive income, except for impairment • A breach in the form of default
contractual obligations are discharged, cancelled
losses and foreign exchange gains and losses, or delinquency in interest or
or expire.
until the financial asset is derecognised. If an principal payments;
available-for-sale financial asset is determined
to be impaired, the cumulative gain or loss • Granting the borrower, as a result
2.10.4 Reclassification of financial difficulty, a concession
previously recognised in other comprehensive of Financial Assets
income is recognised in profit and loss. Dividends that the lender would not otherwise
on available-for- sale equity instruments are The Group may choose to reclassify a non- consider;
recognised in profit and loss in ‘Dividend income’ derivative financial asset held for trading out of • A likely probability that the
when the Group’s right to receive payment is the held-for-trading category, if the financial borrower will enter bankruptcy or
established. asset is no longer held for the purpose of selling other financial reorganisation; and
in the near-term. Financial assets other than
• The disappearance of an active
loans and receivables are permitted to be
market for that financial asset
d) Financial Liabilities reclassified out of the held for trading category
because of financial difficulties.
The Group’s holding in financial liabilities only in rare circumstances arising from a single
represents mainly deposits from banks and event that is unusual and highly unlikely to recur
customers and other liabilities. Such financial in the near-term. In addition, the Group may The Group assesses whether an objective
liabilities are initially recognised at fair value and choose to reclassify financial assets that meet evidence of impairment exists individually for
subsequently measured at amortised cost. the definition of loans and receivables out of the financial assets that are individually significant
held-for-trading or available-for-sale categories, and individually or collectively for financial
if the Group has the intention and ability to hold assets that are not individually significant. If the
2.10.2 Determination of Fair Value these financial assets for the foreseeable future Group determines that no objective evidence of
or until maturity at the date of reclassification. impairment exists for an individually assessed
For financial instruments traded in active
markets, the determination of fair values of financial asset, whether significant or not, it
financial assets and financial liabilities is based on includes the asset in a group of financial assets
Reclassifications are made at fair value as of the
quoted market prices or dealer price quotations. with similar credit risk characteristics and
reclassification date. Fair value becomes the new cost
76
collectively assesses them for impairment. differences between loss estimates and actual 2.12 Offsetting Financial
Assets that are individually assessed for loss experience.
impairment and for which an impairment loss is Instruments
or continues to be recognised are not included in Financial assets and liabilities are offset and
a collective assessment of impairment. When a loan is uncollectible, it is written the net amount reported when there is a legally
off against the related allowance for loan enforceable right to offset the recognised
impairment. Such loans are written off after all amounts and there is an intention to settle on
The amount of loss is measured as the difference necessary procedures have been completed a net basis or realise the asset and settle the
between the asset’s carrying amount and the and the amount of loss has been determined. liability simultaneously.
present value of estimated future cash flows Impairment charges relating to loans and
discounted at the financial asset’s original advances are recognised in loan impairment
effective interest rate. The carrying amount charges whilst impairment charges relating to 2.13 Cash and Cash Equivalents
of the asset is reduced through the use of an investment securities (held to maturity and loans
allowance account and the amount of loss is and receivables categories) are recognised in Cash and cash equivalents comprise balances
recognised in profit or loss. If a loan or held- ‘Net gains/(losses) on investment securities’. with less than three months maturity from the
to-maturity investment has a variable interest date of acquisition, including cash on hand,
rate, the discount rate for measuring any deposits held at call and other short-term highly
impairment loss is the current effective interest If, in a subsequent period, the amount of the liquid investments with original maturities of
rate determined under the contract. impairment loss decreases and the decrease three months or less.
can objectively be related to an event occurring
after the impairment was recognised (such as
The calculation of the present value of estimated an improvement in the debtor’s credit rating), 2.14 Property and
future cash flows of a collateralised financial the previously recognised impairment loss is Equipment
asset reflects cash flows that may result from reversed by adjusting the allowance account.
foreclosure less costs for obtaining and selling The amount of the reversal is recognised in profit a) Recognition and measurement
the collateral, whether or not foreclosure is or loss. Property and equipment are measured at cost
probable. less accumulated depreciation and impairment
losses. Cost includes expenditures that are
b) Assets Classified as directly attributable to the acquisition of the
For the purposes of a collective evaluation of Available-for-Sale asset. The cost of self-constructed assets
impairment, financial assets are grouped on the
The Group assesses whether there is an includes the cost of materials and direct labour,
basis of similar credit risk characteristics (that
objective evidence that a financial asset or a any other costs directly attributable to bringing
is, on the basis of the Group’s grading process
group of financial assets is impaired at each the assets to a working condition for their
that considers asset type, industry, geographical
reporting date. In the case of equity investments intended use, the costs of dismantling and
location, collateral type, past-due status and
classified as available-for-sale, a significant removing the items and restoring the site on
other relevant factors). Those characteristics are
or prolonged decline in the fair value of the which they are located, and capitalised borrowing
relevant to the estimation of future cash flows
security below its cost is an objective evidence costs. Purchased software that is integral to
for groups of such assets by being indicative
of impairment resulting in the recognition of the functionality of the related equipment is
of the debtors’ ability to pay all amounts due
an impairment loss. If any such evidence exists capitalised as part of that equipment.
according to the contractual terms of the assets
for available-for-sale financial assets, the When parts of an item of property or equipment
being evaluated.
cumulative loss – measured as the difference have different useful lives, they are accounted
between the acquisition cost and the current fair for as separate items (major components) of
Future cash flows in groups of financial assets value, less any impairment loss on that financial property and equipment.
that are collectively evaluated for impairment asset previously recognised in profit or loss – is
The gain or loss on disposal of an item of property
are estimated on the basis of the contractual removed from equity and recognised in profit
and equipment is determined by comparing the
cash flows of assets in the group and historical or loss. Impairment losses recognised in profit
proceeds from disposal with the carrying amount
loss experience for assets with credit risk or loss on equity instruments are not reversed
of the item of property and equipment, and is
characteristics similar to those in the group. through profit or loss. If, in a subsequent period,
recognised in other income/other expenses in
Historical loss experience is adjusted on the the fair value of a debt instrument classified as
profit or loss.
basis of current observable data to reflect the available-for-sale increases and the increase can
effects of current conditions that did not affect objectively be related to an event occurring after
the period on which historical loss experience is the impairment loss was recognised in profit or b) Subsequent Costs
based and to remove the effects of conditions in loss, the impairment loss is reversed through
other comprehensive income. The cost of replacing part of an item of property or
the historical period that do not currently exist.
equipment is recognised in the carrying amount of the
item if it is probable that the future economic benefits
Estimates of changes in future cash flows for c) Renegotiated Loans embodied within the part will flow to the Group and
groups of assets should reflect and be consistent its cost can be measured reliably. The costs of the
Loans that are either subject to collective or
with changes in related observable data from day-to-day servicing of property and equipment are
individually significant impairment assessment
period to period including property prices, recognised in profit or loss as incurred.
and whose terms have been renegotiated are
payment status and other factors indicative of considered to be past due unless renegotiated
changes in the probability of losses and their terms are adhered to and current repayments
magnitude. The methodology and assumptions suggest otherwise.
used for estimating future cash flows are
reviewed regularly by the Group to reduce any
77
Notes (continued)
c) Depreciation 2.15 Computer Software

Depreciation is recognised in profit or loss on a Software acquired by the Group is stated at cost
straight-line basis over the estimated useful lives less accumulated amortisation and accumulated
of each part of an item of property and equipment impairment losses.
since this most closely reflects the expected
pattern of consumption of the future economic
benefits embodied in the asset. Leased assets Subsequent expenditure on software assets
under finance leases are depreciated over the is capitalised only when it increases the future
shorter of the lease term and their useful lives. economic benefits embodied in the specific
asset to which it relates. All other expenditure
is expensed as incurred. Amortisation is
The estimated useful lives for the current and recognised in the income statement on a
corresponding periods are as follows: straight-line basis over the estimated useful life
of the software, from the date that it is available
for use. The estimated useful life of software is
three years. Amortisation methods, useful lives
Leasehold and residual values are reviewed at each financial
land and buildings year-end and adjusted if appropriate.
2% 2.16 Impairment of
Non-Financial Assets
The carrying amounts of the Group’s non-
Leasehold financial assets other than deferred tax assets,
improvements are reviewed at each reporting date to determine
whether there is any indication of impairment.
over the lease period If any such indication exists then the asset’s
recoverable amount is estimated. An impairment
loss is recognised if the carrying amount of an
asset or its cash-generating unit exceeds its
recoverable amount. A cash-generating unit is
Leasehold the smallest identifiable asset that generates
land and buildings cash flows that are largely independent from
other assets. Impairment losses are recognised
20% in profit or loss.
Impairment losses recognised in respect of cash
generating units are allocated first to reduce the
carrying amount of any goodwill allocated to the
Furniture, fittings units and then to reduce the carrying amount of
and equipment the other assets in the unit (group of units) on a
pro rata basis.
33.33%
The recoverable amount of an asset or cash-
generating unit is the greater of its value in use
and its fair value less costs to sell. In assessing
Most vehicles value in use, the estimated future cash flows are
discounted to their present value using a pre-
tax discount rate that reflects current market
25% assessments of the time value of money and the
risks specific to the asset.
In respect of other assets, impairment losses

recognised in prior periods are assessed at each
reporting date for any indications that the loss
has decreased or no longer exists. An impairment
loss is reversed if there has been a change in the
estimates used to determine the recoverable
amount. An impairment loss is reversed only to the
extent that the asset’s carrying amount does not
exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if
no impairment loss had been recognised.
78
2.17 Deposits and Debt taxation purposes. Deferred tax is not recognised decisions. Segment results include items directly
for the following temporary differences: the initial attributable to a segment as well as those
Securities Issued recognition of goodwill, the initial recognition of that can be allocated on a reasonable basis.
Deposits and debt securities issued are assets or liabilities in a transaction that is not a Unallocated items comprise mainly operating
sources of funding. The Group classifies capital business combination and that affects neither expenses, tax assets and liabilities.
instruments as financial liabilities or equity accounting nor taxable profit and differences
instruments in accordance with the substance of relating to investments in subsidiaries to the
the contractual terms of the instrument. extent that they probably will not reverse in the 2.23 Financial Guarantees
foreseeable future. Financial guarantees are contracts that require
Deposits and debt securities issued are initially the Group to make specified payments to
measured at fair value plus transaction costs, Deferred tax is measured at the tax rates that reimburse the holder for a loss it incurs because
and subsequently measured at their amortised are expected to be applied to the temporary a specified debtor fails to make payment when
cost using the effective interest method, except differences when they reverse based on laws due in accordance with the terms of a debt
where the Group chooses to carry the liabilities that have been enacted or substantively enacted instrument. Financial guarantee liabilities are
at fair value through profit or loss. by the reporting date. A deferred tax asset is initially recognised at their fair value, and the
recognised only to the extent that it is probable initial fair value is amortised over the life of the
that future taxable profits will be available against financial guarantee. The guarantee liability
2.18 Provisions which the asset can be utilised. Deferred tax is subsequently carried at the higher of this
assets are reviewed at each reporting date and amortised amount and the present value of
A provision is recognised if, as a result of a
are reduced to the extent that it is no longer any expected payment (when a payment under
past event, the Group has a present legal or
probable that the related tax benefit will be the guarantee has become probable). Financial
constructive obligation that can be estimated
realised. guarantees are included within other liabilities.
reliably, and it is probable that an outflow of
economic benefits will be required to settle
the obligation. Provisions are determined by
discounting the expected future cash flows 2.20 Stated Capital 2.24 Employee Benefits
at a pre-tax rate that reflects current market a) Issued Shares
assessments of the time value of money and, a) Defined Contribution Plans
The Group classifies issued share as equity
where appropriate, the risks specific to the
instruments in accordance with the contractual A defined contribution plan is a retirement
liability.
terms of the instrument. The Group’s stated benefit plan under which the Group pays fixed
capital is not redeemable by holders in the normal contributions into a separate entity. The Group’s
A provision for restructuring is recognised when course of business and bears an entitlement to contributions to the defined contribution
the Group has approved a detailed and formal distributions that is non-cumulative and at the schemes are charged to profit or loss in the
restructuring plan, and the restructuring either discretion of the Directors. Accordingly, they year in which they fall due. The Group has no
has commenced or has been announced publicly. are presented as a component of issued capital legal or constructive obligations to pay further
Future operating costs are not provided for. A within equity. contributions if the fund does not hold sufficient
provision for onerous contracts is recognised assets to pay all employees the benefits relating
when the expected benefits to be derived by to employee service in the current and prior
the Group from a contract are lower than the b) Dividend on Ordinary Shares periods.
unavoidable cost of meeting its obligations under Dividends on ordinary shares are recognised
the contract. The provision is measured at the in the period in which they are approved by the
present value of the lower of the expected cost shareholders. Dividend proposed which is yet to b) Provident Fund
of terminating the contract and the expected be approved by shareholders is disclosed by way The Group has a Provident Fund Scheme for all
net cost of continuing with the contract. Before of notes. employees who have completed their probation
a provision is established, the Group recognises period with the Group. Employees contribute 5%
any impairment loss on the assets associated of their basic salary to the Fund whilst the Group
with that contract. 2.21 Earnings Per Share contributes 7.5%. Obligations under the scheme
The Group presents basic earnings per share are limited to the relevant contributions which
(EPS) data for its ordinary shares. Basic EPS are remitted on due dates to the fund custodian.
2.19 Income Tax Expense is calculated by dividing the profit or loss
Income tax expense comprises current and attributable to ordinary shareholders of the
Group by the weighted average number of c) Other Employee Benefits
deferred tax. Income tax expense is recognised in
profit or loss except to the extent that it relates to ordinary shares outstanding during the year. Short-term employee benefits, such as salaries,
items recognised directly in equity, in which case it paid absences, and other benefits, are accounted
is recognised in equity. Current tax is the expected for on an accrual basis over the period which
tax payable on taxable income for the year, using 2.22 Segment Reporting employees have provided services in the year.
tax rates enacted or substantively enacted at the Operating segments are reported in a manner Bonuses are recognised to the extent that the
reporting date, and any adjustment to tax payable consistent with the internal reporting provided Group has a present obligation to its employees
in respect of previous years. to the Group’s Managing Director (being the that can be measured reliably.
Deferred tax is recognised in respect of chief operating decision maker). The chief
operating decision maker, who is responsible for
temporary differences between the carrying
allocating resources and assessing performance 2.25 Borrowing Cost
amounts of assets and liabilities for financial
reporting purposes and the amounts used for of the operating segments, has been identified Borrowing costs directly attributable to
as the steering committee that makes strategic the acquisition, construction or production
79
Notes (continued)
(All amounts are in thousands of Ghana Cedis unless otherwise stated)
of qualifying assets, which are assets that The Group has adopted the concept of
necessarily take a substantial period of time to Enterprise-wide Risk Management (ERM). The
get ready for their intended use or sale, are added ERM is a structured approach to identifying
to the cost of those assets, until such time as the opportunities, assessing the risk inherent in
assets are substantially ready for their intended these opportunities and managing these risks
use or sale. proactively in a cost effective manner. It is an
integrated approach to events identification and
analysis for proper assessment, monitoring and
All other borrowing costs are recognised in profit identification of business opportunities. These
or loss in the period in which they are incurred. include the:
3. Financial Risk • Establishment of the Group’s risk

