INTRODUCTION
Women have always being constant features of
Ghanaian life. There are some sectors in the country where the survival of
sectors has rested on the shoulders of hard working women.
From
left: Nilla Selormey, Patience Akyianu, Abiola Bawuah and Subu Giwa-Awu
According to data from Ghana's 2010 Population Census, women make up more than
50% of the population compared to just 49% for men. Globally, there are more
women than men. In the United Kingdom for instance, girls outperform boys from
primary level to university level. Yet in the year 2012, of the FTSE top 100
companies listed on the London Stock Exchange, only 2 of them had women CEOs.
In spite of their numerical strength, women are not well represented in top management positions in corporate Ghana. The Banking and finance industry is no exception.
As at the end of 2012, of the over 25 universal banks in Ghana, none could boast of a female as a substantive Managing Director (MD) or Chief Executive Officer (CEO). All the banks were run by men. Then in the last six months, the picture changed. Four (4) women had risen to become the MDs of their respective banks. In our banking industry, it is unprecedented to have 4 women heading banks at the same time.
The newly appointed female MDs are Mrs Patience Akyianu, an accountant and a career banker who took over the topmost position at Barclays Ghana in October 2013; Nilla Selormey got appointed in December 2013 as the MD of Merchant Bank after its take over by Fortiz; Abiola Barwuah took over the helm at United Bank for Africa (UBA) in January this year; and last but not least, this month saw Nigerian, Subu Giwa-Awu appointed as the new MD of International Commercial Bank (ICB).
Not that there are not women heading financial institutions in the country. In the Non-banking financial sector (or micro-finance) there are at least two such female CEOs. Mrs Frances Adu-Mante heads EB-Accion (the micro-finance arm of Ecobank Ghana) and Mrs Sarah Zetterli runs Procredit Bank. Mrs Felicity Acquah finished her tenure as CEO of Exim Guaranty bank last year. In the insurance sub-sector, the biggest insurance company in Ghana, State Insurance Company (SIC) made history last year by appointing Mrs Doris Awo Nkani as its first female MD.
THE TRAIL BLAZERS
In spite of their numerical strength, women are not well represented in top management positions in corporate Ghana. The Banking and finance industry is no exception.
As at the end of 2012, of the over 25 universal banks in Ghana, none could boast of a female as a substantive Managing Director (MD) or Chief Executive Officer (CEO). All the banks were run by men. Then in the last six months, the picture changed. Four (4) women had risen to become the MDs of their respective banks. In our banking industry, it is unprecedented to have 4 women heading banks at the same time.
The newly appointed female MDs are Mrs Patience Akyianu, an accountant and a career banker who took over the topmost position at Barclays Ghana in October 2013; Nilla Selormey got appointed in December 2013 as the MD of Merchant Bank after its take over by Fortiz; Abiola Barwuah took over the helm at United Bank for Africa (UBA) in January this year; and last but not least, this month saw Nigerian, Subu Giwa-Awu appointed as the new MD of International Commercial Bank (ICB).
Not that there are not women heading financial institutions in the country. In the Non-banking financial sector (or micro-finance) there are at least two such female CEOs. Mrs Frances Adu-Mante heads EB-Accion (the micro-finance arm of Ecobank Ghana) and Mrs Sarah Zetterli runs Procredit Bank. Mrs Felicity Acquah finished her tenure as CEO of Exim Guaranty bank last year. In the insurance sub-sector, the biggest insurance company in Ghana, State Insurance Company (SIC) made history last year by appointing Mrs Doris Awo Nkani as its first female MD.
THE TRAIL BLAZERS
While it is worth celebrating these topmost women bank appointments, it will be equally worthwhile to mention that their path has been well-travelled by some distinguished women in the past.
Mrs Helen Lokko, a chartered accountant, blazed a trail when she became the first woman to become MD of Ghana's biggest bank, the Ghana Commercial Bank (GCB) from the mid 1990s up till the year 2000. Later in January 2003, Mrs Matilda Obeng-Ansong, a career GCB woman also took over the helm until she left in 2004.
Years earlier, the mortgage firm, the Home Finance Company (HFC) had been set up to provide mortgages. The World Bank had asked trained lawyer, Mrs Stephanie Baeta-Ansah to lead the company. According to Mrs Baeta-Ansah that was a time the World Bank "couldn't find men". Later in 2003 HFC applied to become a universal bank and it was awarded a universal banking license in November that year. Thus Stephanie Baeta-Ansah became the first MD of the new HFC bank.
In 2004 Barclays Bank Ghana also appointed Margaret Mwanakatwe, a Zambian to head the oldest bank in the country.
