AWIBF MAGAZINE EDITION 3 GHANA

A NATIONAL FIRST PROJECT ISSUE 003 2018/1 GH¢20 THOUSANDS IN CIRCULATION



IN THIS ISSUE CONTENT 10Top Banking Women 10 Top Banking Women 08 Anniversary 22Building 15 Cover Story Hot Book - 21st Century Bank Workplace Teller Book Launched 28 Relationships 16 Outstanding Ladies Body Language 46Insurance Associations Focus 18 The Women’s Market Today 03NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE 20 - Access Bank gives hope to 24 Women with Maternal Health Scheme Women in Accounting - With Mrs. Doris Ahiati, Country Manager Acca Ghana The WFIR Centre Reorganises 26 Annual National Women in Banking and Finance Awards 30 Executive Education - With Mrs. Mary Brown,Former Deputy MD, Prudential Bank 32 Builing your Career 34 Growing your Investment 36 Financial Technology & E-Banking 40 Award Wining Women in Micro-finance 42 Campus Ladies in Finance 48 Advocacy in Action

EDITORIAL ECONOMIC FEMI-PANAFRICANISM: LESSONS FROM JAPAN Listening to the BBC on one of those days when I felt and Finance Awards has huge potential for the delivery like I was in a global economic mood, it was not only of the long awaited results for the most rapid economic enlightening but rather amusing. transformation yet. Japan’s current Prime Minister Shinzo Abe having Five is great. And as a project we are in celebratory made a lot of headlines since assuming office, has been mood. God has been good to us. Throughout this 5th one of the most creative leaders in recent times. True, year a number of activities have been lined up but our he inherited a bad economy, with Japan’s once famous THEME is singular. Its “Five Years Of Pushing The economic names almost missing and cast down as a Female Financial Sector Leadership Agenda: Strategies failing one. Desperate as he was he turned to one magic For The Future.” We have had a successful 5th Edition wand. A unique cocktail of ideas and economic strategies of the Awards which came off at the Accra International which was famously christened ‘Abenomics’. Conference Centre on Friday the 23rd of March, 2018. I’m sure if you were uninitiated like me in economic The president of Ghana’s appointee to head the National terms your mind will be sent wandering. Abenomics? Board For mall Scale Industries (NBSSI) emerged with But that’s just my point. I, like you may be interested three Awards including the highest award for the night in the bare essentials because maybe (just maybe) I Sme banking, international banking and overall finance might get dizzy with deeper economics terminology. My personalities respectively. Other distinguished winners point? That this guy decided to hinge his whole recovery included Nilla Selormey, Mabel Porbley, Doris Ahiati, strategy on one thing,Women. His colleagues elsewhere Lauretta Addico, Nyamikeh Kyiamah, Patricia Sappor, were hooked up on IMF and World Bank meetings Constance Baah, Betty Aryee, and Clara Quaye. Powerful and central bank policies. After centuries of high finance women. But our eyes (our cherished Laureats sounding financial terms and policy papers, the truth is made up some of the distinguished female financial beginning to emerge. No economy can survive on one giants that can be found ANYWHERE in the world and leg. An economy without the entrepreneurial input of us) are set on the real prize. its female population is definitely ‘limping’. That’s just what is happening in Ghana and Africa. In 2018 Ghana, Those results are to deliver outstanding economic results women and school girls cannot cross certain rivers and for our dear nation’s economy. With the ripple effects water bodies in certain parts of the country not due to across our mother continent. The key lesson from the fact that they are lazy but simply because they are Japan again? Women. They called it Abenomics there. menstruating: slowing down drastically and in some Here in Africa, I prefer what I now call economic femi- cases denying those local economies and the larger pan Africanism. Pan Africanism that does not make national GDP critical intellectual and entrepreneurial economic sense and put decent money in the pockets of output. In 2018. Not 1743. our people through the sound input of competent and In this wise, the strategic placement of FINANCE respected women is a fruitless shouting of empty slogans. WOMEN in the scheme of things is highly critical. In Have we not heard what the good book says: the poor this visionary strategy of economic transformation, we man’s wisdom is not heard? at the National Women in Banking and Finance Awards believe, that it is only when the women who are skilled Our Board members, my team and I are grateful for in FINANCIAL KNOWLEDGE have their capacity built your continued encouragement and tough love on this to deliver innovative financial products and services journey. My hope is that we will all get there soon. for their fellow uninitiated women that the growth of Happy five years! Regards the nation can gather speed. In other words financial inclusion of women must be powered by finance J. Nana Obuam women.Five years on, the continents first ever banking and finance awards for women has come far. Our Managing Editor and Awards contribution has been modest and there is still yet work Planning Committee Chair, to be done. Indeed, the powers that be must support us Women in Banking and Finance because it is clear that the Annual Women In Banking Magazine / Annual Awards Project 04 NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE

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CCOOMMMENMTS ENTS Mrs. Shirley Frimpong, CEO, Eagle Petroleum, 2017 WIBF AWARDS Winner, Accounting Personality and Overall Finance Personality Awards, Accra International Conference Centre I have been greatly inspired by the Women in Banking and Finance Awards platform. Before I received it I was General Manager of Frimps Oil. Building on that inspiration and the urge to do more today I am CEO of Eagle Petroleum. It is time women rise higher and I want to congratulate all past present and future winners. Let’s support this Awards Mrs. Comfort Oduro Nyarko, CEO, Makola Institute, 2017 WIBF AWARDS Winner, Community Development Personality of The Year 2017, Accra International Conference Centre I was quite surprised when I heard that I was being awarded by such a prestigious Magazine at their groundbreaking annual event at the Accra International Conference Centre. Since I received this award, so many great doors have opened for me including opportunities to travel outside Ghana. The Award has really lifted me and im grateful to the WIBF Awards and especially the hard working one Editor Mr. J. Nana Obuam. God richly bless all past and future Awardees as we continue to make Ghana proud. Mrs. Magdalene Apenteng, Acting Director, Ministry of Planning Paraphrased excepts from her Keynote Address at the 5th Anniversary Celebrations Award Event at the Accra International Conference Centre, March 23 Ghana has indeed been honored to have outstanding female finance leaders, we have had two deputy governors of the central bank, two deputy ministers of finance etc. The continued celebration of women in banking through this historic initiative is therefore apt and important. 06 NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE

