There are currently over 20 licensed banks, over 50 micro finance and rural bank institutions and about 6 investment and asset management institutions in the city of Tamale. CAL Bank and BROOKS are set to overthrow The Royal Bank and Mcottley as the latest commercial bank and asset management institutions respectively. This is interesting considering that this same city could boast of nearly half the current numbers just 10 years back. It is not surprising that Tamale is projected as the fastest growing city in West Africa. Below are the 7 reasons why financial institutions see Tamale as an investment hub.
- Increase in Investing Population:
Tamale’s population is fast growing which means more consumption of goods and services. Lots of businesses especially in the formal sector are expanding and opening branches in Tamale. This means more workers will be employed, there will be an increase in productivity and more movement of cash.
- Relative Peace and Stability
The city has enjoyed tremendous peace and stability over the past 10 years. This peace and stability has positively affected the city as far as education, social and political development are concerned. The peaceful atmosphere is definitely good for business.
- Availability of Investment Opportunities
Tamale is essentially the business hub of the north as it is strategically located between the Upper East and Upper West Regions. It is well positioned to harness all the investment opportunities in media, agriculture, trade, construction, transportation and mining in these areas.
- Easy Access to information
Tamale is more connected to the world now; good internet connectivity and extensive radio and television coverage contributes immensely to making it the ideal investment destination. Financial institutions prefer areas they can easily access finance and investment related information and the city boasts an abundance of information access. You can now live in Tamale and participate actively in the global village.
- More Individuals with a High Net Worth
The growing economic environment means that more high net worth individuals and businesses are emerging and staying in Tamale. In the past, such individuals would prefer to live in bigger cities for both financial and social reasons. Today, the city has organically created an environment for business investments to thrive. These individuals and entities will ultimately require professional asset managers to manage their finances.
6. Development of Transportation Networks
Tamale now has an improved transportation network. The international airport serves the aviation needs of the north. It facilitates easy, fast and reliable movement of business people. In addition, the vibrant bus industry and good road network are available to serve the transportation needs of businesses. Financial institutions need to take advantage of the opportunity that a thriving transportation industry provides for the city of Tamale.
7. Bright Future
There is a general consensus that Tamale is going to be the next big thing in Ghana in the near future. This is the time for financial institutions to think about investing since the city is at its economic apex at the moment. What better way to invest than take advantage of the endless financial opportunities that are currently available in the city.
Tawfiq Bidda is an energetic business professional. He’s on Facebook Tawfiq Bidda and @TawfiqBidda on Twitter.