REASONS FOR THE RISE
Although having four female CEOs out of about 28 universal banks represents just 14% of the total, it is still encouraging. It will be good to understand some of the reasons for this new trend.
The changing role of women is a major factor. In times past many women were home makers. However, the changing structure of the economy and modern societal evolution means that many women now pursue full time careers either to supplement the household income or in furtherance of their own career ambitions. Thus many women even delay marriage and child-birth these days in order to build their career educational goals. Many women thus work their way up the corporate ladder so there is a large pool of management talent to choose from. In March 2012, the board chairman of UBA Bank, Kwame Pianim, revealed in a speech that women made up 53% of the entire workforce of UBA Ghana.
Banking consultant Nana Otuo Acheampong, seems to agree that the trend is
changing. "Our banking industry has been having women for a long time.
Until recently some of them did not want to be career women because of family
commitments but now we are getting into a situation where more women are
becoming career women", he explained in an interview with Accra-based
radio station, Citi FM.
A closer look at the background of these newly appointed bank heads reveal similar patterns. Nilla Selormey has over 20 years banking experience gathered by working for Fidelity, Zenith and Ecobank. Patience Akyianu boasts over 20 years banking experience through working for Standard Chartered South Africa and Barclays Ghana. Abiola Bawuah has more than 10 years banking profile built from Strategic African Securities, Calbank, Stanchart and Zenith bank. Giwa-Awu has more than 20 years financial experience majority of which was spent with First Bank of Nigeria, the largest bank in Nigeria. All 4 have more than 10 years of experience in their sector gathered by working for different banks when they needed to. They all have postgraduate degrees as well.
This is suggestive of a clear ambitious plan to pursue career goals and going as high as possible. Ambition, hard work and determination is evident across all these MDs.
Appointments to CEO positions of listed banks are done by the Boards of Directors. These boards will not appoint a CEO if they are not sure that the latter will bring return on shareholder's funds. In other sectors like the Judiciary, entrepreneurship, academia and in government, many women have excelled. Indeed the immediate past Speaker of Parliament was a woman. The immediate past Vice-Chancellor of the University of Cape Coast who is a Minister of State now is a woman. The current Chief Justice of Ghana is a woman. Many others are distinguishing themselves in various fields, lending credence to the fact that women are equally competent. I believe these boards thus had no choice than to give the opportunity to these accomplished women bankers.
THE FUTURE
A closer look at the background of these newly appointed bank heads reveal similar patterns. Nilla Selormey has over 20 years banking experience gathered by working for Fidelity, Zenith and Ecobank. Patience Akyianu boasts over 20 years banking experience through working for Standard Chartered South Africa and Barclays Ghana. Abiola Bawuah has more than 10 years banking profile built from Strategic African Securities, Calbank, Stanchart and Zenith bank. Giwa-Awu has more than 20 years financial experience majority of which was spent with First Bank of Nigeria, the largest bank in Nigeria. All 4 have more than 10 years of experience in their sector gathered by working for different banks when they needed to. They all have postgraduate degrees as well.
This is suggestive of a clear ambitious plan to pursue career goals and going as high as possible. Ambition, hard work and determination is evident across all these MDs.
Appointments to CEO positions of listed banks are done by the Boards of Directors. These boards will not appoint a CEO if they are not sure that the latter will bring return on shareholder's funds. In other sectors like the Judiciary, entrepreneurship, academia and in government, many women have excelled. Indeed the immediate past Speaker of Parliament was a woman. The immediate past Vice-Chancellor of the University of Cape Coast who is a Minister of State now is a woman. The current Chief Justice of Ghana is a woman. Many others are distinguishing themselves in various fields, lending credence to the fact that women are equally competent. I believe these boards thus had no choice than to give the opportunity to these accomplished women bankers.
THE FUTURE
With an ever-expanding economy and more women delaying choosing to pursue full time careers like men do, are we likely to see more women at the top of more banks? UBA's Abiola Bawuah thinks so. "Yes, it's going to be. Women do not only lead with just their heads but with their hearts as well and I think you need to be compassionate to your staff and I think women have consistently demonstrated that. I believe looking at the sterling performance of women leaders, which is what is going to encourage other people to want to use women in their organisations. People are beginning to accept women more easily and women need to believe in themselves", she revealed to Citi Business News.
Nana Otuo Acheampong concurs, "If you take out the MD position there are quite a number of general management positions...and there are quite a sizable number of women occupying these general positions...and I think gradually you will see some of them rising to come to the level of MDs".
Sheryl Sandberg, the Chief Operating Officer of Facebook and a women's advocate once said “girls have to be ambitious at work and boys have to be ambitious at home”.
I think it is an advice in season!
