Renowned Ghanaian businessman and Founder of Groupe Nduom, Dr. Papa Kwesi Nduom has urged indigenous Ghanaian companies to be prioritised in the acquisition process for Standard Chartered Ghana’s retail banking business following its announced intention to divest.
In a post made on Facebook, the renowned Ghanaian businessman argued this opportunity presents the country a unique opportunity to strengthen local ownership within its local retail banking space.
“Make no mistake about this: if Standard Chartered is selling its retail banking business, the buyer should be an indigenous Ghanaian company.” Dr. Nduom stated
Ghana’s banking sector has seen a significant erosion of indigenous ownership, a trend accelerated by the 2017-2020 banking crisis which wiped out several domestically owned institutions.
The comments by Dr. Papa Kwesi Nduom follow Standard Chartered Bank Ghana’s announcement of its intention to explore the sale of its Wealth and Retail Banking business as the bank shifts focus to its Corporate and Investment Banking operations.
With a great career spanning from business to politics,this call carries particular weight especially coming from a man owned one of the largest indigenous financial institutions in Ghana before its licence was revoked during the 2017-2020 banking sector cleanup.
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