For his prize, he took home an amount of GH¢100,000. Mr Kwetey was selected from over 36,900 customers who participated in the campaign which started from April 3, this year and ended on August 2.

Other customers won cash prizes of GH¢10,000, 32—inch Samsung LED television sets, iPhones and many souvenirs during the weekly and monthly draws conducted using the caritas platform of the National Lotteries Authority

The Head of Personal and Business Banking of the bank, Nana Dwemoh Benneh, said on  the day of the draw in Accra, that the campaign was an initiative of the bank to help encourage the habit of savings among Ghanaians

“The campaign, an initiative of the bank was targeted at inculcating and stimulating a savings culture among Ghanaians, as well as promoting financial inclusion,” he said.

Such attitude, he stated that the bank believed, had a great potential to turn  the fortunes of the Ghanaian economy, around while guarding against what it described as ‘rainy day’.

“The need for a savings culture remains critical to the development of the country’s economy,” he said, adding that countries that had a consistent savings culture automatically had a high savings rate and as a result were able to overcome recessions faster than those with a low savings rate.

He indicated that a savings culture facilitated investment to improve on a country’s capital stock and its long-run growth trajectory.

Statistics from the World Bank, for example puts Ghana’s gross savings rate below 20 per cent.

This situation is similar to that of other African countries such as Burkina Faso which is pegged at 8.59 per cent, Togo at 11.66 per cent, Nigeria, 12.049 per cent, Benin 16.75 per cent and South Africa, 15.14per cent.

But in Ghana over 70 per cent of the citizenry are unbanked and only 30 per cent have bank accounts, Nana Benneh said it was crucial for Ghanaians to embrace the habit of savings.

He stressed the importance of saving and urged Ghanaians to cultivate and intensify that habit.

“This is because saving provides financial security and acts as a safety net in cases of emergency,” he added.

He observed that the bank had over the years rolled out a myriad of savings and investment products that offered unrivalled financial security to its customers.

“These include the multi-currency money wallet, unsecured personal loans and the EduPlan, which helps parent to provide an uninterrupted quality education for their wards to the highest level,” he stated.