Banking & Finance

Stanbic Bank holds tax seminar for high-net-worth clients

Stanbic Bank Ghana has held a tax seminar for their high-net-worth clients under the theme, ‘Tax Efficiency and Your Wealth’ at the Kempinski Gold Coast Hotel in Accra.

Speaking at the event, Mr. Kwamina Asomaning the Chief Executive of Stanbic Bank Ghana, emphasized the bank’s commitment to supporting their clients even in these difficult financial times.

He said, “It is always a pleasure to spend time with loyal clients such as yourselves. We are going through a difficult financial climate as a nation. It is very easy for us to think that we should wait for the storm to pass but the time to act is now. Stanbic as a bank, is committed to staying true to this partnership with you, the lifeline of our business; we are here for you, and will always be with you, no matter what happens.”

Mr. Asomaning advised clients to be alert during this economic climate and put their houses in order to avoid being taken by surprise.

He stated, “In a time like this when our wealth is under ‘attack’, I think it is a good time to take stock and see how we are going to put our house in order and of all the services we offer as investment advisors, we believe it is necessary to look at your taxes too.  As a bank, we are interested in your total financial wellbeing and that is why we are here tonight with our resource person from PWC. We are here to give you all the information you need to make the best financial decisions in terms of your taxes and investments. Our clients remain our priority and we are committed to supporting you.”

Abeku Gyan-Quansah, a Tax Partner in PwC Ghana Indirect Tax leader in PwC West Africa, the guest speaker at the event advised the clients present to plan ahead in order to pay their taxes as efficiently as possible.

He noted, “We all know the times that we are in as a country. As a businessman or woman, it is necessary to take time to plan your taxes yearly so that you know how much to expect for the year. When it comes to taxes, high net worth businesses are treated differently and it is important to seek professional advice from tax consultants, especially those at the Ghana Revenue Authority to guide you. Make it a priority to pay up on time to avoid penalties and issues with GRA.”

The wealth client engagement session was an opportunity for the bank to provide their high-net-worth clients with relevant information on tax planning to equip them make better financial decisions. The clients also benefited from a presentation by Will Groat, the Regional Head for West Africa for Standard Bank International. Will shared insights on international investments and diversification options the bank had made available for clients.

At the end of the session, customers at the event had their questions/reservations/misgivings relating to taxes addressed by the experts.

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