OmniBSIC Bank builds capacity of Chinese businesses

OmniBSIC Bank Ghana LTD successfully hosted the inaugural Chinese Business Seminar themed ‘Banking with Ease’, solidifying its commitment to fostering robust ties with the thriving Chinese business community in Ghana.

The seminar, held on Friday, March 22, 2024, at Tang Palace Hotel, convened seasoned entrepreneurs, innovators, and business leaders from the Chinese business community for insightful discussions and networking opportunities.
Mr. Daniel Asiedu, Managing Director of OmniBSIC Bank, extended a warm welcome to all attendees, emphasizing the Bank’s commitment to nurturing mutually beneficial relationships and providing valuable insights into Ghana’s dynamic banking environment and tax regime.

The seminar featured distinguished speakers, including Mr. Tang Hong, President of Ghana Association of Chinese Societies and Ghana Chinese Chamber of Commerce, who expressed gratitude to OmniBSIC Bank for facilitating the seminar and noted that “Today marks a significant milestone in our bilateral relations as we gather to deliberate on pertinent issues concerning Sino-Ghanaian economic cooperation and cultural exchange.”

Tax and Legal Consultant, Ismail Ibn Ibrahim, provided expert insights into navigating tax compliance and achieving tax efficiency in Ghana. He emphasized the significance of maintaining proper records and strategizing expenses to ensure businesses comply with tax laws and obligations.

“Navigating tax compliance and achieving tax efficiency are paramount for businesses. It’s about ensuring compliance with tax laws while planning taxes properly to achieve tax efficiency. Maintaining proper records is crucial. If you do not maintain records, how do you justify your expenses? You have to be able to have records to justify the things that you’ve done in your books,” he said.

The Chief Operating Officer of OmniBSIC Bank, Dr. Philip Oti-Mensah on the sideline of the meeting noted that the Bank has entered into a strategic partnership with China Chouzhou Commercial Bank, enabling direct transactions in Chinese Yuan.
Highlighting the benefits, he added, “That means that we can now transact directly in the Chinese Yuan.”

This move is expected to enhance business opportunities for both Chinese communities in Ghana and Ghanaians conducting business with China. It means that we can now transact directly in Chinese Yuan. He expressed confidence in the partnership, describing it as “perhaps one of the best deals a Ghanaian bank can have with a Chinese bank,” given the stature of China Chouzhou Commercial Bank in China’s banking sector.

The seminar served as a platform for dialogue, collaboration, and knowledge sharing, empowering Chinese businesses in Ghana to navigate the complexities of the local business environment with confidence and ease. Participants were encouraged to seize the opportunities presented and forge lasting connections that would propel their businesses to new heights.

In his remarks, Mr. Daniel Asiedu urged attendees to embrace the spirit of collaboration and innovation, stating, “Together, let us embark on this journey of discovery, innovation, and prosperity.” He expressed gratitude to all speakers, partners, and attendees for their unwavering commitment to strengthening Sino-Ghanaian relations and advancing economic cooperation.

The Chinese Business Seminar organized by OmniBSIC Bank Ghana Limited marked a significant milestone in fostering economic cooperation, cultural exchange, and mutual prosperity between Ghana and China. The event reaffirmed the bank’s position as a trusted partner in supporting the growth and success of Chinese businesses in Ghana.

OmniBSIC Bank and China relationship

OmniBSIC Bank’s relationship with the Chinese community dates further back and the business seminar serves as another testament to the strength of the relationship. Last month, the Bank was deeply involved in the celebration of the 2024 Chinese Lantern Festival Gala.

The Lantern Festival, which is held two weeks after the Lunar New Year –a celebration by Chinese and other Asian nations across the world which ushered in the Year of the Dragon– was commemorated in Ghana on Monday, February 26.
The event, which was organized by the Association of Chinese Societies in Ghana, took place at the forecourt of the State House, Accra, and OmniBSIC Bank actively participated via sponsorship and presentation of honours and the signing of a memorandum to further engage in business opportunities.

Already, the Bank, last year announced its commitment to strengthening collaboration and partnership with China in order to enhance the seamless transaction of businesses and build socio-economic development between the two countries.

For example, in August 2023, at the 62nd signing ceremony of the treaty of friendship between Ghana and China, organised by the Ghana-China Friendship Association (GHACHIFA), Mr. Asiedu noted that OmniBSIC Bank’s commitment to working closely with China aligns with the broader efforts of the Ghanaian Government to strengthen bilateral ties and attract foreign investment.