JP Morgan plans expansion in Ghana

One of the biggest financial services company in the world, JP Morgan Chase & Co has announced its intention to set up in Ghana.

The company, which declared 96.7 billion dollars in revenue in 2016 is targeting multinational companies operating in Ghana’s oil and gas industry.

Speaking with Bloomberg TV at the sidelines of the of the World Economic Forum meeting in Davos, Switzerland, the Chief Executive of JP Morgan Chase & Co, Jamie Dimon disclosed that the company will soon begin operations Ghana.

“We want to expand our services. We will go there, serve the country. We will serve the U.S multinational going in, the universities,[and] the power plants.  You’ll see us open in some countries we are not in, in Africa you’ll be hearing about some of that stuff,” he said, adding that the company will soon begin operations in Ghana and Kenya.

Mr. Dimon explained that JP Morgan is planning to expand its branches and operations worldwide with an investment portfolio of 20 billion dollars.

The company had earlier announced that it will spend the said amount over five years.

It added that  it will raise hourly pay for a portion of its workforce, add jobs and open 400 branches in new U.S. locations.

The move, the bank explains is due to tax breaks, reduced regulation and an improved business climate in the U.S that have made it possible to make the changes.

Meanwhile the CEO of Ghana Investment Promotion Center (GIPC) Mr Yoofi Grant, who is also in Davos tells Citi Business News, the latest development is an indication of the inroads Ghana is making on its investment front. He believes if the announcement comes to being, it will boost the country’s economic prospects.

By: Lawrence Segbefia/citibusinessnews.com/Ghana