ANNUAL REPORT 2020 CONTENTS 03 CORPORATE PROFILE 05 VISION, MISSION & CORE VALUES 07 CORPORATE INFORMATION 09 BOARD OF DIRECTORS 16 BOARD CHAIRMAN’S STATEMENT 19 MD/CEO’S STATEMENT 22 EXECUTIVE COMMITTEE 32 REPORT OF THE DIRECTORS 33 CORPORATE GOVERNANCE FRAMEWORK 36 REPORT OF THE INDEPENDENT AUDITOR 40 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 41 STATEMENT OF FINANCIAL POSITION 42 STATEMENT OF CHANGES IN EQUITY 43 STATEMENT OF CASH FLOWS 44 NOTES TO THE FINANCIAL STATEMENTS 94 APPENDIX I 95 APPENDIX II 2 CONTENTS ANNUAL REPORT 2020 CORPORATE PROFILE First Atlantic Bank is a full-scale institution that competes effectively between African countries also commercial bank with over 25 years in the local and sub-regional feature strongly on our agenda. of experience in the Ghanaian financial market place in a manner market. Originally founded as a that showcases the best of our First Atlantic Bank’s value merchant bank, First Atlantic Bank collective talents. Our aspiration is propositions are geared towards has won several awards recognizing borne out of a vision to be a global identifying customer needs and its leadership in customer care, bank out of Ghana and the West expectations and providing value advisory services, trade finance and African Sub-region. added solutions for those needs. corporate banking. The overriding goal is to be at the We therefore pursue the agenda forefront of banking innovation, First Atlantic Bank offers three of creating a well differentiated defining the industry landscape and distinctive service categories: Private brand with bespoke product and creating value for all our stakeholders, Banking, Personal & Business service offerings delivered by a thereby living our mantra of being Banking and Corporate Banking. knowledgeable and well motivated refreshingly different. staff. First Atlantic Bank is Each category encompasses a range positioned as a conduit for We offer our customers what we of innovative services designed to investment flows into Ghana while have termed the Purple Experience benefit our customers and delivered leading in the use of electronic - which is our distinctly different to our exacting levels of service and other alternative channels to and unparalleled customer service excellence. promote financial inclusion. experience driven by a passionate workforce and process efficiency At First Atlantic Bank, we have Facilitating international trade to create value for our customers. set broad objectives to create an and promoting trade within and 3 CORPORATE PROFILE ANNUAL REPORT 2020 VISION, MISSION & CORE VALUES OUR VISION To be a Global Bank out of Ghana. OUR MISSION Providing superior Financial Solutions and creating value for our stakeholders. OUR CORE VALUES Our core values are summarized in the acronym ICARE. INTEGRITY: We strive to maintain honesty and sincerity in our business, abiding by the highest professional standards and ethics. CUSTOMER CENTRIC: Our customers are the center of all we do. AGILITY: Our dedication to fast, timely results is second to none. RESILIENCE: We are resolute in our resolve to confront challenges head-on. EXCELLENCE: We pursue distinction in our service delivery. 4 VISION, MISSION & CORE VALUES ANNUAL REPORT 2020 5 NOTES TO THE FINANCIAL STATEMENT ANNUAL REPORT 2020 CORPORATE INFORMATION DIRECTORS AMARQUAYE ARMAR BOARD CHAIRMAN (APPOINTED 8 APRIL 2020) ODUN ODUNFA MD/CEO DANIEL MARFO MEMBER PATIENCE ASANTE MEMBER KAREN AKIWUMI-TANOH MEMBER OYE BALOGUN MEMBER DR. WALE OLAWOYIN MEMBER PAPA MADIAW NDIAYE MEMBER DR. AUGUSTINA AMAKYE MEMBER (APPOINTED 8 APRIL 2020) GEORGE YAW AMOAH MEMBER (APPOINTED 8 APRIL 2020) REGISTERED OFFICE ATLANTIC PLACE NO. 1 SEVENTH AVENUE RIDGE WEST ACCRA, GHANA COMPANY SECRETARY MARK OFORI-KWAFO P. O. BOX CT 1620 CANTONMENTS ACCRA, GHANA AUDITORS PRICEWATERHOUSECOOPERS PWC TOWER A4 RANGOON LANE CANTONMENTS CITY PMB CT 42, CANTONMENTS ACCRA, GHANA 6 CORPORATE INFORMATION ANNUAL REPORT 2020 BOARD OF DIRECTORS 7 NOTES TO THE FINANCIAL STATEMENT ANNUAL REPORT 2020 BOARD OF DIRECTORS AMARQUAYE ARMAR BOARD CHAIRMAN Amarquaye Armar is an experienced energy consultant D’Ivoire, Liberia, Sierra Leone and Guinea), Chairman serving the World Bank Group’s energy practice for 30 of the Board of Directors of Marinus Energy Limited years where he managed a World Bank-administered and Executive Director of ANAVENTURES Limited. multi-donor trust fund governed by a Consultative Additionally, he performs special assignments for the Group comprising 11 bilateral donor agencies and Government of Ghana. He holds a Master Degree in the World Bank. He led the Bank’s energy lending Chemical Engineering (Technology Policy Program) from operations in West Africa and Bosnia & Herzegovina. the Massachusetts Institute of