philosophy, culture and objectives;
Management • Establishment of the Group’s risk
management governance framework;
The Bank’s activities expose the business to • Articulation of the Group’s risk
risks. These risks are managed in a targeted management to stakeholders and
manner. Key risks arising from core functions are development of an action plan
identified and measured to facilitate managing to meet their risk management
and determining risk positions and capital expectations and
allocations. The Bank has exposure to the • Establishment of policies and
following types of risks from its use of financial procedures to identify, measure,
instruments; credit risk, liquidity risk and market monitor, report and control the
risks. The Bank continues to assess its overall risks the Group faces.
risk management framework and governance
structure.
The Group’s risk management framework places
a significant emphasis on:
• Establishing a strong, independent
3.1 Risk Management Risk Management Function to
champion, coordinate and monitor
Framework the enterprise-wide risk
The Board of Directors has overall responsibility methodology across the Bank
for the establishment and oversight of the and its subsidiaries;
Group’s risk management framework. The Audit • Formally assigning accountability
and Risk Management Committee of the Board and responsibility for risk
is responsible for developing and monitoring the management and
Group’s risk management policies over specified
• Breaking the Bank’s risk universe
areas.
down into manageable, tailored,
well-resourced and specialised
The Committee is complemented by the Risk components.
Management unit in co-ordinating the process
of monitoring and reporting of risks in the Group.
80
3.2 Credit Risk Management

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises
principally from the Group’s loans and advances to customers and other banks and investment securities. For risk management reporting purposes, the
Group considers all elements of credit risk exposure.
The Group structures the levels of credit risk it undertakes by placing limits on the amount of risk accepted in relation to one borrower, or group of borrowers,
and to industry segments. Such risks are monitored on a revolving basis and subject to annual or more frequent review. Limits on the level of credit risk by
product and industry sector are approved by the Board of Directors.
The exposure to any one borrower including banks is further restricted by sub-limits covering on and off-balance sheet exposures. Actual exposures
against limits are monitored daily.
The Group employs a range of policies and practices to mitigate credit risk. The most traditional of these is the taking of security for funds advances which
is common practice. The Group reviews the acceptability of specific classes of collateral for credit risk mitigation. The principal collateral types for loans and
advances are mortgages over residential properties, charges over business assets such as premises, inventory, and accounts receivable and charges over
financial instruments such as debt securities and equities.
Credit risk exposure relating to financial assets are as follows;
The Group The Bank

2016 2015 2016 2015
Cash and cash equivalents
- Cash and balances with Bank of Ghana 334,386 274,000 334,386 274,000
- Balances with foreign banks 113,060 61,910 113,060 61,910
- Money market placements 280,909 345,456 280,909 345,456
Loans and advances to customers 1,285,612 1,211,825 1,285,612 1,211,825
Investment securities
Available for sale

- Treasury Bills 84,706 - 84,706 -
- Bonds 43,994 - 43,994 -
Held to Maturity
- Treasury Bills 290,615 345,249 290,615 345,249
- Bonds 1,886 11,485 1,886 11,485
Other assets (accounts receivable) 92,977 61,605 92,726 61,378

Total 2,528,145 2,311,530 2,528,145 2,311,530
81
Notes (continued)
3.2.1 Exposure to Credit Risk on Loans and Advances
Risk Grading
A risk rating is a grade given to loans and advances (or group of loans) reflecting its quality.
The ratings are either stated in numbers or as a description from one (1) to eight (8).
The Group’s internal rating scale is as follows:
Description Ratings Characteristics of Credits
Superior Credits 1 They are credits that have an overwhelming capacity to repay obligations. The business
has adequate cash flow and high quality revenue from continuing business. It has strong
equity when related to the quality of its assets with a track record of at least consistent
profit for three (3) years. Full cash collateralised credits are classified as Superior Credits.
Above Average Credits 2 These have majority of attributes of superior credits but may have weaknesses in not
more than two of the characteristics of superior credits. These weaknesses should not
impair the repayment capacity of the borrower.
Acceptable Credits 3 Average credits have most of the attributes of Above Average Credits but may have
one or more of the following weaknesses which, if not closely managed, could impair
the repayment capacity of the borrower: Low capitalisation and equity base, short track
record, low market share, price control on its products and highly cyclical demand.
Watch-list Credits/ Other Loans 4 This category applies to existing credits that have shown signs of deterioration because
Exceptionally Mentioned (OLEM) they have well-defined weaknesses which could affect the ability of the borrower to
repay. Immediate corrective actions are set in motion to avoid complete loss.
Substandard and Doubtful 5 This rate is applied where a strong doubt exists that a full repayment of principal and
interest will occur. The exact extent of the potential loss is not however certain at the
time of classification. Some attributes are interest and principal past due for 90 days
or more, borrower’s has recorded losses consistently for 2 years, borrowers net worth
is grossly eroded due to a major business failure or disaster and security offered has
deteriorated.
Bad and Lost 6-8 This applies when all or part of the outstanding loans are uncollectible based on present
conditions. Attributes are principal and interest overdue and unpaid for more than 180
days, legal processes do not guarantee full recovery of outstanding debt, clients request
for a waiver of part of interest accrued has been granted, borrower is under receivership
or in the process of liquidation, borrower has absconded and or documentation is shod-
dy or incomplete to pursue recovery through legal means.
82
Credit risk exposure relating to loans and advances are as follows;
2016 2015
Gross amount 1,338,261 1,232,585
Individually past due and impaired

Grade 6: Impaired 71,589 16
Grade 7: Impaired 86,085 8,525
Gross amount 179,879 52,724
Allowance for impairment (46,544) (16,422)
Carrying amount 133,335 36,302
Neither past due nor impaired

Grade 1-3: Low-fair risk 819,845 1,165,660
Grade 4-5: Watch list 174,340 508
Gross amount 994,185 1,166,168
Allowance for impairment (2,503) (3,414)
Carrying amount 991,682 1,162,754
Past due but not impaired

Grade 6: Impaired 89,717 -
Grade 7: Impaired 28,212 56
Allowance for impairment (3,602) (924)
Carrying amount 160,595 12,769
Aging analysis of credit quality

Past due but not impaired
Past due up-to 30 days 89,717 -
Past due up-to 60 days 28,212 56
Past due up-to 90 days 46,268 13,637
83
Notes (continued)
2016 2015
Contingent liabilities:
Bonds and guarantees 168,230 309,380
Commitments:
Clean line facilities for letters of credit 142,387 145,932
3.2.2 Impaired Loans 3.2.5 Loans and Advances with

Individually impaired loans are loans and Renegotiated Terms
advances for which the Group determines that Restructuring activities include extended
there is an objective evidence of impairment payment arrangements, approved external
and it does not expect to collect all principal and management plans, modification and deferral of
interest due according to the contractual terms payments. Restructuring policies and practices
of the loan/security agreement(s). These loans are based on indicators or criteria which, in
are graded 6 to 8 in the Group’s internal credit risk the judgment of management, indicate that
grading system. payment will most likely continue. These policies
are kept under continuous review. Restructuring
is most commonly applied to term loans.
3.2.3 Past Due but not
Impaired Loans
Past due but not impaired loans, are those for 3.2.6 Write-Off Policy
which contractual interest or principal payments The Group writes off a loan (and any related
are past due, but the Group believes that allowances for impairment losses) when the
impairment is not appropriate on the basis of Group’s Credit Committee determines that
the level of security/collateral available and/or the loans/securities are uncollectible. This
the stage of collection of amounts owed to the determination is reached after considering
Group. information such as the occurrence of significant
changes in the borrower/issuer’s financial
position such that the borrower/issuer can
3.2.4 Allowances for Impairment no longer pay the obligation, or that proceeds
The Group establishes an allowance for from collateral will not be sufficient to pay back
impairment losses carried at amortised cost that the entire exposure. For smaller standardised
represents its estimate of incurred losses in its loans, charge off decisions are generally based
loan portfolio carried at amortised cost. The main on a product specific past due status. All write-
components of this allowance are a specific loss off decisions are sanctioned by the Board of
component that relates to individually significant Directors with a subsequent approval in writing
exposures, and a collective loan loss allowance, by the Bank of Ghana before they are effected.
established for banks of homogeneous assets
in respect of losses that have been incurred
but have not been identified on loans subject to
individual assessment for impairment.
84
3.2.7 Collateral held and their Financial Effect

The Group holds collateral against loans and advances to customers in the form of mortgage interests over property,
other registered securities over assets and guarantees. Estimates of force sale value are based on the value of
collateral assessed at the time of borrowing, and generally are not updated except when a loan is individually assessed
as impaired. Collateral, generally, is not held over loans and advances to banks except when securities are held as part of
reverse repurchase and securities borrowing activity.
The financial effect of collateral held by the Bank as at 31 December 2016 was a reduction in impairment charge of GHS
95,026,896 (2015: GHS 39,978,805). An estimate made of the force sale value of collateral at the time of borrowing and
other security enhancements held against loans and advances to customers and banks is shown below:
The Group and The Bank 2016 2015

Against individually impaired:
Property 110,434 314,006
Others 204,346 224,855
Against collectively impaired:

Property 728,784 777,394
Cash 125,074 84,623
Securities 83,775 25,938
Others 1,207,850 715,314
- -
Total 2,460,263 2,142,130
No financial or non-financial assets were obtained by the Group during the year by taking possession of collateral held
as security against loans and advances as well as calls made on credit enhancements and held at the year ended 31
December. The Group’s policy is to pursue timely realisation of the collateral in an orderly manner. The Group generally
does not use the non-cash collateral for its own operations.
Financial Effect of Collateral Held and other Credit Enhancements

