Access Bank (Ghana) (ACCESS) AGM 2024 summary

Opening remarks and agenda

• The meeting opened with a welcome, prayer, and a memoriam for the late founding Group CEO, Dr. Herbert Wigwe, and his family, followed by a tribute and a minute of silence in their honor.

• The board, company secretary, and key stakeholders, including regulators and auditors, were introduced, and participation instructions for the virtual AGM were provided.

• The agenda included adoption of audited financial statements, re-election of directors, approval of remuneration, and constitutional amendments.

Financial performance review

• The independent auditor's report confirmed the financial statements present fairly the bank's position as of 31 December 2023, in accordance with IFRS and local regulations.

• Shareholders commended the bank's strong results despite economic challenges and the impact of the Domestic Debt Exchange Programme (DDEP).

• Concerns were raised about multiple levies affecting profitability and dividend payments, with management noting ongoing engagement with authorities.

• Cost management was highlighted, with a cost-to-income ratio below 30% and ongoing efforts to optimize efficiency.

Board and executive committee updates

• Three directors—Ama S. Bawuah, Hadiza Ambursa, and Yvette Adounvo Atekpe—were re-elected following votes of confidence.

• Notice was given of the resignation of Mr. Dolapo Ogundimu from the board in June 2023.

• Succession planning and capacity building for directors and staff were emphasized as ongoing priorities.