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The President of the Ghana Association of Banks and Managing Director of Stanbic Bank Ghana , Kwamina Asomaning, has outlined his top priorities during his tenure, emphasizing the need to promote economic policies that strengthen the banking sector’s role in driving economic growth and financial inclusion.
Mr. Asomaning, in an interview on PM Express Business Edition on Joy News outlined his strategic priorities, which he believes will significantly impact the banking sector’s overall development.
He disclosed that his first priority is to implement measures to ensure the banking sector is not left behind in the technological advancements of the Fourth Industrial Revolution, noting that data analytics, automation, and robotics are transforming industries worldwide.
“The advocacy piece is important, but equally important is the focus on promoting economic policies that strengthen the ability of the banking sector to pursue economic growth and financial inclusion, and there are number of underpinnings or pillars that will be quite important for us to focus on over the next few years.
“We are in the midst of the fourth industrial revolution, we’re seeing how data analytics, automation, robots are transforming both the manufacturing and the service sectors. The banking sector shouldn’t be left behind. It’s important that we embrace a lot of the change that is happening in this area.” He said.
Mr. Kwamina Asomaning revealed that economic shocks are inevitable but emphasized the need for financial institutions to strengthening their collaboration with the central bank, build strong buffers, and position themselves to withstand such disruptions.
“The second pillar, which is important, is just working with the central bank to build a more secure, a more stable, and a more resilient financial sector. Shocks are a constant in this industry. The interval between the shocks might vary, but shocks are constant, and it’s important that we build the right buffets and we set up our businesses appropriately so that we can withstand those shocks.” He stated
According to him, his third priority is to increase support for SMEs, a sector that has long struggled to access financing. He noted that while extensive research and awareness efforts have been made, banks must take a more proactive role in driving financial inclusion, particularly for the unbanked and underbanked.
“The third is just focusing a lot more on the small and medium sized enterprises. It is a part of the economy that seems to have struggled to raise financing at a decent clip and a lot of studies have been done, a lot of awareness has been brought to the fore and so it’s important for us to help drive that and in the process also improve the levels of financial inclusion, know, unbanked and the underbanked. The FinTechs seem to have done a much better job than the banks have.” He said
Touching on the banking sector’s risk profile, he said; “The next pillar that I would stress on is just improving the risk profile and the risk frameworks that we work with in the industry, there quite a number of risks apart from the credit risks. The non-financial risks are becoming very pertinent. Cyber security, it’s becoming much easier to take money from banks through digital means. The speed, the velocity at which these risks can crystallize and present us with losses has accelerated”
The final pillar of his agenda focuses on enhancing the capacity of professionals within the banking sector. Mr. Asomaning highlighted the need for continuous training in ethics, risk management, and complex financial solutions. He expressed his commitment to working with the association to improve the industry’s human capital, ensuring that banking professionals are well-equipped to navigate the evolving financial landscape.
“The final one is just increasing or improving the capacity of the professionals that work in the banking sector, quite a bit of training around ethics, understanding more complex financial solutions. I can work with the association to improve the human capacity of my colleagues in the sector. That would be a good outcome.” He stated
Source: Elvisanokyenews.net