The general creditworthiness of a customer tends to be the most relevant indicator of credit quality of a loan extended
to it. However, collateral provides an additional security and the Group generally requests that corporate borrowers
provide it. The Group may take collateral in the form of a first charge over real estate, floating charges over all corporate
assets and other liens and guarantees.
The Group does not sell or repledge the collateral in the absence of a default by the owner of the collateral. In addition
to the Group’s focus on credit worthiness, the Group aligns with its credit policy to periodically update the validation of
collaterals held against loans to customers. For impaired loans, the Group obtains appraisals of collaterals because the
fair value of the collaterals is an input to the impairment measurement.
85
Notes (continued)
3.2.8 Concentration of Credit Risk

The Group monitors concentrations of credit risk by product, by industry and by customer. An analysis of concentrations
of credit risk in respect of loans and advances to customers at the reporting date is shown below:
2016 2015
Carrying amount 1,285,612 1,211,825
Concentration by product
Overdraft 432,082 250,492
Term loan 903,695 978,519
Staff loan 2,484 3,574
Gross loans and advances 1,338,261 1,232,585

Less: Impairment (52,649) (20,760)
Concentration by industry
Financial institutions 26,030 25,968
Agriculture 84,075 59,356
Manufacturing 238,292 245,756
Public sector 3,378 3,042
Transport and Communication 37,864 31,534
Energy 160,377 153,030
Staff 3,889 3,574
General commerce 217,255 111,997
Construction and real estate 174,298 168,979
Mining, Oil and Gas 340,467 426,356
Miscellaneous 52,336 2,993
Concentration by customer
Individuals 27,216 26,989
Corporates & Enterprise 1,311,045 1,205,596
Concentration by industry for loans and advances are measured based on the industry in which the customer operates.
Where the nature of business operation of a client cannot be clearly identified, it is classified as miscellaneous.
86
3.2.9 Key Ratios on Loans 3.3 Liquidity Risk 3.3.1 Exposure to Liquidity Risk
and Advances The Group defines liquidity risks as the risk that The key measure used by the Group for managing
The loan loss provision made by the Bank is 3.93% the Group will encounter difficulty meeting liquidity risk is the composition of net liquid assets
(2015: 1.68%) of the gross loans and advances. obligations associated with financial liabilities to deposits from customers. For this purpose net
that are settled by delivering cash or other liquid assets are considered as including cash and
financial assets. The Bank maintains the liquidity cash equivalents and investment for which there
The gross non-performing loans classified limit imposed by the regulator, Bank of Ghana. is an active and liquid market less any deposits
under the Bank of Ghana Prudential guideline from banks. The Group also uses gap analysis to
constitute 25.71% (2015: 5.4%) of the total gross determine the liquidity position of the Group and
loans and advances. Treasury monitors compliance of all branches where necessary, recommend remedial action.
to ensure that the Bank maintains optimum
liquid assets. The Group aims to be in a position
The fifty (50) largest exposure (gross funded and to meet all obligations, repay depositors, fulfill
non-funded) constitute 90% (2015: 91.95%) of commitments to lend and meet any other
the Bank’s total exposure. commitments.
3.2.10 Investments Securities Treasury unit receives information from other

The maximum credit risk exposure with business units regarding the liquidity profile of
respect to investment securities amounts to their financial assets and liabilities and of other
GHS422,801,000 (2015: GHS356,734,000). projected cash flows arising from projected
These are held in Government of Ghana treasury future business. Treasury unit then maintains a
bills and bonds and are not considered exposed portfolio of short-term liquid assets, largely made
to credit risk. up of short-term liquid investment securities,
loans and advances to banks and other inter-
bank facilities, to ensure that sufficient liquidity is
3.2.11 Due from other maintained within the Bank.
Financial Institutions
Cash and cash equivalents include an amount
The liquidity policies and procedures are subject
of GHS393,969,000 (2015: GHS407,366,000)
to review and approval by the Asset and Liability
in respect of placements with other financial
Committee (ALCO). Daily reports on the liquidity
institutions at the year end. The placements
position of the Bank is submitted to senior
representing the maximum credit risk exposure
management and a summary report, including
are held with only reputable established financial
any exceptions and remedial action taken, is
institutions and are not considered impaired.
submitted regularly to ALCO on a monthly basis.
87
Notes (continued)
3.3.2 Contractual Maturity of Financial Liabilities and Assets

The table below presents cash flows payable under non-derivative financial liabilities and assets held for managing liquidity risk by remaining contractual
maturities at the reporting date adjusted to reflect behavioural character of deposits. The amounts disclosed in the table are the contractual undiscounted
cash flows, whereas the Bank manages liquidity risk taking into account the behavioural characteristics of deposits.
The Group
At 31 December 2016
Total Amount Less than Less than 3 Months 1-5 Years

1 Month 3 Months to 1 Year
Non-derivative liabilities
Deposits from customers 2,040,612 1,336,987 393,539 300,662 9,424
Borrowings 229,752 418 392 9,711 219,231
Other liabilities 16,431 1,763 2,064 10,656 1,948
2,286,795 1,339,168 395,995 321,029 230,603
Non-derivative assets
Cash and cash equivalents 728,355 728,355 - - -
Investment securities 422,801 289,103 1,658 87,534 44,506
Loans and advances to customers 1,285,612 543,420 70,808 147,490 523,894
2,436,768 1,560,878 72,466 235,024 568,400
At 31 December 2015

Deposits from banks 170,535 170,535 - - -
Deposits from customers 1,898,797 659,033 219,678 969,042 51,044
Borrowings 112,157 352 257 9,120 102,428
2,234,123 836,008 238,200 1,005,019 154,896
Investment securities 356,734 - 35,045 310,204 11,485
2,249,925 764,056 283,115 889,545 313,209
88
The Bank
At 31 December 2016

Borrowings 229,752 418 392 9,711 219,231
2,287,746 1,339,168 395,995 321,980 230,603
2,436,768 1,560,879 72,466 235,024 568,400
At 31 December 2015
Borrowings 112,157 352 257 9,120 102,428
2,235,081 836,008 238,200 1,005,977 154,896
Investment securities 356,734 - 35,045 310,204 11,485
2,249,925 764,056 283,115 889,545 313,209
3.4 Market Risk

The Group is exposed to market risk arising from changes in market prices such as interest rate, equity prices, and foreign exchange which can affect
the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk
exposures within acceptable parameters, while optimising the return on risk.
3.4.1 Management of Market Risks

The Group separates its exposure to market risk between trading and non-trading portfolios. Trading portfolios mainly are held by the Treasury Group and include
positions arising from market making and proprietary position taking, together with financial assets and liabilities that are managed on a fair value basis.
All foreign exchange risk within the Group are monitored by the Treasury Group. Accordingly, the foreign exchange position is treated as part of the Group’s
trading portfolios for risk management purposes.
Overall authority for market risk is vested in the ALCO. The Risk Management unit is responsible for the development of detailed risk management policies
(subject to review and approval by ALCO) and for the day-to-day review of their implementation.
.
89
Notes (continued)
3.4.2 Interest Rate Risk

The principal risk to which the Bank is exposed is the risk of loss from fluctuations in the future cash flows or fair values of financial instruments because
of a change in market interest rates. Interest rate risk is managed principally through monitoring interest rate gaps and by having pre-approved limits for
repricing bands. The ALCO is the monitoring body for compliance with these limits and is assisted by the Risk Management in its day-to-day monitoring
activities. A summary of the Group’s exposure to interest rate risk on non-trading portfolios is as follows:
The Group and Bank

At 31 December 2016
Carrying Less than 3-6 Months 6-12 Months 1-5 Years
Amount 3 Months
Total assets 2,436,768 1,633,344 136,599 98,425 568,400

Borrowings 203,668 810 4,515 5,196 193,147
Total liabilities 2,212,767 1,710,751 291,606 8,450 201,960
Total interest repricing gap 224,001 (77,407) (155,007) 89,975 366,440
The Group and Bank

At 31 December 2015
Carrying Less than 3-6 Months 6-12 Months 1-5 Years
Amount 3 Months
Investment securities 356,734 35,045 310,204 - 11,485
Total assets 2,249,925 1,047,171 513,551 375,994 313,209

Borrowings 105,372 572 8,568 - 96,232
Total liabilities 1,994,403 962,252 402,948 486,567 142,636
Total interest repricing gap 255,522 84,919 110,603 (110,573) 170,573
90
Sensitivity Analysis
An increase of a 100 basis points in interest rates at the reporting date would have impacted equity and profit/(loss) by the amounts shown below:
The Group and Bank

2016 2015
Interest income impact 5,295 5,551
Interest expenses impact (4,903) (3,257)
Net impact 392 2,294
A decrease of a 100 basis points in interest rates at the reporting date would have had the equal but opposite effect on the amount shown above. The
interest rate sensitivities are based on simplified scenarios and assumptions including that all other variables remaining constant. The figures represent a
100 basis point effect on the non-trading portfolio using the average interest rate on these portfolios.
The Group monitors live interest and exchange rates to facilitate trading by the Treasury department. This will help the Group to know what is happening at
any moment in time on the markets and where opportunities are present to make gains from high interest rates. The Group does not embark on hedging
of its interest rate risk and foreign currency risk.
91
Notes (continued)
3.4.3 Foreign Exchange Risk

The Group takes on exposure to the effects of fluctuations in the prevailing foreign currency exchange rates on its financial position and cash flows. The
Board sets limits on the level of exposure by currency and in aggregate for both overnight and intra-day positions which are monitored daily. The table below
summarises carrying amounts of the Group’s exposure to foreign exchange risk at 31 December 2016 categorised by currency.
The Group and the Bank

At 31 December 2016
GHS US$ GBP EURO Total
Assets
Cash and cash equivalents 294,708 256,405 113,846 63,396 728,355
Investment securities 411,310 11,491 - - 422,801
Loans and advances 1,032,850 238,844 - 13,918 1,285,612
1,738,868 506,740 113,846 77,314 2,436,768
Liabilities
Deposits from customers 1,537,332 279,021 114,874 77,872 2,009,099
Borrowings 7,770 195,898 - - 203,668
1,545,102 474,919 114,874 77,872 2,212,767
Net on-balance sheet financial position 193,766 31,821 (1,028) (558) 224,001
Credit commitments 112,839 195,609 977 1,192 310,617
The Group and Bank

At 31 December 2015
GHS US$ GBP EURO Total
Assets
Investment securities 356,734 - - - 356,734
Loans and advances 806,317 385,735 - 19,773 1,211,825
1,425,687 620,279 123,939 80,020 2,249,925
Liabilities
Deposits from customers 1,177,620 346,888 123,855 77,864 1,726,227
Deposits from banks 22,437 140,415 - - 162,852
Borrowings 8,583 96,789 - - 105,372
1,208,640 584,092 123,855 77,864 1,994,451
Net on-balance sheet financial position 217,047 36,187 84 2,156 255,474
Credit commitments 227,732 220,715 86 6,779 455,312
92
Sensitivity Analysis
A 5% strengthening of the cedi against foreign currencies at 31 December 2016 would have impacted equity and profit
/(loss) by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain
constant. The analysis is performed on the same basis for 2015.
2016 2015
Profit/(loss) 1,512 1,921
A best case scenario of 5% weakening of the Ghana cedi against foreign currencies at 31 December would have had the
equal but opposite effect on the amount shown above, on the basis that all other variables remain constant. The analysis
illustrates the impact on the Bank’s reported profit to a 5% strengthening of the cedi computed on the net on balance sheet
financial position at 31 December 2016.
3.5 Capital Management

The Group’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to
sustain future development of the business. The impact of the level of capital on shareholders’ return is also recognised
and the Group recognises the need to maintain a balance between the higher returns that might be possible with
greater gearing and the advantages and security afforded by a sound capital position.
There is no prescribed regulatory capital for the subsidiaries.
3.5.1 Regulatory Capital

