StanChart appoints Dr Kumah as board chairman

Dr Emmanuel Oteng Kumah
Dr Emmanuel Oteng Kumah

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).

His appointment was announced in a press statement copied to the Daily Graphic.

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It follows the retirement of Dr Yamson from the bank on June 30 after 13 years of service.

While as chairman, StanChart 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.

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Drawing on experiences

The Chief Executive Officer of the bank, Ms Mansa Nettey, said she looks forward to working with Dr Kumah in his new role, along with the rest of the board as they continue to maintain the bank’s governance standards and deliver long-term value to all our shareholders

Dr Yamson said he was “pleased to have Dr Kumah step into the role as board chairman.

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“His experience is extensive and he will continue to pursue the bank’s strategy”.

Dr Kumah said he was also delighted to accept the appointment.

“I will draw on my experience and knowledge to drive the strategy of the bank,” he said.

He thanked Dr Yamson for his commitment and contribution to the Standard Chartered for the past 13 years.

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.