The Managing Director of Stanbic Bank Ghana, Kwamina Asomaning, has taken up the reins of the Ghana Association of Banks (GAB) as the President.
This follows the completion of the tenure of John Kofi Adomakoh, who departed from his position at GCB Bank PLC.
Mr Asomaning assumes leadership at a crucial time when the country’s banking sector faces multiple strategic challenges. Key among them is steering the industry through the current economic landscape, particularly focusing on inflation management and currency stability while supporting the implementation of Ghana's
International Monetary Fund (IMF) programme requirements.
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The new GAB President brings a wealth of experience to his role, having demonstrated expertise in both domestic and international financial markets.
His tenure at Stanbic Bank Ghana has been marked by notable achievements in innovation and sustainable banking practices, with the bank earning recognition for its customer-centric approach under his guidance.
"Mr Asomaning's proven leadership and innovative mindset position him ideally to guide the association towards stronger industry collaboration, enhanced financial stability and sustainable economic growth within Ghana's banking sector," the GAB stated in a statement announcing his assumption of office.
Digital transformation
Among the immediate priorities for the new leadership is accelerating digital transformation while ensuring robust cybersecurity measures across the banking sector.
“Additionally, Mr Asomaning will need to address critical issues such as managing non-performing loans, promoting financial inclusion and ensuring member banks maintain adequate capital requirements in line with regulatory standards,” the statement said.
The sector also faces challenges in human capital development, sustainable banking practices and the implementation of environmental, social and governance (ESG) standards.
Under Mr Asomaning's leadership, GAB is expected to develop comprehensive strategies for green financing initiatives and responsible lending practices while promoting industry-wide sustainability frameworks.