The Bank’s regulator, the Bank of Ghana sets and monitors capital requirements for the Bank as a whole. In implementing
current capital requirements, the Bank of Ghana requires the Bank to maintain a prescribed ratio of total capital to total
risk-weighted assets.
The Bank’s regulatory capital is analysed into two tiers:
• Tier 1 capital, also referred to as core/primary capital, is made up of equity and disclosed reserves. Equity
includes issued and fully paid ordinary share capital and perpetual cumulative preference shares. Disclosed
reserves relate to those created or increased by appropriation of after tax income surplus, retained profits
and general statutory reserves but excludes credit risk reserve.
• Tier 2 capital, also referred to as supplementary/secondary capital, includes revaluations reserves, latent
revaluation reserves and hybrid capital instruments. Latent revaluation reserves relate to unrealised gains
on equity instruments classified as available-for-sale.
Various limits are applied to elements of the capital base. The qualifying tier 2 capital cannot exceed tier 1 capital.
Risk-weighted assets are determined according to specified requirements that seek to reflect the varying levels of risk
attached to assets and off-balance sheet exposures.
The capital adequacy ratio is the quotient of the capital base of the Bank and the Bank’s risk weighted asset base.
In accordance with Bank of Ghana’s regulations, a minimum ratio of 10% is to be maintained.
93
Notes (continued)
The Group The Bank
2016 2015 2016 2015

Tier 1 capital
Ordinary issued share l 144,738 118,275 144,738 118,275
Disclosed reserves 136,000 165,917 134,986 164,918
Qualifying reserves 280,738 284,192 279,724 283,193

Less:
Intangible assets (36,835) (28,199) (36,835) (28,199)
Total qualifying tier 1 capital 243,903 255,993 242,889 254,994
Tier 2 capital
Fair value reserve for available-for-sale securities - - - -
Total regulatory capital 243,903 255,993 242,889 254,994
Adjusted risk-weighted assets 1,532,287 1,403,663 1,532,057 1,403,456

Risk weighted contingent liabilities 310,617 455,312 310,617 455,312
Risk adjusted net open position 1,851 5,302 1,851 5,302
100% of 3-year average annual gross income 306,387 222,243 306,387 222,243
Risk-weighted assets 2,151,142 2,086,520 2,150,912 2,086,313
Total regulatory capital expressed as

a percentage of total risk-weighted assets is 11.34% 12.27% 11.29% 12.22%
3.5.2 Capital Allocation

The allocation of capital between specific operations and activities is, to a large extent, driven by optimisation of the return achieved on the capital allocated.
The amount of capital allocated to each operation or activity is based primarily upon the regulatory capital, but in some cases, the regulatory requirements
do not reflect fully the varying degree of risk associated with different activities. In such cases the capital requirements may be flexed to reflect differing risk
profiles, subject to the overall level of capital to support a particular operation or activity not falling below the minimum required for regulatory purposes.
The process of allocating capital to specific operations and activities is undertaken independently of those responsible for the operation, by the Bank’s Risk
Management and Credit Administration Units, and is subject to review by the Bank’s Credit Committee or ALCO as appropriate.
Although maximisation of the return on risk-adjusted capital is the principal basis used in determining how capital is allocated within the Bank to particular
operations or activities, it is not the sole basis used for decision making. Account also is taken of synergies with other operations and activities, the
availability of management and other resources and the fit of the activity with the Bank’s longer-term strategic objectives.
The Bank’s policies in respect of capital management and allocation are reviewed regularly by the Board of Directors.
94
4. Critical Estimates determining collective allowances. Were the net instead of amortised cost. If all held-to-maturity
present value of estimated cash flows to differ by investments were to be so reclassified, the
and Judgements +/-1%, the impairment loss is to be estimated at carrying value would increase by GHS26,325,000
GHS1,913,147 higher or lower. (2015: decrease by GHS7,135,000) with a
corresponding entry in the fair value reserve in
shareholders’ equity.
Estimates and judgements are continually b) Determining Fair Values
evaluated and are based on historical experience
The determination of fair value for financial
and other factors including expectations of
assets and liabilities for which there is no d) Determing Impairment of
future events that are believed to be reasonable Property and Equipment and
observable market price requires the use of
under the circumstances. Intangible Assets
valuation techniques as described in Note 2.10.2.
Management is required to make judgments
The Group makes estimates and assumptions concerning the cause, timing and amount of
For financial instruments that trade infrequently impairment. In the identification of impairment
concerning the future. The resulting accounting
and have little price transparency, fair indicators, management considers the impact of
estimates will, by definition, seldom equal
value is less objective, and requires varying changes in current competitive conditions, cost
the related actual results. The estimates and
degrees of judgement depending on liquidity, of capital, availability of funding, technological
assumptions that have a significant risk of
concentration, uncertainty of market factors, obsolescence, discontinuance of services
causing a material adjustment to the carrying
pricing assumptions and other risks affecting and other circumstances that could indicate
amounts of assets and liabilities within the next
the specific instrument. The Bank’s accounting that impairment exists. The Bank applies the
financial year are addressed below.
policy on fair value measurements is discussed impairment assessment to its separate cash
in Note 2.10.2. generating units. This requires management
a) Allowances for Credit Losses to make significant judgements and estimates
concerning the existence of impairment
Assets accounted for at amortised cost are c) Financial Assets and
indicators, separate cash generating units,
evaluated for impairment on a basis described in Liabilities Classification remaining useful lives of assets, projected cash
accounting policy Note 2.11.
The Bank’s accounting policies provide a scope flows and net realisable values. Management’s
for assets and liabilities to be designated at judgement is also required when assessing
The specific component of the total inception into the accounting categories whether a previously recognised impairment loss
allowances for impairment applies to claims respectively described in Notes 2.10. The should be reversed.
evaluated individually for impairment and is Group’s classification of financial assets and
based upon management’s best estimate of liabilities are given in Note 6.
the present value of the cash flows that are
expected to be received. In estimating these
In classifying financial assets as held-to-
cash flows, management makes judgements
maturity, the Bank has determined that it has
about counterparty’s financial situation and
both the positive intention and ability to hold the
the net realisable value of any underlying
assets until their maturity date as required by
collateral. Each impaired asset is assessed
accounting policy 2.10.
on its merits, and the workout strategy and
estimate of cash flows considered recoverable
are independently approved by the Criticised In accordance with IAS 39 guidance, the
Assets Committee (CAC). Bank classifies some non-derivative financial
assets with fixed or determinable payments
and fixed maturity as held-to-maturity. This
Collectively, assessed impairment allowances
classification requires significant judgement. In
cover credit losses inherent in portfolios of
making this judgement, the Bank evaluates its
credits with similar economic characteristics
intention and ability to hold such investments
when there is an objective evidence to suggest
to maturity. If the Bank were to fail to keep
that they contain impaired credits, and to
these investments to maturity other than
determine the required input parameters based
for the specific circumstances – for example,
on historical experience and current economic
selling an insignificant amount close to maturity
conditions. The accuracy of the allowances
– the Bank is required to reclassify the entire
depends on how well these estimated future
category as available-for-sale. Accordingly, the
cash flows for specific allowances and the
investments would be measured at fair value
model assumptions and parameters used in
95
Notes (continued)
5. Segment Reporting
The Group has four reportable segments, as summarised below, which are the Group’s strategic business divisions. These divisions offer different
products and services and are managed separately based on the Group’s management and internal reporting structure. For each of the divisions, the
Group’s Managing Director (being the chief operating decision maker) reviews the internal management reports on at least a monthly basis. The segments
are; Institutional Banking, Commercial Banking, Personal and Business Banking and Treasury.
Information regarding the results of each reportable segment is included below. Performance is measured based on segment operating income included
in the internal management reports that are reviewed by the Managing Director. Segment profit is used to measure performance as management believes
that such information is the most relevant in evaluating the results of certain segments relative to other divisions in the Group. Inter-segment pricing is
determined as in the normal course of business.
The Group
Segment information for year ended 31 December 2016
There are no adjustments to any of the performance indicators which require reconciliation back to an amount disclosed in these financial statements.
Also, all other expense items not allocated to particular segments are managed by the central treasury. There are no intersegment assets or liabilities
based on assets and liabilities allocated to specific segments which also call for a reconciliation. No segment reconciliation is required.
Institutional Commercial Personal Treasury Total

Banking Banking and Business
Banking
Revenue:
From external customers 148,953 132,549 93,823 112,527 487,852
From other business segments - - - - -
Interest expense (79,003) (32,923) (47,521) (55,761) (215,208)

Operating income 69,950 99,626 46,302 56,766 272,644
Assets and liabilities:

Segment assets 1,737,459 660,182 198,374 83,824 2,679,839
Total assets 1,737,459 660,182 198,374 83,824 2,679,839
Segment liabilities 711,504 586,037 271,827 681,009 2,250,377
Unallocated segment liabilities - - - - -
Total liabilities 711,504 586,037 271,827 680,909 2,250,277
Net assets 1,025,955 74,145 (73,453) (597,185) 429,562
96
The Group
Segment information for year ended 31 December 2015
Institutional Commercial Personal Treasury Total

Banking Banking and Business
Banking
Revenue:
From external customers 133,691 91,830 92,717 102,632 420,870
From other business segments - - - - -
133,691 91,830 92,717 102,632 420,870
Interest expense (17,987) (68,946) (50,739) (16,031) (153,703)
Operating income 115,704 22,884 41,978 86,601 267,167
Assets and liabilities:

Segment assets 423,217 592,589 824,396 584,444 2,424,646
Total assets 423,217 592,589 824,396 584,444 2,424,646
Segment liabilities 403,668 505,087 700,731 455,210 2,064,696
Unallocated segment liabilities - - - - -
Total liabilities 403,668 505,087 700,731 455,210 2,064,696
Net assets 19,549 87,502 123,665 129,234 359,950
97
Notes (continued)
6. Financial Assets and Liabilities
6.1 Accounting Classification, Measurement Basis and Fair Values

The table below sets out the Group’s classification of each class of financial assets and liabilities and their fair values.
At 31 December 2016
Held-to- Available- Loans and Amortised Total Fair Value
Maturity for-Sale Receivables Cost
Cash and cash equivalents - - 728,355 - 728,355 728,355
- Held-to-maturity 292,501 - - - 292,501 318,826
- Available-for-sale - 130,300 - - 130,300 130,300
Loans and advances to customers - - 1,285,612 - 1,285,612 1,240,616
292,501 130,300 2,013,967 - 2,436,768 2,418,097
Deposits from customers 2,009,009 2,009,009 1,948,826
Borrowings 203,668 203,668 200,691
2,212,677 2,212,677 2,149,517
At 31 December 2015
Held-to- Loans and Amortised Total Fair Value
Maturity Receivables Cost
Cash and cash equivalents - 681,366 - 681,366 681,366
- Held-to-maturity 356,734 - - 356,734 349,599
- Available-for-sale - - - - -
Loans and advances to customers - 1,211,825 - 1,211,825 1,163,352
356,734 1,893,191 - 2,249,925 2,194,317
Deposits from banks 162,852 162,852 162,852
Deposits from customers 1,726,179 1,726,179 1,657,132
Borrowings 105,372 105,372 103,832
1,994,403 1,994,403 1,923,816
98
6.1.1 Loans and Advances to Customers

Loans and advances to customers are net of charges for impairment. The estimated fair value of loans and advances represents the discounted amount of
estimated future cash flows expected to be received. Expected cash flows are discounted at current market rates to determine the fair value.
6.1.2 Investment Securities

The fair value of investment securities is based on market prices or broker/dealer price quotations. Where this information is not available, fair value is rated
using quoted market prices for securities with similar credit, maturity and yield characteristics. All available-for-sale assets are measured and carried at fair
value.
6.1.3 Deposits from Banks and Customers

The estimated fair value of deposits with no stated maturity dates, which includes non-interest bearing deposits, is the amount repayable on demand. The
estimated fair value of fixed interest-bearing deposits is based on discounted cash flows using interest rates for new debts with similar maturity profiles.
6.2 Fair Value Hierarchy

