An International Economic Consultant and former advisor to the International Monetary Fund (IMF), Dr Emmanuel Oteng Kumah, has replaced Dr Ishmael Yamson as Board Chairman of the Standard Chartered Bank Ghana Limited (StanChart).
The announcement was made Wednesday, a week after Dr Yamson announced his retirement from the position to shareholders at an annual general meeting on June 7.
He retires after 13 years of service to the bank, within which StanChart has consolidated its position as a top tier bank, targeting Ghana’s upper and middle class.
Thus, Dr Kumah, a former Division Chief, IMF Resident Representative in Djibouti and Deputy Division Chief at the Balance of Payments and External Debt Division of the fund, is expected to lead the board to further consolidate the bank’s position in the coming years.
He was appointed a non-executive director in 2013 and brought to the bank his 25 years of experience from the IMF.
He has held positions on the board, including chairing the risk and audit committees.
With growth and stability returning to the economy and the banking sector in particular, Dr Kumah will be expected to guide the bank with the relevant strategies to enable it to profit from such positives.
Key among them will be opening up the bank’s loan book and mobilising more deposits.
The bank last year tightened its loan disbursements, citing the depressed nature of the economy and strong non-performing loans. It has, however, indicated that it will be “aggressive” with loans this year, as it seeks to consolidate its gains.