Technology (USA) and a He has accumulated practical, wide-ranging know-how First Class Honors Degree in Chemical Engineering and and expertise (covering Ghana and the ECOWAS Fuel Technology from the University of Sheffield (UK). sub-region) in the field of energy/power sector reform, petroleum supply-chain de-regulation and structured financing arrangements for infrastructure projects. He also served the Ghanaian government as a Presidential Adviser on Energy between July, 2010 and January, 2013. Mr. Armar is currently an Independent Member of the Board of Directors of the Transco CLSG (Supra-national Power Transmission Company of the West Africa Power Pool, jointly owned by Cote 8 BOARD OF DIRECTORS ANNUAL REPORT 2020 ODUN ODUNFA PATIENCE ASANTE MD/CEO EXECUTIVE DIRECTOR (RISK & CONTROL) Odun has almost 3 decades of banking experience that Patience is a consummate finance professional and is uniquely relevant to leading First Atlantic Bank in the results-driven Risk Management expert with over 22 next phase of its growth strategy. He brings to the role years of demonstrable experience in credit governance, a wide ranging experience spanning Treasury, Corporate, risk management, project finance, credit structuring, Investment and Retail Banking in various banks in product development for corporate and retail markets. West Africa. Prior to his appointment, he was the She is a skilled risk manager with proven senior-level CEO/Managing Director at Kedari Capital Ltd and experience in credit management and administration. served in various capacities on the First Atlantic Before joining First Atlantic Bank, Patience successfully Bank Board of Directors. Odun graduated with BSc managed the Risks Assets portfolios of over GH¢750 Mathematics from Obafemi Awolowo University, million and $250 million at both Universal Merchant Nigeria and MBA from University of Lagos, Nigeria. Bank (UMB) as Director of Credit and Risk Management and as Head of Credit at the United Bank for Africa (UBA) respectively. She commenced her banking career as a financial Analyst in 1997 and rose to the rank of Deputy Manager, Risk Management in 2006 with Ecobank Ghana limited. From 2006 to 2012 she played various roles in Risk management and Finance functions at Woolwich Building Society, European Social Fund in the United Kingdom and the International Bank in Liberia as its Head of Credit. Patience holds a Bsc (Hons) Business Administration (Banking and Finance) degree and a Master of Business Administration (Finance) from the University of Ghana. 9 BOARD OF DIRECTORS ANNUAL REPORT 2020 DANIEL MARFO KAREN AKIWUMI-TANOH EXECUTIVE DIRECTOR (BUSINESS) NON EXECUTIVE DIRECTOR Daniel is a consummate Corporate & Investment Karen is an accomplished Ghanaian Banker with Banker with over seventeen years of experience. Audit, Consulting and Banking experience spanning He possesses excellent deal origination, structuring, 3 decades and has practised in several countries credit and leadership capabilities. Prior to joining First including Ghana, Togo, Sierra Leone, Angola, UK and Atlantic Bank he had worked in various capacities with the USA. Karen’s career in Banking spans 23 years, Standard Chartered Bank, Barclays Bank, Ecobank the last at Managing Director level. Over the last 23 Group, Cal Bank and Fidelity Bank where he was years, Karen has been significantly responsible for Director Corporate Banking. Daniel holds a BSC (Hons) the growth and establishment of Ecobank in Ghana, Mining Engineering (First Class Honours), Postgraduate Sierra Leone and Angola. Her core competencies Diploma in Mining Engineering from the University of include Strategy Formulation, Corporate Finance, Science & Technology Kumasi. Daniel also holds an Banking, Accounting & Auditing, and Networking. LLB degree (First Class) from Mountcrest University Karen is a Chartered Accountant (ICAEW) and College and an MBA (Finance) from Lancashire Business a member of the Institute of Directors (IoD) UK. School, England. Daniel serves on the board of First She serves on the Boards of Beneficial Life Togo/ Atlantic Assets Management Limited. He is a lawyer. Cameroon, Prudential Life, Stratcom Africa and Fleur Afrique. 10 BOARD OF DIRECTORS ANNUAL REPORT 2020 DR. AUGUSTINA AMAKYE OYE BALOGUN NON EXECUTIVE DIRECTOR NON EXECUTIVE DIRECTOR Dr Augustina Amakye is a highly skilled communications Oye is a versatile entrepreneurial executive with over expert with extensive experience in writing/editing, 21 years experience in legal practice, property and research, marketing, evaluation and critical analysis. She infrastructure development. He is a Barrister & Solicitor started her career as a Graduate Research Assistant of the Supreme Court of Nigeria, having graduated at Regent University (USA)