The fair value hierarchy section explains the judgements and estimates made in determining the fair values of the financials instruments. To provide an
indication about the reliability of the inputs used in determining fair value, the Bank has classified its financial instruments into the three levels prescribed
under the accounting standards.
The table below sets out the fair values of financial assets and liabilities that are recognised and measured at fair value in the financial statements. An
explanation of each level follows underneath the tables.
At 31 December 2016
Level 1 Level 2 Level 3 Total
Financial assets
- Available-for-sale securities - 130,300 - 130,300
There were no financial instruments measured at fair value at 31 December 2015.
99
Notes (continued)
The fair values of financial assets and liabilities that are not measured at fair value in the financial statements are shown below:
At 31 December 2016
Financial assets
Cash and cash equivalents - - 728,355 728,355
- Held-to-maturity securities - 318,826 - 318,826
Loans and advances to customers - - 1,240,616 1,240,616
Financial liabilities
Deposits from customers - - 1,948,826 1,948,826
Borrowings - - 200,691 200,691
At 31 December 2015
Financial assets
Cash and cash equivalents - - 681,366 681,366
- Held-to-maturity securities - 349,599 - 349,599
Loans and advances to customers - - 1,211,825 1,163,352
Financial liabilities
Deposits from bank - - 162,852 162,852
Deposits from customers - - 1,657,132 1,657,132
Borrowings - - 103,832 103,832
There were no transfers between levels 1 and 2 for recurring fair value measurements during the year. There were no transfers into and transfers out of fair
value hierarchy levels as at the end of the reporting period.
Level 1: The fair value of financial instruments traded in active markets (such as trading and available-for-sale securities) is based on quoted market prices at
the end of the reporting period. The quoted market price used for financial assets held by the Bank is the current bid price. These instruments are included
in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of
observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable,
the instrument is included in level 2. The inputs used include the Bank of Ghana published rates and discounted cash flow techniques.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
100
7. Net Interest Income
2016 2015 2016 2015

The Group The Group The Bank The Bank
Interest income
Loans and advances to customers 306,983 248,395 306,983 248,395
Placement with other banks 15,749 15,830 15,749 15,830
Investment securities 91,336 66,464 91,336 66,464
414,068 330,689 414,068 330,689
Accrued interest on impaired loans amounts to GHS 5,125,000 during the year (2015: GHS 9,299,398).
Interest expense
Demand deposits 1,575 1,158 1,575 1,158
Time and other deposits 195,885 138,022 195,885 138,022
Savings deposits 17,748 14,523 17,748 14,523
215,208 153,703 215,208 153,703
Net interest income 198,860 176,986 198,860 176,986
8. Commission and Fees
2016 2015 2016 2015

Fees on loan and advances 26,516 31,176 26,516 31,176

Customer account servicing fees 4,144 6,181 4,147 6,181
Letters of credit issued 5,361 3,829 5,361 3,829
36,021 41,186 36,021 41,186
9. Net Trading Income
2016 2015 2016 2015

Income from dealing in foreign exchange 34,927 41,417 34,927 41,417
10. Other Operating Income

2016 2015 2016 2015
Profit on disposal of property and equipment 193 209 193 209
Recovered bad debts 86 1,994 86 1,994
Sundry income 2,557 5,375 2,533 5,334
2,836 7,578 2,812 7,537
101
Notes (continued)
11. Net Impairment Loss on Financial Assets
2016 2015 2016 2015

Specific impairment loss 54,955 14,367 54,955 14,367

Collective impairment loss 747 857 747 857
55,702 15,224 55,702 15,224
12. Personnel Expenses
2016 2015 2016 2015

Wages and salaries 14,452 10,737 14,452 10,737
Allowances 34,137 25,913 34,137 25,913
Pensions Cost 1,661 1,480 1,661 1,480
Other staff costs 7,347 5,495 7,347 5,495
57,597 43,625 57,597 43,625
The average number of persons employed by the Group during the year ended 31 December 2016 was 570 (2015: 520).
13. Other Operating Expenses
2016 2015 2016 2015

Administrative expenses 66,705 68,137 66,702 68,131
Directors’ emoluments 447 509 447 509
Auditors' remuneration 492 452 492 452
Operating lease rentals on office premises 7,303 4,557 7,303 4,557
Donations and sponsorship 535 747 535 747
75,482 74,402 75,479 74,396
14. Income Tax Expense
2016 2015 2016 2015

National Fiscal Stabilisation Levy 3,452 6,136 3,452 6,136
Current year income tax 30,394 34,809 30,388 34,799
Deferred income tax (Note 21) (6,725) 1,371 (6,725) 1,371
27,121 42,316 27,115 42,306
102
National Fiscal Stabilisation Levy is a levy of 5% applied on profit before tax of financial institutions. The movement in current income tax and the National
Fiscal Stabilisation Levy is as follows:
The Group
Balance at Payments Charge for Balance at

1 January during the Year the Year 31 December
Current income tax
Up to 2015 14,346 - - 14,346

2016 - (26,824) 30,394 3,570
14,346 (26,824) 30,394 17,916
National Fiscal Stabilisation Levy
Up to 2015 397 - - 397

2016 - (5,250) 3,452 (1,798)
397 (5,250) 3,452 (1,401)
Total 14,743 32,074 33,846 16,515

Current income tax
Up to 2014 14,009 - - 14,009
2015 - (34,472) 34,809 337
14,009 (34,472) 34,809 14,346

Up to 2014 1,419 - - 1,419
2015 - (7,158) 6,136 (1,022)
1,419 (7,158) 6,136 397
Total 15,428 (41,630) 40,945 14,743
103
Notes (continued)
The Bank
Balance at Payments Charge for Balance at

1 January during the Year the Year 31 December
Current income tax
Up to 2015 14,186 - - 14,186
2016 - (26,824) 30,388 3,564
14,186 (26,824) 30,388 17,750
Up to 2015 396 - - 396
2016 - (5,250) 3,452 (1,798)
396 (5,250) 3,452 (1,402)
Total 14,582 (32,074) 33,840 16,348

Current income tax
Up to 2014 13,859 - - 13,859
2015 - (34,472) 34,799 327
13,859 (34,472) 34,799 14,186

Up to 2014 1,418 - - 1,418
2015 - (7,158) 6,136 (1,022)
1,418 (7,158) 6,136 396
Total 15,277 (41,630) 40,935 14,582
104
The tax on the profit before tax differs from the theoretical amount that would arise using the tax rate applicable to profit as follows:
Reconciliation of Effective Tax Rate

The Group
2016 2016 2015 2015
Profit before tax % 69,070 % 122,751
Income tax using the statutory tax rate 25.00 17,268 25.00 30,688
Tax exempt income 25.50 17,668 6.54 8,029
National Fiscal Stabilisation Levy 5.00 3,452 5.00 6,136
Non-deductible expenses (16.31) (11,267) (2.07) (2,537)
Income tax expense 39.19 27,121 34.47 42,316
The Bank
2016 2016 2015 2015
Profit before tax % 69,049 % 122,716
Income tax using the tax rate 25.00 17,262 25.00 30,679
Tax exempt income 25.50 17,668 6.54 8,028
National Fiscal Stabilisation Levy 5.00 3,452 5.00 6,136
Non-deductible expenses (16.31) (11,267) (2.07) (2,537)
Income tax expense 39.91 27,115 34.47 42,306
105
Notes (continued)
15. Earnings Per Share
The calculation of basic and diluted earnings per share is based on the profit attributable to ordinary shareholders of the Bank respectively of GHS41,934,000
(2015: GHS80,410,000) and a weighted average number of ordinary shares outstanding of 111,437,111 (2015: 110,688,559) calculated as follows:
The Bank
2016 2015
Profit for the year attributable to equity

holders of the Bank 41,934 80,410
Weighted average number of ordinary shares at 1 January (‘000) 110,689 110,689

Weighted average number of new shares issued (‘000) 748 -
Weighted average number of ordinary shares at 31 December (‘000) 111,437 110,689
Basic and diluted earnings per share (Ghana pesewas) 0.38 0.73
There are no potentially dilutive shares outstanding at 31 December 2016. Diluted earnings per share are therefore the same as the basic earnings per
share.
16. Cash and Cash Equivalents
The Group The Bank

2016 2015 2016 2015
Cash in hand 79,832 40,065 79,832 40,065

Balances with Bank of Ghana 254,554 233,935 254,554 233,935
Cash and balances with Bank of Ghana 334,386 274,000 334,386 274,000
Balances with foreign banks 113,060 61,910 113,060 61,910

Money market placements 280,909 345,456 280,909 345,456
728,355 681,366 728,355 681,366
Cash and cash equivalents for the purposes

of the statement of cash flows:
Investment securities maturing within
290,761 35,045 290,761 35,045
90 days of purchase
Less: Mandatory reserve deposit (200,910) (172,623) (200,910) (172,623)
Cash and cash equivalents 818,206 543,788 818,206 543,788
The balances held with Bank of Ghana include mandatory reserve deposit of GHS200,910,000 (2015: GHS172,623,000) which is not available for use in the
Bank’s day-to-day operations.
Cash in hand and balances with Bank of Ghana are non-interest-bearing.
106
17. Investment Securities
Held-to-Maturity Securities

2016 2015
Government bonds 1,886 11,485
Treasury bills 290,615 345,249
292,501 356,734
Available-for-Sale Securities
Government bonds 43,994 -

Treasury bills 84,706 -
128,700 -
Changes in fair value recognised in other comprehensive income 1,600 -
130,300 -
Total investment securities 422,801 356,734
Current 378,295 345,249

Non-current 44,506 11,485
Investment securities are treasury bills and bonds issued by the Government of Ghana. The investment securities classified as held-to-maturity are
carried at amortised cost. Investment securities classified as available-for-sale are carried at fair value.
The Bank has not pledged any government security to counterparties.
107
Notes (continued)
18. Loans and Advances to Customers
2016 2015
Gross Impairment Carrying Gross Impairment Carrying

Amount Allowance Amount Amount Allowance Amount
Overdrafts 433,488 (17,054) 416,434 257,671 (17,582) 240,089
Term loans 901,202 (34,415) 866,787 971,331 (3,163) 968,168
Staff loans 3,571 (1,180) 2,391 3,583 (15) 3,568
Total loans and advances 1,338,261 (52,649) 1,285,612 1,232,585 (20,760) 1,211,825
Current 761,718 910,101
Non-current 523,894 301,724
Loans and advances to customers are carried at amortised cost.

Allowances for impairment are as follows:
Specific Allowance for Impairment 2016 2015

At 1 January 15,402 18,005
Charge for the year 54,955 14,367
Loan write off (23,813) (16,970)
At 31 December 46,544 15,402
Collective Allowance for Impairment

At 1 January 5,358 4,501
Charge for the year 747 857
At 31 December 6,105 5,358
Total allowances for impairment 52,649 20,760
108
19. Property and Equipment
Leasehold Furniture Computers Motor Capital work in Total

Improvement and Vehicles progress
Equipment
Cost

At 1 January 26,556 24,284 9,811 8,605 11,346 80,602
Additions 4,296 11,878 3,540 2,118 27,727 49,559
Disposals - - - (1,181) - (1,181)
Transfer 1,268 347 - (1,615) (1,615) -
At 31 December 32,120 36,509 13,351 9,542 37,458 128,980

At 1 January 32,120 36,509 13,351 9,542 37,458 128,980
Additions 12,447 4,559 4,787 1,209 9,656 32,658
Disposals (2,571) (722) (387) (415) - (4,095)
Transfer to intangible assets - - - - (748) (748)
Transfer 22,370 220 - - (22,590) -
At 31 December 64,366 40,566 17,751 10,336 23,776 156,795
Depreciation

At 1 January 4,223 11,705 7,574 4,147 - 27,649
Charge for the year 1,155 4,282 1,578 2,030 - 9,045
Disposal - - - (831) - (831)
At 31 December 5,378 15,987 9,152 5,346 - 35,863

At 1 January 5,378 15,987 9,152 5,346 - 35,863
Charge for the year 1,893 5,471 2,894 1,625 - 11,883
Disposal (29) (493) (387) (398) - (1,307)
At 31 December 7,242 20,965 11,659 6,573 - 46,439
Net Book Amount

At 1 January 2015 22,333 12,579 2,237 4,458 11,346 52,953
At 31 December 2015 26,742 20,522 4,199 4,196 37,458 93,117
At 31 December 2016 57,124 19,601 6,092 3,763 23,776 110,356
109
Notes (continued)
Depreciation and Amortisation Expense 2016 2015
Property and equipment (Note 19) 11,883 9,045

Intangible assets (Note 20) 2,910 2,120
14,793 11,165
Profit on Disposal
Cost 4,095 1,181
Accumulated depreciation (1,307) (831)
Carrying amount 2,788 350
Proceeds from disposal (2,981) (559)
Profit on disposal (193) (209)
20. Intangible Assets
Cost 2016 2015

At 1 January 11,522 8,443
Additions 2,758 3,079
Transfers 748 -
At 31 December 15,028 11,522
Amortisation
At 1 January 6,126 4,006
Amortisation for the year 2,910 2,120
At 31 December 9,036 6,126
Net Book Amount

