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stanchartStanChart contributed US$1.4billion to economy in 2012 — Report

Standard Chartered Bank contributed US$1.4billion of value to Ghana’s economy, which is equivalent to 3.4 percent of the country’s GDP, an independent study has shown.

The study, which focused on the bank’s 2012 performance, was on the theme Banking on Africa, and was conducted in Ghana, Kenya, Nigeria and Zambia. The objective of the study was to establish the contribution of Standard Chartered Bank to the socio-economic development in these countries.

The independent impact analysis was conducted by Professor Ethan Kapstein, a Visiting Fellow at the Centre for Global Development in Washington DC, and Dr. Ren Kim, Founding Partner of environment, social and governance consulting firm Steward Redqueen.

According to the study, the bank also helped to create 283,000 jobs related to its activities, representing 2.7 percent of Ghana’s labour force while direct salary, taxes and profits to locals amounted to US$74million in value.

Overall, on the African continent, Standard Charted Bank supports about 1.9 million jobs in sub-Saharan Africa, equivalent to around 0.6 percent of the region’s total workforce.

It also contributes US$10.7billion to sub-Saharan Africa’s economy, equivalent to 1.2 percent of the region’s GDP and supports sub-Saharan trade worth US$7.2billion, equivalent to 1.2 percent of the region’s total international trade.

Source: Business and Financial Times Online