Chartered Institute of Bankers gets 11-member board

The Minister of Education, Dr Matthew Opoku Prempeh, has inaugurated an 11-member governing board for the Chartered Institute of Bankers, Ghana (CIB) and called on the institute to review its curriculum to meet the changing needs of industry and also boost the confidence of Ghanaians in the banking sector.

The institute, which was previously under the Professional Bodies Registration Act, 1973 (NRCD143), has now been given an enhanced mandate to promote the study of banking and regulate the practice of the banking profession in the country.

This follows an assent given by President Nana Addo Dankwa Akufo-Addo, which saw the CIB Act, 2019 (Act 991) come into effect in June last year.

Members

The board, which has Rev. Mrs Patricia Sappor as Chairperson and Mr Sampson Omari as Vice-Chairperson, was tasked by the minister to ensure that members of the banking profession adhered to the ethical and professional standards needed to strengthen the financial sector.

The board, which will serve a two-year term, also includes a representative of the Bank of Ghana (BoG), Mr Michael Amoafo-Atuobi; a representative of the Ministry of Education, Mr John Darko; a representative of the Ministry of Finance, Mr Sampson Akligoh, and a representative of the Ghana Association of Bankers, Dr Daniel K. Mensah.

Other members are Mr Clifford Mettle, Mr Charles Ofori-Acquah, Mr Sina Kamagate, Ms Abena Pokuaa Ackah and Dr Mrs Akorfa Ahiafor.

Capacity building

Dr Opoku Prempeh observed that the myriad of challenges facing the banking sector, including global regulatory reforms, transformational technology and changing generational expectations, were key indicators in driving change in the sector, hence the need for the institute to meet higher standards by designing pragmatic solutions tailored to meet the banking needs of Ghanaians.

“Much focus, therefore, has to be given to talent development, with significant investment in capacity building to raise the standard of education in the financial services,” he said.

He charged members of the board to explore new opportunities that came with new developments in the banking industry.

The Education Minister also stressed the need for the institute to ensure sanity and compliance with the teaching regulations and standards of persons who sought to provide tuition in the country.

“We will continue to monitor your progress and provide the necessary support when needed,” Dr Prempeh added.

Conformity

For her part, Rev. Mrs Sappor affirmed that the members of the board were experienced bankers and gave an assurance that the institute would work as a team to impact banking standards in the country.

“We want to get everybody to be financially and ethically minded and conform to the code of ethics in the banking industry because banking thrives on integrity,” she said.

She pledged that the board would dispassionately deliver on its mandate to advance the cause and interest of the banking sector.

Rev. Mrs Sappor said the institute would work with the association of bankers this year to develop a common code of ethics that applied to all employees of banks across the country.