At 1 January 5,396 4,437
At 31 December 5,992 5,396
Intangible assets refer to computer software.
110
21. Deferred Tax Assets and Liabilities
Deferred income tax assets and liabilities are attributable to the following:
Assets Liabilities Net Assets Liabilities Net

2016 2016 2016 2015 2015 2015
Property, equipment and software - (4,164) (4,164) - (2,916) (2,916)

Changes in fair value gain on available - for - sale
- (400) (400) - - -
financial assets
Allowances for loan losses 13,163 - 13,163 5,190 - 5,190
Net tax assets/(liabilities) 13,163 (4,564) 8,599 5,190 (2,916) 2,274
Movement in temporary differences during the year is as follows:
Balance Recognised Recognised Balance at

31 December 2016 at January 1 in other in Profit or Loss December 31
Comprehensive
income
Changes in fair value gain on available - for - sale

- (400) - (400)
financial assets
Property, equipment and software (2,916) - (1,248) (4,164)
Allowances for loan losses 5,190 - 7,973 13,163
Net deferred tax assets 2,274 (400) 6,725 8,599
31 December 2015
Property, equipment and software (1,982) - (934) (2,916)

Allowances for loan losses 5,627 - (437) 5,190
Net deferred tax assets 3,645 - (1,371) 2,274
111
Notes (continued)
22. Other Assets

The Group The Bank
2016 2015 2016 2015
Prepayments 20,583 9,413 20,583 9,413

Accounts Receivables 92,977 61,605 92,726 61,378
113,560 71,018 113,309 70,791

Current 101,779 64,369 101,528 64,142
Non-current 11,781 6,649 11,781 6,649
23. Investment other than Securities
Investment in subsidiary represents the Bank’s interest in Big Ticket Holdings Limited (BTH) and Triumph Properties Limited (TPL). BTH undertakes real
estate business and the hiring of vehicles and equipment and is wholly owned. TPL is dormant.
24. Deposits from Banks

The Group The Bank
2016 2015 2016 2015
Money market deposits - 162,852 - 162,852
All money market deposits from banks are current.
112
25. Deposits from Customers The Group The Bank
2016 2015 2016 2015
Demand deposits 933,207 779,824 933,254 779,872

Savings deposits 165,785 233,374 165,785 233,374
Term deposits 910,107 712,981 910,107 712,981
2,009,099 1,726,179 2,009,146 1,726,227
Current 2,000,286 1,679,775 2,000,333 1,679,823

Non-current 8,813 46,404 8,813 46,404
Analysis of depositors by type
Financial institutions 534,214 339,057 534,214 339,057

Individual and other private enterprises 1,411,984 1,307,349 1,412,031 1,307,397
Public enterprises 62,901 79,773 62,901 79,773
2,009,099 1,726,179 2,009,146 1,726,227
Composition of 20 largest depositors to total deposits 29% 36% 29% 36%
113
Notes (continued)
26. Borrowings
At 1 Drawdown Exchange Interest Repayment At 31

January Difference December
DANIDA 84 - - - - 84
Export Development and Investment Fund 9,178 1,879 - 247 (3,745) 7,559
FMO/PROPARCO 95,951 - 9,660 6,838 (15,399) 97,050
European Investment Bank - 33,267 1,995 323 - 35,585
Ghana International Bank - 59,586 3,430 1,252 (1,005) 63,263
Ghana Private Sector Development Fund 159 - - - (32) 127
105,372 94,732 15,085 8,660 (20,181) 203,668
Current 9,140 10,521
Non-current 96,232 193,147
At 1 Exchange Interest Repayment At 31

January Difference December
DANIDA 84 - - - 84
Export Development and Investment Fund 13,932 - - (4,745) 9,178
FMO/PROPARCO 80,003 14,873 1,075 - 95,951
Ghana Private Sector Development Fund 207 - - (48) 159
94,226 14,873 1,075 (4,802) 105,372
Current 1,411 9,140
Non-Current 92,815 96,232
The Export Development and Investment Fund (EDIF) facility is for the purposes of onward lending to qualifying institutions. Interest is at 2.5% per annum
and is payable at the end of May 2019.
The Bank secured the FMO/PROPARCO facility to support lending to the private sector. Interest is at a rate of 6 months LIBOR plus margin payable semi-
annually. The facility is repayable in October 2021.
The Ghana Private Sector Development facility is for purposes of onward lending to qualifying institutions. Interest is at a rate of 3% per annum.
The facility with Ghana International Bank attracts interest at a rate of 1 month LIBOR plus margin and is to support working capital needs. The facility is
payable at the end of January 2017.
The facility with the European Investment Bank is to finance private sector small and medium sized enterprises. Interest is at a rate of 6 month Libor plus
margin payable semiannually. The facility is repayable in October 2022.
114
27. Other Liabilities
The Group The Bank

2016 2015 2016 2015
Creditors and accruals 16,431 51,924 17,334 52,829

Deferred income - 710 - 710
16,431 52,634 17,334 53,539
Current 15,890 51,210 16,793 52,115

Non-current 541 1,424 541 1,424
28. Capital and Reserves
Stated Capital
The authorised shares of the Bank is 200,000,000 ordinary shares of no par value of which the following shares have been issued:
2016 2015 2016 2015
Number of shares Proceeds ‘000
At 1 January 110,688,559 110,688,559 118,275 118,275

Issue of shares 7,404,575 - 26,463 -
At 31 December 118,093,134 110,688,559 144,738 118,275
There are no calls or unpaid liability on any shares and there are no treasury shares.
115
Notes (continued)
28. Capital and Reserves
Income Surplus
Income surplus represents the residual of cumulative annual profits that are available for distribution to shareholders. The movement in the income surplus
account is shown as part of the statement of changes in equity.
Statutory Reserve
Statutory reserve represents transfer from income surplus to reserve in compliance with Bank of Ghana’s regulatory requirement in accordance with
Section 29(1) of the Banking Act, 2004 (Act 673) (as amended by the Banking (Amendment) Act, 2007 (Act 738). The movement is included in the statement
of changes in equity.
Credit Risk Reserve

Credit risk reserve represents the excess of total loans and advances provision determined in accordance with the Bank of Ghana prudential guidelines over
the impairment loss for loans and advances recognised in the income statement under the IFRS frame work. As at the reporting date, a total provision for
loan losses under the Bank of Ghana provisioning norms amount to GHS200,273,707 (2015: GHS96,518,247). This exceeds the impairment allowance for
loans and advances recognised under the IFRS framework of GHS52,649,389 (2015: GHS20,760,000) by GHS147,624,318. (2015: GHS75,758,247).
Fair Value Reserve
2016 2015
Gain on sale available – for - sale investments
At 1 January - -
Change in fair value gain of available-for-sale financial assets 1,600 -
Deferred tax liability (Note 21) (400) -
At 31 December 1,200 -
29. Leasing
The Bank leases offices, branches and other premises under non-cancellable operating lease arrangements. The lease rentals are paid
in advance and amortised on a straight line basis over the lease period. The unexpired lease payment is accounted for as a prepayment in
other assets. There are no contingent rents payable.
The Group The Bank

2016 2015 2016 2015
Less than one year 6,445 1,310 6,445 1,310

Between one and five years 11,701 2,329 11,701 2,329
More than five years 652 918 652 918
18,798 4,557 18,798 4,557
116
30. Contingencies
30.1 Claims and Litigation

The Bank is defending legal actions brought by various persons for claims amounting to GHS16,547,060 (2015: GHS34,889,691). No provision in relation to
these claims has been recognised in the consolidated and separate financial statements as legal advice indicates that it is not probable that a significant
liability will arise.
30.2 Contingent Liabilities and Commitments

In common with other banks, the Bank conducts business involving acceptances, performance bonds and indemnities. The majority of these facilities
are offset by corresponding obligations of third parties. Contingent liabilities and commitments comprise acceptances, guarantees and letters of credit.
Nature of Instruments
An acceptance is an undertaking by a bank to pay a bill of exchange drawn on a customer. The Bank expects most acceptances to be presented, but
reimbursement by the customer is normally immediate.
Guarantees and letters of credit are given as security to support the performance of a customer to third parties. As the Bank will only be required to meet
these obligations in the event of the customer’s default, the cash requirements of these instruments are expected to be considerably below their nominal
amounts.
Other contingent liabilities include transaction related to performance bonds and are, generally, short-term commitments to third parties which are not
directly dependent on the customer’s creditworthiness.
Documentary credits commit the Bank to make payments to third parties, on production of documents, which are usually reimbursed immediately by
customers.
The following table summarises the nominal principal amount of contingent liabilities and commitments with off balance sheet risk:
Contingent liabilities The Group The Bank

2016 2015
Bonds and guarantees 168,230 309,380

Letters of credit 142,387 145,932
310,617 455,312
30.3 Commitments for Capital Expenditure

The Bank had no capital commitments at 31 December 2016 (2015: GHS 6,020,113).
117
Notes (continued)
31. Related Parties
Parties are considered to be related if one party has the ability to control the other party or exercise influence over the other party in making financial and
operational decisions or one other party controls both. The definition includes members of the Access Bank Plc Group.
31.1 Parent
Access Bank Plc. is the parent company and also the ultimate parent company. The Bank’s transactions with Access Bank Plc. and the subsidiaries also
meet the definition of related party transactions. The expenditure incurred on behalf of the Bank by the parent company in the normal course of business
is recharged to the Bank at cost. At 31 December 2016, the amount outstanding in respect of transactions with the related parties was as follows:
Amounts due from related party 2016 2015
Access Bank Plc – Nigeria Cash and cash equivalents 17,352 2,741
Access Bank Plc – Nigeria Placement 176,319 242,154
Access Bank Plc – Nigeria Account receivable 4,101 -
Access Bank – UK Cash and cash equivalents 23,074 7,716
Access Bank – UK Placement 103,929 102,465
BTH Account receivable 721 721
Amounts due to related party
Access Bank Plc – Nigeria Accounts payable (1,059) (22,141)
Transactions with related parties include:

Access Bank Plc – Nigeria Interest on placement 622 247
Access Bank – UK Interest on placement 39 506
31.2 Transactions with Key Management Personnel

The Bank’s key management personnel includes directors (executive and non-executive), members of the Executive Committee, the company secretary
and the head of internal audit.
Key management personnel and their immediate relatives have the following outstanding loan balances with the Bank at the reporting period:
The Group The Bank

2016 2015
Officers and employees (short-term employee benefits) 1,412 3,574

1,412 3,574
Interest income on loans to officers and employees 46 418
Interest rates charged on balances outstanding are at concessionary rates and lower than the rates that would be charged in the normal course of
business. The loans granted are secured over real estate and other assets of the respective borrowers.
No impairment losses have been recorded against balances outstanding during the year with key management personnel, and no specific allowance
has been made for impairment losses on balances with key management personnel at the year end. These balances have, however, been collectively
impaired as part of the portfolio impairment assessment for unidentified loans and advances.
118
Other Financial Information
The Group
2016 2015 2014 2013 2012

Assets
Loans and advances to customers 1,285,612 1,211,825 853,055 433,690 274,373
Investment in associate - - - - 286
Property and equipment 110,356 93,117 52,953 29,199 27,878
Intangible assets 5,992 5,396 4,437 2,238 1,616
Deferred tax assets 13,163 5,190 5,627 2,916 5,693

Other assets 113,560 71,018 81,033 57,059 20,993
Total assets 2,679,839 2,424,646 1,718,902 991,058 798,503
Liabilities
Deposits from banks - 162,852 78,089 15,000 17,000
Deposits from customers 2,009,099 1,726,179 1,199,653 725,593 545,352
Borrowings 203,668 105,372 94,226 15,339 18,782
Tax payable 16,515 14,743 15,428 9,338 8,169
Deferred tax liabilities 4,564 2,916 1,982 2,498 1,873
Total liabilities 2,250,277 2,064,696 1,427,699 774,513 627,582
Equity
Stated capital 144,738 118,275 118,275 118,275 118,275
Statutory reserve 121,881 111,394 91,291 48,682 25,857
Credit risk reserve 147,624 75,758 36,033 38,962 14,993
Retained earnings 14,119 54,523 45,604 10,626 11,796
Fair value reserve 1,200 - - - -
Total equity 429,562 359,950 291,203 216,545 170,921
Total equity and liabilities 2,679,839 2,424,646 1,718,902 991,058 798,503
2016 2015 2014 2013 2012
Gross earnings 487,852 420,870 311,355 187,107 168,845
119
Other Financial Information (continued)
The Group
Profit before income tax 69,070 122,751 123,191 71,791 46,710
Profit from continuing operations 69,070 122,751 123,191 71,791 46,710
Discontinued operations - - - - -
Profit for the period 41,949 80,435 85,284 45,598 34,843
Non-controlling interest - - - - -
Profit attributable to equity holders 41,949 80,435 85,284 45,598 34,843
Dividend paid - - 11,688 10,626 -
Earnings per share - Basic (Ghana pesewas) 0.38 0.73 0.77 0.41 34
- Adjusted (Ghana pesewas) 0.38 0.73 0.77 0.41 34
Number of ordinary shareholders 118,093,134 110,688,559 110,688,559 110,688,559 110,688,559
120
The Bank
2016 2015 2014 2013 2012

