The President of the Chartered Institute of Bankers (CIB), Mrs. Patricia Sappor, has called for an increase in gender-balanced organizations in the country amidst growing concerns over women’s underrepresentation in institutions in the country.
Mrs. Sappor, who is the first woman to hold the role of the President at the CIB, averred that more balanced-gender organizations are vital for the general development of the economy while speaking at the Institute’s Annual Bankers Week Dinner.
Gender diversity at all levels of the financial services sector, according to the President of the institute, will contribute to more robust decision-making and increased efficiency at those organizations.
The President then advised women to be bold and take on leadership roles in the country, saying that they are just as capable as men for those positions.
“I desire to see many women participate in leadership discussions and take up roles at the senior management level in our various institutions. I encourage my fellow women to be bold and aspire for these positions to champion this agenda to fruition.”
Mrs. Sappor
This follows a gender-diversity survey conducted by The Boardroom Africa and the Ghana Stock Exchange (GSE), which showed that women account for only 23% of all non-executive directors on boards of publicly-traded companies. In addition, women make up 6% and 8% of the Chairpersons and Chief Executive Officers on listed boards, respectively.
There is increasing research on the broader economic benefits of increased gender diversity, with one study published by the Organization for Economic Cooperation and Development (OECD) showing that a 50% reduction in the gender gap in labor force participation would result in a 6% rise in GDP by 2030 on average across the OECD.
Prioritizing Chartered Bankers
Mrs. Sappor charged Chief Executive Officers (CEOs) and managing directors of banks and non-bank financial institutions (NBFIs) to make chartered bankers a priority in their hiring, claiming that chartered bankers are uniquely qualified to promote growth and success. This move, she believes, will bring professionalism and productivity to the workplace.
In addition, the President urged state and financial institutions to continue providing loans and ancillary services to Micro, Small, and Medium-sized Businesses (MSMEs).
Mrs. Sappor believes noted that due to low capital of those ‘small businesses’, many loan-giving institutions are hesitant in giving loans to them. She then called on banks to give them premium in borrowing funds because these loans have the tendency to turn their businesses around. Due to the dangerous nature of the transactions, she recommended financial institutions to always demand collateral before disbursing loans.
Following the ongoing public awareness campaign and the resulting impact of the Ghana banking code of ethics and business conduct, Mrs. Sappor requested a similar public awareness campaign for the Bank of Ghana’s External Dispute Resolution Office, arguing that it would boost confidence in the sector.
“I also believe that creating a lot more awareness of the External Dispute Resolution office’s existence in the Bank of Ghana. It is the office that handles complaints of clients of the banks, and will further help to build confidence in the financial sector.”
Mrs. Sappor
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