Africa's best bank transformation 2020: Standard Chartered Ghana
Awards for Excellence 2020
Ghana’s banking sector went through severe challenges in 2018 after the central bank’s asset quality review in 2017 revealed several structural challenges, including poor corporate governance, poor risk-management practices and regulatory non-compliance.
The central bank has embarked on a reform programme to clean up the banking industry and strengthening the regulatory and supervisory framework. As a result, the licences of nine banks were removed on the grounds of insolvency and three mergers took place.
Under chief executive Mansa Nettey, Standard Chartered Ghana has navigated these challenges, as well as the group’s internal strategy reset launched in 2015, to build a robust, resilient bank that wins this year’s award for Euromoney’s best bank transformation in Africa.
The bank’s efforts have resulted in a remarkable improvement in its asset quality, while ensuring a steady flow of credit to its customers.
“Since 2015, we have focused on driving our core priorities, which included securing our foundations, getting lean and focused and investing and innovating; all of which have resulted in driving growth and the repositioning of our business,” wrote Nettey in the bank’s 2018 annual report.