Assets
Loans and advances to customers 1,285,612 1,211,825 853,055 433,690 274,373
Investment in associate - - - - 286
Investment other than securities 20 20 20 20 20
Property and equipment 110,356 93,117 52,953 29,161 27,804
Intangible assets 5,992 5,396 4,437 2,238 1,616

Deferred tax assets 13,163 5,190 5,627 2,916 5,693
Other assets 113,309 70,791 80,823 57,353 21,120
Total assets 2,679,608 2,424,439 1,718,712 991,334 797,291
Liabilities
Deposits from banks - 162,852 78,089 15,000 17,000
Deposits from customers 2,009,146 1,726,227 1,199,681 726,982 545,352
Borrowings 203,668 105,372 94,226 15,339 18,782
Tax payable 16,348 14,582 15,277 9,197 7,872

Deferred tax liabilities 4,564 2,916 1,982 2,437 1,812
Total liabilities 2,251,060 2,065,488 1,428,483 775,697 627,232
Equity
Stated capital 144,738 118,275 118,275 118,275 118275
Statutory reserve 121,881 111,394 91,291 48,682 25,893
Credit risk reserve 147,624 75,758 36,033 38,962 14,993
Retained earnings 13,105 53,524 44,630 9,718 10,898
Fair value reserve 1,200 - - - -
Total equity 428,548 358,951 290,229 215,637 170,059
Total equity and liabilities 2,679,608 2,424,439 1,718,712 991,334 797,291
2016 2015 2014 2013 2012
Gross earnings 487,831 420,829 311,297 187,107 168,845

Profit before income tax 69,049 122,716 123,176 71,763 46,427
Profit from continuing operations 69,049 122,716 123,176 71,763 46,427
121
Other Financial Information (continued)
The Bank
Discontinued operations - - - - -
Profit for the period 41,934 80,410 85,218 45,578 34,631
Profit attributable to equity holders 41,934 80,410 85,218 45,578 34,631
Dividend paid - - 11,688 10,626 -
Earnings per share - Basic (Ghana pesewas) 0.38 0.73 0.77 0.41 34
- Adjusted (Ghana Pesewas) 0.38 0.73 0.77 0.41 34
Number of ordinary shareholders 118,093,134 110,688,559 110,688,559 110,688,559 110,688,559
122
Value Added Statement
The Group The Bank
2016 2015 2016 2015
Interest and other operating income 485,016 413,292 485,016 413,292

Direct cost of services (290,690) (228,105) (290,687) (228,099)
Value added by banking services 194,326 185,187 194,329 185,193
Non-banking income 2,836 7,578 2,812 7,537
Impairments (55,702) (15,224) (55,702) (15,224)
Value added 141,460 177,541 141,439 177,506
Distributed as follows:
To employees
Directors (without executives) 453 453 453 453
Executive directors 638 638 638 638
Other employees 56,506 42,534 56,506 42,534
To government
Income taxes 27,121 42,316 27,115 42,306
To expansion and growth

Depreciation 11,883 9,045 11,883 9,045
Amoritisation 2,910 2,120 2,910 2,120
41,949 80,435 41,934 80,410
123
Shareholder
Information
Access Bank’s commitment to communicate
effectively with its shareholders
Notice of Annual General Meeting 126

Proxy Form 127
Top 20 Shareholders 128
124
Notice of Annual General Meeting
NOTICE IS HEREBY GIVEN that the 9th Annual General Meeting of Access Bank (Ghana) Plc will be held at the Conference Auditorium of the College of
Physicians and Surgeons, Ridge, Accra on May 9, 2017 at 3:00pm. to transact the following business:
• To receive the Audited financial statements of the Company for the year ended December 31, 2016 together with the Reports of the Directors
and Auditors thereon.
• To re-elect Directors of the company
• To authorise the Directors to fix the fees of the Auditors
Dated this 5th April, 2017

BY ORDER OF THE BOARD
Albert Kwame Gyan

Company Secretary
Proxy
A member entitled to attend and vote at the Annual General Meeting is entitled to appoint a Proxy to attend and vote in his/her stead. A Proxy need not be
a member of the Bank.
The appointment of a proxy will not prevent a member from subsequently attending and voting at the Meeting in person. Where a member attends the
Meeting in person, the proxy appointment shall be deemed to be revoked.
All instruments of proxy must be completed and deposited at the registered office of Access Bank (Ghana) Plc, Starlets ‘91 Road, Accra (Opposite the
Ohene Gyan Sports Stadium), not later than 48 hours before the time of the meeting
126
Proxy Form
ANNUAL GENERAL MEETING to be held at the Conference Auditorium of the College of Physicians and Surgeons, Ridge, Accra
on May 9, 2017 at 3:00pm.
I/We
(Name of Shareholder in block letters)
being a member/(s) of the Company hereby appoint
or failing him, Mr. Frank Beecham or failing him Mr. Dolapo Ogundimu as my/our proxy to vote for me/us and on my/our behalf
at the Annual General Meeting of the Company to be held on the 9th of May 2017 and at any adjournment thereof.
Unless otherwise instructed, the Proxy will vote or abstain from voting as he/she thinks fit.
DATE:
D D M M Y Y Y Y
Signatory of Shareholder
1. This form of proxy together

Ordinary Resolutions For Against Abstain
with the power of attorney or
1. To receive the Audited financial statements other authority, if any, under
of the Company for the year ended
which it is signed or a notarilly
December 31, 2016 together with the
Reports of the Directors and Auditors certified copy thereof must reach
thereon. the Company Secretary not less
than 48 hours before the time of
the meeting.
2. To re-elect Directors of the company
2. Where the appointer is a
corporation, this form may be
under seal or under hand of any
3. To authorise the Directors to fix the fees of officer or attorney duly authorised.
the Auditors
3. This proxy will be used only in the event
of poll being directed or demanded.
4. In the case of joint holders, the

signature of any one of them
Please indicate by marking ‘X’ in the appropriate space how you wish your votes to be will suffice but the names of all
cast on the resolution(s) set out above, unless otherwise instructed, the proxy will joint holders should be shown.
vote or abstain from voting at his/her discretion.
5. In line with best practices, the
names of two Directors of the
Bank have been entered on the
proxy form to ensure that someone
will be at the meeting to act as
your Proxy, but if you wish, you
may insert in the blank space
on the form (marked*) the name
of any person whether a member
of the Company or not, who will
attend the meeting and vote on
your behalf instead of one of the
two Directors named.
127
128
Top 20 shareholders and Access Bank (Ghana) Plc - Annual Report 2016
their
Top 20interest or composition
Shareholders and their
Interest or Composition
The twenty largest shareholders in the Bank and the respective number of shares held at 31 December 2016 are as follows:
Names Number of shares % Shareholding

Access Bank Plc 106,918,965 90.54
Staff Pension Trustees 2,029,128 1.72
Joseph Siaw Agyepong 1,500,000 1.27
Messers Nabil Moukarzel & F Halawi FN Investment 1,430,000 1.21
Nabil Moukarzel 1,000,000 0.85
Daniel MC Korley 620,000 0.53
Anatsui Emmanuel Kwame 600,000 0.51
Salma Okwonkwo 333,333 0.28
Woodfields Energy Resources Limited 324,173 0.27
Albert Mmegwa 300,029 0.25
Mawuli Ababio 269,669 0.23
Lyndhurst Corporation 269,669 0.23
Julius Debrah 250,000 0.21
Herbert Osei Baidoo 242,701 0.21
Adobe Group 237,378 0.20
Wapic Insurance Ghana Limited 225,880 0.19
Nana Asante Bediatuo 221,667 0.19
Allied Investments 138,471 0.12
Sentuo Steel Company Limited 100,000 0.08
George Victor Okoh 97,542 0.08
Reported totals 117,108,605 99.17
Not reported 984,529 0.83
118,093,134 100.00
116
129
Corporate
Information
A directory of the Bank’s offices, ATM locations
and international network.
Branch Network 132

Locate our ATMs 134
International Network 135
130
Branch Network
Kaneshie Post Office Branch
General Post Office Premises
T: +233 (0) 302 247849
+233 (0) 289 555433
Kantamanto Branch
Tarzan House
Kantamanto Market
T: +233 (0) 302 673286
+233 (0) 302 673297
+233 (0) 244335934
F: +233 (0) 302 673230
Lashibi Branch (1)

Head Office Ashaiman Branch Adjacent Puma Petroleum Ltd
Off the Accra-Ada Road Lashibi Road
Access Bank Ghana Plc Starlets’ 91 Road
T: +233 (0) 276 477088 T: +233 (0) 307 021261
Opposite Accra Sports Stadium, Osu
+233 (0) 303 300139
P. O. Box GP 353, Accra, Ghana
T: +233 (0) 302 661630/
Lashibi Branch (2)
+233 (0) 302 742699 Castle Road Branch Lashibi opposite Farm Vivien
Toll Free: 0800 004400 Opp Accra Sports Stadium
E: info@ghana.accessbankplc.com T: +233 (0) 302 661630
contactcentregh@ghana- +233 (0) 302 666036 Legon Branch
accessbankplc.com Jubilee Road Banking Square
www.ghana.accessbankplc.com F: +233 (0) 302680499
University of Ghana, Legon
T: +233(0)397010103
Dansoman Branch +233(0)303975118/9
Greater Accra Region
House No. C3, Third Road
Abeka Lapaz Branch Dansoman Housing Estate
Former Bambolino Restaurant Madina Branch
Next to Ceragem
Accra- Akweteman Road Hollywood Shopping Centre
Off Dansoman Roundabout
d Access Pattern
T: +233 (0) 302 420070 – 5 Accra - Aburi Road
+233 (0) 302 420075 T: +233 (0) 302 520713
+233 (0) 289 555369 Darkuman (Agency) Branch +233 (0) 244339245
Shop No.3, Darkuman High Street F: +233 (0) 302520715
Accra Newtown Branch

Accra Newtown Road East Cantonments Branch Nima Branch
Accra Newtown 9 La Tebu Crescent Nima Roundabout
T: +233 (0) 307 021253 East Cantonments T: +233 (0) 289 555654
+233 (0) 302 201615 T: +233 (0) 289 530150
+233 (0) 307 010873
Nima (Agency)
Achimota Branch House No. 114/12 Nima Market
Nsawam Road Ghana Airport Cargo Centre (GACC)
Near Neoplan Station Opposite CFAO/Mitsubishi Showroom
Achimota Airport North Industrial Area Branch
T: +233 (0) 302 41908 0 - 3 T: +233 (0) 577 669 036 Dadeban Road
+233 (0) 302 419085 North Industrial Area
T: +233 (0) 302 247855
Haatso Branch +233 (0) 302 247944
Airport Branch Ebenezer Plaza F: +233 (0) 302238157
No. 34 Senchi Street Haatso- Papao
Airport Residential Area On the Haatso-Atomic Road
T: +233 (0) 302 736086 - 89 T: + 233 (0) 367 010197 Odorkor (Agency)
No. 9 at House No. B158/11
Kwashieman Road
Adjiriganor Branch Kaneshie Main Branch
Baby Jet Heights Winneba Road
East Adjiriganor Near Pamprom Osu Oxford Street Branch
near East Legon Traffic Light 41 Cantonments Road
T: +233 (0) 302 662370 Next to Osu Food Court
+233 (0) 302 662399 T: +233 (0) 302 787319
Alajo (Agency) +233 (0) 244 335936
Star Oil Refueling Service Station
132
Osu Watson House Branch Kasoa (Agency) Eastern Region

Watson House Kasoa High Tension
Koforidua (Agency)
Osu, La Road Near Kia Station
Store Number AT16A
T: +233 (0) 302 779152 Off Kasoa Bawjiase Road
Near ‘B’ Foster Bakery
+233 (0) 302 779530
Koforidua
+233 (0) 244 335932
F: +233 (0) 302 784856 Ashanti Region
Adum Branch Volta Region
Plot No.14 Block II
Okaishie Branch Ho Branch
Prempeh II Street
Beach Avenue Independence Street
Adum - Kumasi
Tudu, Okaishie Civic Center to OLA Main Road
T: +233 (0) 322 083871
T: +233 (0) 289 330050 Near Asogli Traditional Council
+233 (0) 322 083870
T: +233 (0) 307 021252
Ring Road Central Branch

Alabar Branch
Abena Ateaa Towers Upper East Region
House No. ZE Alabar, Kumasi
T: +233 (0) 302 254701 Bolgatanga Branch
T: +233 (0) 307 021262
+233 (0) 302 254741 Alhaji Danladi Palace 6
House No. A334
Asafo Branch Commercial Street
South Industrial Area Branch
Asafo, Kumasi T: +233 (0) 382 024155
Sikkens House Old Fadama Road
Adjacent Puma Petroleum Ltd +233 (0) 387 010120
South Industrial Area
T: +233 (0) 322 196894
T: +233 (0) 302 674654
+233 (0) 289 554093 Upper West Region
Suame Branch
Wa Branch
Off Ofinso Road
Spintex Road Branch House No. 188 Kabanye
T: +233 (0) 322 083975
Finatrade Building, Blue Gate Next to AshFoam
+233 (0) 322 083976
Near Coca Cola Roundabout High Street
Spintex Road T: +233 (0) 392 024439
T: +233(0) 307 079280 Kejetia Branch +233 (0) 392 024440
No. 1 Block 4 Section 5036
Krobo, Kumasi
Tema Community 1 Branch Tarkwa Branch
Tema Community 1 Market Post Office Road
T: +233 (0) 302 978769 KNUST Branch T: +233 (0) 312 322606
Victory Towers +233 (0) 312 32261
Ayeduase, Kumasi +233 (0) 312 322616
Tema Industrial Area F: +233 (0) 312 322593
T: +233 (0) 327 010 548
TT Brothers Premises
T: +233 (0) 289 557388
+233 (0) 208 556208 New Amakom Branch Northern Region
Near Anloga Traffic Light Tamale Branch
T: +233 (0) 322 049250 - 1 No. 2 Bank Street
Tema Main
+233 (0) 322 049253 Bank of Ghana Road
Town Center
T: +233 (0) 372 027121-5
Mansell Building
T: +233 (0) 244 335939 Western Region F: +233 (0) 372 027 120
+233 (0) 244 335941
F: +233 (0) 303 202211 Enchi Branch
On the Enchi Main Road Brong Ahafo Region
Adjacent the former Court Building
Techiman Branch
UPSA Branch T: +233 (0) 312 190381
Block J, Sector 1 Tamale Road
UPSA Premises, Legon +233 (0) 312 190382
T: +233 (0) 352 522062
T: +233 (0) 289 559100
+ 233 (0) 289 555653 +233 (0) 352 522063
+233 (0) 302 522197 Sefwi Wiawso Branch
+233 (0) 302 522196 Opposite the Ghana Sefwi
Mpomamu Road
T: +233 (0) 322 192520
Central Region
Kasoa Branch Takoradi branch
I See Shopping Mall Opposite Bank of Ghana
Opposite Petrosol Filling Station T: +233 (0) 312 032032
Bawjiase Road - Kasoa
T: +233 (0) 289 700506
133
Locate our ATMs

Offsite Locations Tantra Hills Goil Branches
Tantra Hills Goil Station
Greater Accra Region Tantra Hills Greater Accra Region
ACP Estates Abeka Lapaz Branch
UPSA Hostel
ACP Estates UPSA hostel Accra Newtown Branch
Kwabenya On UPSA Road Achimota Branch
opposite Presec Gate Adjirigarnor Branch
Burma Camp Goil Airport Branch
Burma Camp Goil Station WAPIC Alabar Branch
Burma Camp 35 Aviation Road Ashaiman Branch
Airport Residential Area Castle Road Branch (3)
Civil Service Adjacent Nyaho Medical Centre Dansoman Branch
CLOGSAG Office East Cantonment Branch Haatso
Ministries Central Region UPSA Branch
Goil Kasoa Bypass Road Kaneshie Branch
Dzorwulu Nyanyano Kantamanto Branch
Osu Badu ST. Kaneshie Post Office Branch
Dzorwulu Eastern Region Lashibi Branch
Adjacent Say Cheers Goil Anlo Town Legon Branch
Koforidua, Opposite Vodafone Madina Branch (2)
Ghana Airport Cargo Centre (GACC)
North Industrial Area Branch
Opposite CFAO/Mitsubishi Showroom Airport Ashanti Region Nima Branch
Goil Kumasi-Santasi Roundabout Okaishie Branch
Goil Gbawe-Mallam
Osu Oxford Branch
Goil Bekwai Roundabout Osu Watson Branch
Goil Dome-Kwabenya
Ring Road Central Branch
KNUST South Industrial Area Branch
Goil Agbogba Junction
Near Republic Hall, KNUST Spintex Branch
Tema Community 1 Branch
High Street KNUST 2 Tema Main Branch
Accra Art Centre Near Parade Ground, KNUST Tema Industrial Area Branch
Opposite National Lotteries
Kwadaso Central Region
Korle Bu Hospital Kwadaso SDA Nursing Training
Korle-bu ATM Farm, Korle-bu Kasoa Branch
Kwadaso
Legon Brong Ahafo Region

Northern Region
Central Cafeteria Techiman Branch
Tamale Polytechnic
Adjacent SRC Union Building
University of Ghana, Legon Campus of Tamale Poly
Ashanti Region
Tamale
Adum Branch
Marina Mall
Mall Entrance, Marina Shopping Mall Western Region Amakom Branch
Airport City Chirano Asafo Branch
Suame Branch
Chirano Mines, Chirano
Maxmart Alabar Branch
MaxMart family Shopping Center KNUST Branch
Goil Takoradi Airport Roundabout
37 Liberation Road,
Opposite Golden Tulip Hotel Western Region
UMAT
University of Mines and Technology Tarkwa Enchi Branch
Nungua Goil C5 Sefwi Branch
Tarkwa Branch
Volta Region
Spintex Takoradi Branch
Ho Polytechnic
Glory Oil Filling Station
Spintex Road Northern Region
Tamale Branch (2)
Tema Oil Refinery
On the premises of TOR Volta Region
Tema
Ho Branch
Upper East
Bolga Branch
Upper East
Wa
134
International Network
Group Head Office The Access Bank (R.D. Congo) SA The Access Bank (Sierra Leone) Limited
Access Bank Plc RC 125384 158, Avenue de la Démocratie 30 Siaka Stevens Street, Freetown
Plot 999c, Danmole Street, P.M.B 80150 Kinshasa – Gombe Sierra Leone.
Victoria Island, Lagos, Nigeria Democratic Republic of the Congo T +232 25 334933
T +234 1 461 9264-9/ +234 1 271 2005-7 T +243 81 2222111-14 F +232 22 220119
F +243 81 2222116
F +234 1 461 8811 E info.sierraleone@accessbankplc.com www.
E info.rdcongo@accessbankplc.com accessbankplc.com/sl
E info@accessbankplc.com
www.accessbankplc.com/cd
www.accessbankplc.com
The Access Bank (Gambia) Limited
The Access Bank (Rwanda) Limited
Banking Subsidiaries 47 Kairaba Avenue
3rd Floor, UTC Building, Avenue de la Paix P. O. Fajara, K.S.M.D
The Access Bank (UK) Limited
Box 2059, Kigali, Rwanda T +220 4398227, 4399022
Head Office
1 Cornhill, London, EC3V 3ND T +250 252 500089/90-94 F +220 4396640
United Kingdom F +250 252 575761, 572501 E info.gambia@accessbankplc.com
E info.rwanda@accessbankplc.com or www.accessbankplc.com/gm
Mailing address rwandacontactcenter@accessbankplc.com
The Access Bank UK Limited www.accessbankplc.com/rw
Corresponding Banks
4 Royal Court
Gadbrook Park • Access Bank Plc
The Access Bank (Zambia) Limited
Northwich, Cheshire • Bank of Ghana
CW9 7UT Plot 682, Cairo Road Northend
United Kingdom P. O. Box 35273 • Citibank London
Lusaka, Zambia • Access Bank UK
E info@theaccessbankukltd.co.uk
www.theaccessbankukltd.co.uk T +260 211 227941 • Ghana International Bank
F +260 211 229967/227956
• Commerzbank
E info.zambia@accessbankplc.com
Access Bank Dubai Rep. Office • FBN UK
www.accessbankplc.com/zm
Unit 43 , Level 15 Dubai International Financial • Bank of Beirut
Centre (DIFC), 121208 United Arab Emirates
• Standard Bank, SA
Shanghai Representative Office

Swift Code: ABNGGHAC
Unit 3005, 3006 Bank of China (BOC) Tower,
NO 200 Yincheng (M)
135
Notes
136
Notes
137
BUSINESS BANKING | COMMERCIAL BANKING | CORPORATE BANKING |
INVESTMENT BANKING | OIL & GAS | PERSONAL BANKING
China, Democratic Republic of Congo, Ghana, India, Lebanon, Nigeria, Rwanda,

Sierra Leone, The Gambia, United Arab Emirates, United Kingdom, Zambia
Head Office
Access Bank (Ghana) Plc
Starlets’ 91 Road
Opposite Accra Sports Stadium, Osu
P. O. Box GP 353, Accra, Ghana
T: +233 (0) 302 661630

+233 (0) 302 742699
Toll Free: 0800 004400
E: info@ghana.accessbankplc.com
contactcentregh@ghana.accessbankplc.com
www.ghana.accessbankplc.com

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Access Bank (Ghana) Plc

2016 Annual Report

Welcome 8 The Board 54

02 Business Review 05 Financial

Branch Network 132

A brief review of Access Bank’s financial and

Our Brand Promise

SPEED SERVICE SECURITY

Business and Financial Highlights

Revenue 487,852 420,870

Profit before income tax 69,070 122,751

Profit after income tax 41,949 80,435

Shareholders’ funds 429,562 359,950

Earnings per share (GHS) 0.38 0.73

Net assets per share (GHS) 3.6409 3.2520

Net Loans and

2013 2014 2015 2016 2013 2014 2015 2016

Locations and Offices

We are one of the foremost financial institutions Our Nationwide Network

Our International Network

We have a presence within West and East Africa

It is indeed an honour to welcome you to the 9th Annual General Meeting of

Our performance in 2016 reflected the economic challenges of the past

The Global Economy

The Domestic Economy Partnerships

The conclusion of an agreement with Government to restructure the Financial Performance

• Total Assets increased by 11% rising from GHS2.4 billion

• Net Loans and Advances witnessed a marginal growth

Changes to the Board Looking Ahead

I would also like to extend our gratitude to the Management Team

We have stepped up our investments in improving service delivery across

“Your Bank continues to enjoy and

“With a strengthened capital position,

We have further extended convenience in the banking hall by providing

Our Core Values

Access Bank Creates Platform for Regulus Chief

Our Year (continued)

‘W’ Holds Knowledge hub Access Women Network Celebrates Week

Access Bank partners Aramex for Shop & Ship Service

Ghana continues to be an import driven economy; Highlights Focus on Public Sector

The Business Banking group focuses exclusively on Services Highlights

The Group leveraged on the Bank’s Looking Ahead

The Corporate Banking Group provides distinctive Highlights

Oil and Gas

• Oil Marketing Companies • International Trade Finance

• Oil Services Looking Ahead

Our Investment Banking group is made up of the Business Focus

The Treasury function over the years, has come Highlights

enables corporates to make payments from Card Services

• Global Trade Multi Format Statement Delivery

Productivity and Rewards

Our People, Culture and

• Career Counselling Session

A future of prosperity cannot be achieved Milestones of Sustainability Strategy

Occupational Health and Safety Financial Empowerment

Risk Management Strategy and Objectives

Risk Culture and Appetite

Risk Management Governance Structure

Board Audit Board Risk Board Committee Board Credit