ADVANCED MANAGEMENT PROGRAMME (AMP) FOR AFRICA July 9, 2018 - November 29, 2018 | Accra. Casablanca. Lagos. Shanghai Take Your Career’s Next Big Step As the global economy continues to change so do the requirements for global leadership. The rapid changes reshaping business today require you to stay ahead of change. Through the facilitation of world-renowned faculty and experienced leaders, the China Europe International Business School (CEIBS) Advanced Management Programme (AMP) for Africa equips you and a select international group of like-minded senior executives in Africa with the ideas and capabilities to look at the drivers of global business success in a refreshingly new light and to lead your organisations with renewed confidence towards sustainable competitive advantage and long-term growth. WHO SHOULD ATTEND Ideal candidates for this practice-oriented programme are: • Africa based CEOs (group or subsidiary level) • Executive Directors/General Managers of fast-growing enterprises • Senior Executives • Department Heads and Regional Directors of big multinationals • Directors of Public Enterprises • Country Heads, Directors and Deputy Directors of International NGOs • Board members PROGRAMME BENEFITS 4 Cities, 4 Countries, 5 Modules, 5 Months, 23 days By the end of the programme, you will have:  Acquired specialised knowledge of human resources, marketing, finance and accounting, formulation and implementation of strategies pertaining to business leadership and management  Developed advanced and practical management tools, formed your own theoretical frameworks for business leadership and management and mastered effective, strategic models  Gained a deeper understanding of the particular role of CEOs, directors and general managers and learned how to establish constructive work relationships with supervisors, subordinates, team members and external stakeholders  Further enhanced those skills which are essential for CEOs, directors and general managers: negotiation, coaching and communication skills  Gained membership into the prestigious CEIBS Global Alumni Association and benefit from the international network available to members within and outside Africa RESERVE YOUR PLACE Contact: Samuel +233 544315238 Abena +233 544315238 Elikplim +233 544315238 The CEIBS Advanced Management Programme (AMP) for Africa...Developing Africa’s Global Business Leaders www.ceibs.edu/amp-programme 07NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE

5TH ANNIVERSARY COVER STORY BIG 5 AT 5: WOMEN WHO HAVE MADE AN IMPACT AS FIRST IN THEIR FIELD IN GHANA Eva Mends since 2008. She chartered in 1995 and presently is the Eva Mends joined the Ministry as a National Service Head of Corporate Communication, Ecobank Ghana Person in 1991. Positions she has held include, Head and Anglophone West Africa. A Reverend Minister of The Americas Desk in 1998, Head of Budget of Action Chapel International Mrs Sappor has to her Development in 2006 and Group Head of Public credit a Christian book titled ‘The Christian Woman Financial Management (PFM) reforms in 2013. As (secrets to enjoying your marriage)’ aimed at guiding Group Head, she was instrumental in leading major couples especially women on how to have a happy and reforms that include gender responsive budgeting, lasting relationship. Programme Based Budgeting and lately the Aretha Duku development of the new Public Financial Management The Ghana Insurers Association (GIA) has chosen Act. She is an alumni of University of Ghana, where the Managing Director the Ghana Union Assurance, she studied Political Science with Economics and also Aretha Duku as its new President. She takes over has an Executive Masters in Public Administration from Ivan Averireh who is expected to step down in from GIMPA. She has undertaken short courses at the next few days. The decision was formally announced at Harvard and Duke Universities. She takes over from its Annual General Meeting on Thursday. Mrs Duku Mr. Sampson Asare Fianko, who reverts back to his serves as a Director of Adehyeman Savings and Loans former position as a Deputy Controller and Accountant Company Ltd. She has a diverse international exposure General. Eva Mends, a Chief Economics Officer of the having worked with Hannover Re (South Africa); Finance Ministry has been appointed as Acting Director consulting for Media Block Consultancy (Emea) on of Budget, which makes her the first ever female to be assigned projects for the consultancy’s clients in Europe. appointed a Director of Budget at the Ministry. She serves on the board of Ghana Union Assurance Mansa Nettey Company Limited and the Ghana Union Life Assurance Chief Executive Officer / Managing Director. Mrs. Company. She holds an LLB and Masters Degree from Mansa Nettey has more than 19 years of experience in the City University Seatle in the USA. banking, having held various senior roles in Corporate Grace Adzroe and Institutional Banking in Standard Chartered History was made by the appointment of Madam including managing across the West Africa sub-region. Grace Francisca Adzroe as the Acting Controller and In her most recent role as Head, Financial Markets, Accountant –General (CAG). She took over from Mr. Ghana, Mansa provided strong leadership in building Raphael Kwasi Tufuor, whose tenure of office ended and overseeing key strategic relationships for business on March 31, 2013. By this appointment, she becomes success and growth. Mansa was appointed first female the first female to be appointed as the Controller and Executive Director of Standard Chartered Bank Ghana Accountant-General of the Republic of Ghana. She Limited in 2013 and in 2015 was appointed a Non- assumed duty on Tuesday April 2, 2013. Prior to her Executive Director of the Board of Standard Chartered appointment, Madam Grace Adzroe was the Deputy Bank, Nigeria Limited. Mansa holds a Bachelor of Controller and Accountant General in charge of Pharmacy Degree from the University of Science Finance and Administration. and Technology, Ghana and a Masters in Business She held various positions in the Department, Administration from Manchester Business School in the including Deputy Controller of Treasuries from United Kingdom. September 2005 to August 2009, Director of Public Patricia Sappor Accounts, and the Head of Internal Audit. The Chartered Institute of Bankers (CIB) Ghana has She joined the Controller and Accountant General’s elected its first female president in the history of the Department (CAGD) in 1995, and was seconded to the Institute, Reverend Patricia Sappor Thursday. Ministry of Health (MOH) as the Financial Controller. Reverend Sappor is an experienced banker with 31 She holds a BSc. Administration degree (Accounting years in the industry having worked with Bank for Option) from the University of Ghana. Madam Adzroe Housing and Construction (BHC) for 11years and is a Chartered Accountant and a member of the over 20years in Ecobank. Mrs Sappor is currently the Institute of Chartered Accountants, Ghana. vice president of the Institute and has been a fellow 08 NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE

Mansa Aretha Eva Patricia Grace 09NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE

10 NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE TBOANP KING WOMEN ANILLA SPEAKS lthough a banker by professional training with over twenty seven years banking experience, Nilla Selormey has been involved in design work and worked on many projects both in and outside the banking industry for the last ten years. She has worked on projects which span varying industries from Insurance, through banking and to Retail outlets and has built a sterling reputation for her design work in Ghana. The architectural and interior design community continue to recognize her commitment to quality and uniqueness of design solutions. Nilla’s portfolio includes luxury home developments, apartment complexes, renovation projects, and commercial space planning. Before creating Damien Carl concepts, Nilla was the Managing Director of the Universal Merchant Bank and was instrumental in the design of the banks branding and space design for the entire bank head office building and six ultra- modern bank branches in prime parts of the city. When she is not creating signature interiors, she enjoys spending time with her three young adult children, consulting for banks on strategy and creative branding and marketing initiatives. She enjoys traveling the world and learning about new trends in the creative arena. Nilla is also on record to have said that addressing the skills gap would require African leaders looking overseas to educate Africans living in the diaspora. She explained that from the experiences of Ghana’s Finance Minister and Founder of Databank, Ken Ofori-Atta and Patrick Awuah, Founder of the Ashesi University, among others, it shows that engaging Africans living overseas with technical knowledge shall help promote economic growth on the continent.

On her assessment of the competition within the support and can take on the risk associated with the bankng sector : transaction sizes needed in a developing market such as ours. As the number of banks continues to grow, we It could also be good as possibly with the right capital each have to work doubly hard to make sure that and structure some of our indigenous banks could our financial product and service offering remains now look beyond Ghana, thereby growing and taking competitive and relevant among so many remarkable indigenous brands regionally and internationally. industry players. Although we collaborate among However, we need to be careful we do not create ourselves, it is time to either identify new niches situations that make it a seller’s market from the in the market where we each can play efficiently perspective of the consumers and clients. and still achieve good growth despite our various individual sizes, otherwise we will need to have or We also need to ensure that we do not stifle the become bigger banks and this could well happen by growth of smaller local businesses that have a higher way of forced mergers and acquisitions. risk profile against the larger transactions from lower risk sectors. A welcome for the industry as we would be adequately sized to ensure we can cater for the On being a woman and how difficult has it been financial needs of the larger economy with the size handling such an important position as Bank MD? of projects that are required to support growth and industrialisation. A situation like this will also make NS: Steering the direction of a major financial for more efficiency and dynamism. institution that is undergoing a fundamental cultural and strategic shift is a major challenge for Some banks are proposing a raise in the minimum any individual, regardless of gender. Nonetheless, I capital requirement for the banks to pave the way concede that there could perhaps have been a few for bigger ones to swallow the smaller ones. What minor complexities due to my gender. I see these as I is your take on that? always have, as opportunities to excel. NS: While the public finance risk profile of larger As an individual, I continue to approach my role banks can be a positive reason to do this, we need focusing on my ability to do the job at hand, rather to be clear on other costs and benefits associated than focusing on any perceived difficulties that with systemic size i.e. size relative to the national my gender may or may not present. Handling the economy. position therefore has been an interesting and Let’s look on the broader optimistic side for the fulfilling challenge on many fronts. Giving all glory country. It could be good in terms of ensuring to the divine, I am proud if what is perceived as my that the newer larger banks have the muscle to success as a woman, inspires many more women to reach for the highest and greatest. 11NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE

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HOT BOOK 21st Century Bank Teller Book launched Abook to equip bank tellers with the requisite knowledge in the performance of their duties as frontline staff has been launched Accra. The book, titled: “The 21st Century Bank Teller ? A Strategic Partner,” focuses on the importance of exceptional service quality in the emerging roles of bank tellers. It highlights the multi-faceted elements that underpin the role of bank tellers and encourages financial institutions to recognise their significant contribution that service- oriented bank tellers can make to the overall success of a financial institution. The book was authored by Ms Alberta Quarcoopome, an experienced banking professional and the 2015 recipient of the National Women in Finance and Banking Award for Financial Education. The event was well attended by bankers across including risk profiling. Mr Owusu-Darko said the the divide with Professor John Kobla Aheto, the book emphasised the need for the teller to have an former Dean of the University of Ghana Business enquiry mind, knowledgeable and be self motivated School, Mr Buabeng, the Principal of the National to be able to add value to work. Banking College, Mr Clifford Mettle, President of the Chartered Institute of Bankers Ghana, being among Mr Clifford Mettle said the book filled a yawning gap the distinguished guests who graced the occasion. in the banking industry and that it was indispensable The book launch saw a sketch that highlighted for all tellers. the difference between poor customer service and excellent customer service. Ms Quarcoopome said it was her desire to publish a Prof. Aheto said in the 21st century, the use of book for young professionals entering the banking automatic teller machines, credit cards and internet industry. banking had made the bank teller less visible, but no less important to a bank’s image. She said the teller’s function was most difficult, For many bank customers, this is the only employee noting that the roles must change with the times. Mr they would see on a regular basis, he said. Mr Kofi Quarcoopome urged tellers to be knowledgeable, Owusu-Darko, Senior Vice President the Royal Bank, risk focused and customer friendly, adding that who reviewed the book, said it helped to demystify “the role of tellers in the modern banking set up is and showed the important role of a bank teller. also changing and there is a need to make them flow He said it was clearly shown in the book that the withthe tide.” teller was the first line of defence of bank operations as they took customers through regulatory guidelines She urged branch managers and supervisors to encourage tellers to serve the customers well. 15NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE

OUTSTANDING LADIES ASSOCIATIONS Commerz Ladies, an association of the female staff “We have charity projects. We will look out for the of Commerz Savings and Loans, has been launched vulnerable in society and constantly support them. to empower corporate female executives and support Our focus is to help children and women,” she said. the vulnerable in society. Commerz Savings and Loans has a strong workforce Commerz Savings and Loans, a subsidiary of about 33 staff with about 20-25 of them being of Nordcom Group, a fast growing financial women. At the management level, the women make conglomerate, was launched in February, 2017, with up four out of 10 managers. the aim of supporting small and medium enterprises Commerz Savings and Loans, unveiled in February, in the country. 2017, is the latest entrant to the financial sector, Executive Head of Finance and Treasury at seeking to deploy technological tools to attract more Commerz, Efua Amoako Opoku, noted at the launch of the unbanked population into the banking sector. that the association will be building the business Ms. Opoku noted that Commerz was born out of the capacity of members while helping charities across quest to serve the SME market, because there are so the country. many companies that need financial help tailored to suit their needs. “The essence of this is to empower women in “We are doing the real banking by bringing them in business. We will be holding corporate workshops, to include them and that is what financial inclusion retreats, seminars for our members on family and is. We are not going to play at the high end but work-life balance while, at the same time, positioning the middle and lower end of the market because the Commerz brand strategically,” she said. they need the loans and resources to change their Ms. Opoku added that the association will also be fortunes,” she added. visiting orphanages to make donations and also The Nordcom Group also include Nordea Capital, an support them in varied ways. investment bank and ESA Pensions, a pensions firm. 16 NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE

THE SSNIT Ladies Club has donated GHc20, 000.00 to the ‘Save a Child, Save a Mother’ initiative by the First Lady, Mrs. Rebecca Akufo-Addo, at her Ridge office in Accra. The donation is meant to assist in the building of Responding, Mrs. Akuffo-Addo thanked the SSNIT an ultra-modern maternity block at the Okomfo Ladies Club for the donation and said the funds Anokye Teaching Hospital in Kumasi to address the would be used judiciously to execute the project. problem of inadequate facilities leading to avoidable She also spoke of initiatives to support the Cancer deaths of mothers and children who visit there for Unit at Korle Bu Teaching Hospital in Accra and medical care. Mrs. Faustina Nti, the President of the called on other public-spirited individuals and Club, who presented the cheque to the First Lady Institutions to emulate the kind gesture of the SSNIT on behalf of her team, said they were motivated to Ladies Club and support such projects support the initiative since it could help greatly save the lives of the children and their mothers. 17NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE

THE WOMEN’S MARKET TODAY ACCESS BANK GIVES HOPE TO WOMEN WITH MATERNAL HEALTH SCHEME Ghana’s most awarded women Matilda Asante-Asiedu - Head of empowerment initiative, Access Bank’s Personal Banking Group at Access Bank. W, has once again recorded another and happy families build a stronger nation and this is milestone through its Maternal Health what we are committed to”. Support Scheme (MHSS). The Bank welcomed its first set of twins through a flexible loan financing She invited families to approach the Bank for that package for IVF treatment for a Ghanaian couple financial lifeline to alleviate any health challenges. two months ago. The scheme, which is designed to “Our doors are open and we are providing very support women experience the joy of motherhood flexible loan packages at discounted rates for all those and access various fertility treatments at specialist who are interested in taking that step” she concluded. hospitals in Ghana and around the world, is the first Access Bank’s MHSS, which was initially unveiled in of its kind in Ghana. Nigeria and replicated in Rwanda and other markets in Africa where Access Bank operates, has recorded tremendous success. Through the MHSS, women and their spouses are Existing and prospective women customers of now benefiting from flexible financing options for Access Bank in Ghana or their partners interested in local and international expert medical advice and benefiting from the “W” Maternal Health Support specialist procedures such as IVF, natal support, Scheme can visit any of the Bank’s locations across myomectomy (fibroid removal), hysterectomy the country and pick up a form. Launched in March (uterus removal), dental, bariatric and orthopedic 2015, the “W” Initiative is a key component of treatment. Access Bank’s financial inclusion drive which makes available to women, specialised bundled products Welcoming the good news, Head of Personal and services to support them in their quest to grow Banking Group at Access Bank, Mrs. Matilda Asante- their businesses, improving their family wellbeing Asiedu, congratulated the mother and her family for and general lifestyle. their positive attitude and optimism. “Completing Through the ‘W’ initiative, Access Bank has a family is not an easy task and we know that demonstrated its unique understanding of the needs many Ghanaian families have to go through lots of of women. Supported with an online platform challenges including financial burdens just to make known as the ‘W’ Community, Access Bank’s ‘W’ their dreams come true. “Our joy as a Bank is that we also provides a social community and platform for are providing the much needed financial support and sharing ideas, networking events and much more to putting back the smiles on the faces of people we all help women support their lifestyle care about – our sisters, mothers, aunties etc. Healthy 18 NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE

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WOMEN IN ACCOUNTING WITH MRS. DORIS AHIATI TCOUNTRY MANAGER ACCA GHANA he Country Manager of the Association of Chartered Certified Accountants (ACCA), Mrs Doris Ahiati, has urged accountants to be proactive and anticipate future challenges and develop solutions to address those challenges ahead of time. She encouraged them to move away from the normal bookkeeping role of accountants and think of how to develop their organisations “Accountancy is now about thinking and coming up with solutions. Very often, you see projects that are started but later abandoned and this happens because we didn’t have a good professional accountant who analysed the project from beginning to end to know how to finance it,” 20 NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE

“Today’s world doesn’t really need bookkeeping He advised them not to depart from the ACCA because most of them are automated now, so people Rule Book, which was the definitive guide to the who still think the accountant profession is about association’s bye-laws, regulations, code of ethics bookkeeping are going to be extinct,” she stated. and conduct. The Chairman of the ACCA Ghana Mrs Ahiati said this in an interview with the media Network Panel, Mr Henry Tetteh Djangmah, also after the induction ceremony of new members into cautioned them to stick to the ethical standards the ACCA. of the ACCA and urged them to exhibit their “In an organisation, the professional accountant professionalism wherever they found themselves. should be able to look at the books and determine “I hope you are going to harness your membership that this is how the business is going, and this is with ACCA and fully take advantage of the how we can best finance the operations to get the internationalisation of ACCA to further build optimised results,” she mentioned. yourselves into competitive finance professionals whose services can be rewarded greatly,” he noted. “Accountancy is now about thinking and coming up Challenges and opportunities with solutions. Very often, you see projects that are Mr Tetteh Djangmah also pointed out that the started but later abandoned and this happens because next decade would be a period of rapid changes for we didn’t have a good professional accountant who the accounting profession as competition would analysed the project from beginning to end to know intensify; as new entrants such as banks, other how to finance it,” she added. financial service companies, software and internet She said a good accountant must assess the resource firms and even government agencies were offering needs of the projects properly and identify the an increasing array of accounting and tax-related optimum way of allocating the financial resources products and services. appropriately. “Consulting and business advisory firms, as well as Induction of new members other non-accountants will also become increasingly The ACCA, a global body for professional competitive. These firms will leverage on new accountants, held a ceremony to induct 207 new software, data and analytical tools to provide new members into the professional body. accounting-related services,” he mentioned. Speaking at the ceremony, the Director of Finance Doris, honored with the highest award in Accounting at the Judicial Service of Ghana, Dr Kwame Antwi- at the 5th Women In Banking Awards has had wide Boasiako, urged the newly inducted members past experience in banking as well as investment to uphold the path of professional integrity and banking. ethical principles that had been charted by their predecessors in order to protect the image of the accounting profession. 21NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE

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Tips for Team Building in the Workplaceeople in every workplace talk about building the team, working as a team, and my team, but few understand how Pto create the experience of team work or how to develop an effective team. Belonging to a team, in the broadest sense, is a result of feeling part of something larger than yourself. It has a lot to do with your understanding of the mission or objectives of your organization. team’s performance and expected outcomes? Do team members understand why the team was created? Is the organization demonstrating constancy of purpose in supporting the team with resources of people, time and money? Does the work of the team receive sufficient emphasis as a priority in terms of the time, discussion, attention and interest directed its way by executive leaders? Read more about Clear Performance Expectations. In a team-oriented environment, you contribute to • Context: Do team members understand why they the overall success of the organization. You work are participating on the team? Do they understand with fellow members of the organization to produce how the strategy of using teams will help the these results. Even though you have a specific job organization attain its communicated business function and you belong to a specific department, goals? you are unified with other organization members to Can team members define their team’s importance accomplish the overall objectives. The bigger picture to the accomplishment of corporate goals? Does drives your actions; your function exists to serve the the team understand where its work fits in the bigger picture. total context of the organization’s goals, principles, You need to differentiate this overall sense of vision, and values? teamwork from the task of developing an effective intact team that is formed to accomplish a specific • Commitment: Do team members want to goal. People confuse the two team building participate on the team? Do team members feel objectives. This is why so many team building the team mission is important? Are members seminars, meetings, retreats, and activities are committed to accomplishing the team mission deemed failures by their participants. Leaders failed and expected outcomes? to define the team they wanted to build. Developing Do team members perceive their service as an overall sense of teamwork is different from valuable to the organization and to their own building an effective, focused work team when you careers? Do team members anticipate recognition consider team building approaches. for their contributions? Do team members expect 3 Cs for Team Building their skills to grow and develop on the team? Are • Clear Expectations: Has executive leadership team members excited and challenged by the team opportunity? clearly communicated its expectations for the s 1233NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE WOMEN IN BANKING & FINANCE MAGAZINE

The WFIR CENTRE REORGANISES The Women’s Financial Information and Resources Centre is the first and only data centre. Centre of its kind in Ghana. Women everywhere can very soon simply call the Incorporated a while ago under the NGO’s act , the WFIR CENTRE’s hotlines and be served with the centre exists for the following latest information on the financial products available 1. As a financial products data centre for Ghana exclusively for women 2. As a financial material library for women Women can also be advised on which tailor made 3. Financial and economic research financial product from which institution will be most 4. National budget and women advocacy suitable for their specific business need. Housed on the fifth floor of the melcom building at Partners are therefore invited to donate books the first junction at teshie nungua, the Centre has research reports conducted and other relevant began its re-organisation for the greater impact over material to enrich the content of the library. the next couple of years. The visionary founder of the WFIR CENTRE, Mr The centre is the process of appointing a new female J. N. Obuam, as a senior journalist believes that acting director of programmes and partnerships the greatest solution to poverty eradication is0 to drive the center’s next phase of community information. That is why the centre was born, will engagement based on its core values. exist and will continue to make an indelible impact The centre is also up scaling its financial library on women entrepreneurs for now and the years to by collaborating with like-minded NGO’s for the come. donation of books for research in its one of a kind For more information on the Womens Financial library for women. Information and Resources Centre, visit icomgh.wix. com/wfircentre. Again the centre is strengthening its already strong existing collaborations with financial institutions for the inclusion of their services and products in our 24 NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE



Annual National Women in Banking and Finance Awards THEME: 5 YEARS OF PUSHING THE FEMALE FINANCE SECTOR LEADERSHIP AGENDA Di s t i n g u i s h e d Award Reci p ient s AWARD CATEGORIES 2014 2015 2016 2017 2018 BANKING ACCOUNTING PEARL ESUA - ABIOLA BAWUAH MANSA NETTEY MARY BROWN NILLA SELORMEY MENSAH FORMER GROUP CEO WEST CEO, STANCHART FORMER DMD, FORMER MD , UMB INSURANCE PRUDENTIAL BANK MICROFINANCE DMD, UT AFRICA , UBA GHANA GHANA PUBLIC SECTOR PEARL ESUA GHANA FINANCE ANGELA PEASAH, GENEVIEVE TACHIE, SHIRLEY FRIMPONG, DORIS AHIATI , INVESTMENT BANKING MENSAH FORMER PREZ, CHIEF FINANCE COUNTRY MANAGER OVERALL FINANCE ASSOCIATION OF OFFICER, CEO, EAGLE PERSONALITY JACKIE BENYI WOMEN PETROLEUM ACCA E- BANKING GM, ENTERPRISE ACTIVA INSURANCE WORKPLACE INITIATIVE ACCOUNTANTS GHANA LIFE ANGELLA LIEBEL LYDIA BAWA , LIFETIME GENEVIEVE TACHIE, FRANSISCA KARIKARI MABEL PORBLEY, DMD, BAYPORT INSURANCE CHIEF FINANCE CEO, LIBERTY MD SAHAM GHANA FORMER OFFICER, INSURANCE BROKERS COMMISSIONER NIC ACTIVA INSURANCE JOYCE OWUSU-DABO NAA ODEY ASANTE OPPONG TAWIAH – CLARA FOSU QUAYE CHIEF PROGRAMMES MD, CCML MD,CAPITAL N MORE MICROFINANCE CONSULTANT OFFICER, SINAPI ABA SAVINGS AND LOANS HON. MONA QUARTEY EVA MENDS CONSTANCE BAAH, FORMER DEP MIN OF CHIEF BUDGET PRINCIPAL BUDGET MINISTRY OF FINANCE FINANCE ANALYST MINISTRY of FINANCE KOKUI ADU HAPPY FORSON, AKOSUA NELSON AMA GHARTEY, FORMER MD FIRST MD, McOTTLEY COFFIE ,SENIOR TREASURER, FIRST BANC FINANCIAL INVESTMENTS INVESTMENTS MANAGER, SSNIT ATLANTIC BANK SERVICES PEARL ESUA ABIOLA BAWUAH NAA ODEY ASANTE SHIRLEY FRIMPONG KOSI YANKEY, MENSAH EXECUTIVE DIRECTOR, NBSSI HILDA NKANSAH GIFTY BLAY,SENIOR LAURETTA ADDICO SENIOR MANAGER, MANAGER, SENIOR MANAGER, UNIBANK THE SEED FUNDS GN BANK SAVINGS AND LOANS PRICEWATERHOUSE COOPERS GHANA FINANCE EDUCATION MRS JOANA ALBERTA BETTY ARYEE, AND MENTORSHIP BANNERMAN QUARCOOPOME, SENIOR BANKING MD ACCESS BANK, SENIOR BANKING LECTURER ZAMBIA CONSULTANT SME BANKING PEGGY LOKKO, SME KOSI YANKEY, BANKING EXPERT, EXECUTIVE DIRECTOR, GCB NBSSI 26 NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE

AWARD CATEGORIES 2014 2015 2016 2017 2018 LADIES ASSOCIATION INTERNATIONAL SSNIT LADIES STARLIFE COMMERZ SAVINGS BANKING ASSOCIATION ASSURANCE LADIES AND LOANS LADIES MOBILE BANKING COMMUNITY ENTERPRISE LIFE KOSI YANKEY DEVELOPMENT LADY CARE MICRO GN BANK MOBILE FIDELITY SMART BEIGE BANK FEMALE INSURANCE ENTERPRISE LIFE BANKERS FRIENDS MOBILE BANKERS PRODUCT OF THE YEAR MRS COMFORT ODURO NYARKO, CEO MAKOLA INSTITUTION OF THE YEAR INSTITUTE BARBARA PRAMMAH ADJOA BOATENG, ASANTE, TIGO COUNTRY MANAGER, MICROENSURE GHANA MICROINSURANCE UBA RUBY ACCOUNT ACCESS BANK W (BANKING) INITIATIVE LADIES KITCHEN (INSURANCE) UBA (BANKING) VANGUARD ASSURANCE (INSURANCE) CREDIBILITY OF AWARDS IMPACT ON THE FINANCE QUICK FACTS ! INDUSTRY IN GHANA • COURAGE TO BREAK GROUND • THE WIBF AWARDS IS THE FIRST OF FOR FINANCE WOMEN • INCREASED SENSISTIVITY TO ITS KIND .AND A RECORD FOR WOMENS ROLES IN TOP MGT IN GHANA • CONSISTENCY OVER THE YEARS FINANCIAL INSTITUTIONS • QUALITY OF NOMINATIONS - • SINCE ITS INCEPTION OVER 50 CEOS • GREATER AWARENESS OF THEIR CO AND TOP MANAGERS HAVE BEEN ABIOLA WENT ON TO WIN CIMG TRIBUTIONS AND SUCCESES IN HONORED MARKETINGWOMAN OF THE YEAR OFFICE • MANSA NETTEY WENT ON TO BE • WIBF AWARD WINNERS HAVE BEEN COME CEO OF STANDARD • A GREATER NUMBER OF WOMEN PRAISED IN AND OUTSIDE GHANA CHARTERED APPOINTED INTO TOP POSITIONS INCLUDING THE USA, NIGERIA, • ARETHA DUKU WENT ON TO WITHIN THIS PARTICULAR 5 YEAR ZAMBIA AMONG OTHERS BECOME FIRST FEMALE PREZ OF THE PERIOD THAN AT ANY OTHER TIME IN GHANA INSURANCE ASSOCIATION GHANA’S HISTORY • AS AT 2018 ALL THREE OF THE • QUALITY OF AWARDS NIGHT FAMOUS FORMER FEMALE AUDIENCES NATIONAL INSURANCE COMMIS- SIONERS HAVE BEEN HONORED THE AWARDS IS HOSTED BY THE FOLLOW US ONLINE: PARTNERS: NATIONAL WOMEN IN BANKING AND FACEBOOK – WOMEN IN BANKING AND ICAG FINANCE MAGAZINE WHICH IS EDITED BY CIB SENIOR JOURNALIST J. NANA OBUAM FINANCE MAGAZINE NIC WEB: icomgh.wix.com/nwifawards GHAMFIN 27NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE

BODY LANGUAGE ITS FITNESS TIPS FOR FINANCE WOMEN TO STAY HEALTHY Himanshu Sharma ‘Walk and talk’ is the fitness mantra for working people Do easy stretches (for shoulders, arms and legs) every hour. Eat nutritionally sound diet and avoid empty calorie foods Many women handle home and a career in tandem. Pretty sweet heart - popular summer drink among women To them, fitness and health becomes challenging. Striking a balance between personal and professional life with fitness isn’t easy for working women. Of late, many working women are dealing with difficulties associated with their health, as it may be difficult for them to stick to a fitness routine. Instead of sticking to a routine, working women Start your day with warm ups must give them some time to make sure that fitness Not only working women, but everyone should make doesn’t take back seat. Enlisted are some fitness tips it a habit to start day with warm ups. This becomes for working women. more important before starting any workout regime, Stay active to prevent injuries. Walk and talk is the fitness mantra for working Monitor your fitness progress people. Make sure you don’t stick to your seat for too If you have a fitness plan, you can stay focused long, make it a habit to take a break every 2 hours and motivated. Write down the subjects as various for a few minutes. Talk with a hands-free as much as workouts that you will be trying out. It will help you possible and stand up during meetings. Take a walk to notice various improvements. Optimism in the for 10 minutes after lunch before getting back to your mind is the key to sustain a fitness regimen for a desk. long-run. Pay attention towards your posture Eat healthy It is important that you sit in the most comfortable Food has a vital role in keeping your physical and manner. Besides, you must ascertain that you sit psychological system running. Besides engagement upright to keep back, neck and shoulder aches at bay. in physical activities, you must exercise discipline Stretchs to keep muscles on the move in what you eat to stay healthy. The trick is – eating Do easy stretches (for the shoulders, arms and legs) nutritionally sound, balanced diet and avoid empty that you can do in your office. Stretches are very calorie foods. No matter how busy you are, don’t important to induce energy into tired muscles. skip meals. If you have a workout plan, understand Create your exercise pattern that the pre-workout snack is important. You must According to your own convenience, create your eat something to fuel your muscles before you can exercise pattern. Take at least 20 minutes out of your actually pump up your energy. busy schedule for the workout. You can consult a Stay hydrated fitness trainer to help you create an exercise plan. Water is elementary for the proper functioning of When you have a plan, be dedicated during your your body. Make sure you drink water at regular workout sessions so that you can reap benefits. intervals throughout the day and don’t de-hydrate Moreover, you shouldn’t focus on weight loss but yourself. Despite busy lifestyle, you must make efforts fitness. Your goal must be to maintain a healthy and to live a healthy life. Incorporate the aforementioned fit life. in your lifestyle so that you don’t inflict harm to your health. 28 NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE

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EXECUTIVE EDUCATION WITH MRS. MARY BROWN, FORMER DEPUTY MD, PRUDENTIAL BANK GHANA AND Some executive education providers offer more comprehensive management training options, such ECONSULTANT CEIBS GHANA as the modular “Advanced Management Program” xecutive Education (ExEd or Exec. Ed) (AMP) offered independently by several business refers to academic programs at graduate- schools. level business schools worldwide for University-based executive education programs, executives, business leaders and functional and customized programs in particular, include managers. These programs are generally non- serious engagement among executives, senior credit and non-degree-granting, but sometimes business faculty and researchers who are on the lead to certificates and some offer continuing leading edge of business thought and management education units accepted by professional bodies and theory development. It has been noted that institutes. Estimates by Business Week magazine “executive education is the toughest classroom suggest that executive education in the United there is”[3] (besides other academic fields such as States is approximately an $800 million annual with the hard sciences or engineering) because time- approximately 80 percent provided by university- pressed and demanding executives challenge each based business schools. Key players in university- other in the classroom as much or more as their based executive education span eliteuniversities, as professors. The programs are credited[by whom?] well as many regional and mid-sized universities and with offering unique networking and personal business schools around the world. career development opportunities for participants, Customized programs, which are tailored for and as well as opportunities for universities to build offered to executives of a single company, represent stronger alumni networks that also benefit younger, the fastest growing segment of the market.[1] traditional MBA program graduates through Customized programs help organizations increase networking, internships and job opportunities. management capability by combining the science Not all observers of university-based executive of business and performance management into education are positive. There is some debate about specialized programs that enable executives to the nature of business school education as a form develop new knowledge, skills and attitudes. of professional development. Some believe that Knowledge translates into the capability an university-based executive education has caused organization applies to the products and services it some business schools to “lose track of their brings to the marketplace. Research shows that a firm professional mission.” with a clearly articulated and understood business In subsequent editions we will be looking the role of and capability strategy will have a higher market-to- the CHINA EUROPE INTERNATIONAL BUSINESS book value than a firm that does notopen enrollment EDUCATION CEIBS school in Ghana and its role in programs also are available as part of university- positioning top executives with global oriented high based executive education offerings, which occur quality executive education. Stay tuned for exciting throughout the year on selected dates, and are stuff. available to participants from different companies and organizations. Shorter executive education programs tend to focus on specific roles or industries, or on improving specific leadership skills, such as persuasion, negotiation, teambuilding or communication. 30 NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE

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BUILDING YOUR There are plenty of success stories of women who made it to the top in financial services, it is the worst-kept secret that the industry is still male-dominated. Female financial services professionals often fall into obvious career traps, so here are some things you must do if you want to progress. 1. Negotiate your salary 4. Beware of filler projects It’s imperative that we advocate for ourselves. We Often we are asked to take on projects that don’t have have to know our worth ask for it. The consequences a direct tie to business priorities or provide visibility, go beyond leaving significant money on the table. but can take up a lot of time. Try to avoid these “off- First, it is often difficult to close the salary gap once balance-sheet” projects because they will take your you have fallen behind. Second, we have to be able time away from working on what’s really important to ask not only for salary but also for additional for both the organization and for yourself. opportunities and promotions. Beyond the fact that you’re not advocating for yourself, the lack of 5. Visualize and plan the day negotiating on your behalf may lead to questions In financial services, your days can get hectic really about your ability to manage, especially as you move fast. Identify the three must-dos for work, home and up in your organization. self. It has to go beyond a list – actually schedule in 2. Cultivate a personal board of directors when you are going to tackle which task to avoid a Your network is one of the most important assets list of unchecked items. What gets scheduled gets you have. Moreover, financial service can be a bit done, so block off time for the most important isolating at times. Develop a strong personal board things, including exercise and family time, and of advisors – a personal dream team in your corner. schedule time for things such as responding to A strong personal board of directors should have six emails, calls and meetings later in the day to preserve types of members – a mentor, a sponsor, a connector, quality blocks of time earlier in the day when you a point expert, a close friend and an executive coach. have more energy. 3. Develop a strong personal brand Whether you’re looking for a new career opportunity For women in finance, following these five steps or simply wanting to raise your game, putting can help you get a leg up on the competition and the time into building your personal brand is continue to progress in your career, regardless of essential. Get visible and make sure you can tell a which area of financial services you work in. compelling story of accomplishments, skills and talents. You want your name to be top of mind when Lisa Skeete Tatum is the founder and CEO of Landit, a opportunities are being discussed. digital career-coaching platform for women, and formerly a general partner focused on healthcare technology investments at Cardinal Partners, a $350m venture capital firm. 32 NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE

CEIBS Global Executive MBA Top 20 Globally for 7 Consecutive Years, #14 in 2017 - Financial times EMBA Ranking A Transformational Learning Journey IMPACT LEADERSHIP NETWORK Enhance your managerial Transform your ability to lead yourself, Expand your global reach and effectiveness and return on your colleagues and your organisation network, while accessing China’s investment by applying new skills more effectively. largest business school alumni your company. community. FACULTY GLOBAL DIVERSITY Work with world-class faculty and Develop a greater appreciation of industry experts throughout a Learn from high-achieving classmates global business opportunity by 20-month journey that balances from 20 countries and develop participating in a minimum of four China Depth and Global Breadth. the collaboration skills needed to global modules. meet the complex challenges of today’s global business environment. CONTACT US Abena: +233 54 012 0402 Elikplim: +233 54 434 9483 Samuel: +233 54 431 5238 33NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE

GROWING regulatory and statutory requirements and internal YOUR financial controls. Changes affecting the Directors’ INVESTMENT are advised to the Board as they arise. To enable the Board to function effectively and BY GLORYGATE CAPITAL LTD. allow Directors to discharge their responsibilities, full and timely access have been given to all relevant Glorygate’s Board is independent from management information. In the case of Board Meetings, this and free from any relationship which could consists of comprehensive set of papers, including materially interfere with the exercise of their Management review, and discussion documents independent judgment. It is the company’s policy regarding specific matters. to have independent board of directors in the company. The board comprises a majority of non- MANAGEMENT executive directors that meet quarterly to ensure full The Directors have delegated management of and effective control over the company is retained Glorygate Capital to a management team to be led by and to monitor the performance of the executive the Chief Executive Officer. The management team’s management. The board has the overall responsibility function embraces the implementation of the system of the business strategies, objectives and policies of of internal controls, and risk management. Internal the company. controls are monitored and supported by internal audit function, that undertake periodic examination The Directors have been carefully chosen to of business process, including compliance with the ensure a wide variety of skills and experience that terms of management agreement, and ensuring allow independent judgment and opinions during that recommendations to improve controls are deliberations and decisions. The Board meets implemented. periodically and within this meetings maintain contact with management. It has formally adopted Chief Executive Officer a schedule of matters required to be brought to it for decision, thus ensuring that it maintains full The CEO is a member of the and effective supervision over appropriate strategic, Board of Directors and head of financial, operational and compliance issue. These the management team. matters include: Mrs Francisca Nyamekye • The maintenance of clear investment objectives Karikari is the Chief Executive Officer of Glorygate Capital and risk management policies, Limited. She is a successful • The monitoring of the business activities of the Risk Manager with a proven track record in building profitable companies and Company ranging from comparable investment client relationships, excellent leadership skills performance through to annual budgeting and with the vision and perception to transform an quarterly forecasting and variance analysis. organization utilizing acknowledged insight. She is very versatile having worked in various senior There is an agreed procedure for independent management roles in the last 21 years. Mrs. Karikari professional advice. If necessary, at the Company’s is an accomplished leader, with a track record of expense. The Directors also have access to advice working with high-growth companies. She brings and services of the Company Secretary through a great mix of leadership, inspiration, operational its appointed representative who is responsible to experience, technical breadth, and passion for the Board for ensuring the Board procedures are customer care. She is a goal oriented but people- followed and that applicable rules and regulations are centered individual. complied with. Before joining Glorygate Capital she was the Managing Director of Donewell Insurance Company The Directors are provided, on a regular basis, Ltd. (DICL). Mrs. Karikari was responsible for with key information on the Company’s policies, turning the Company around into profitability and to spearhead 34 NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE

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FINANCIAL TECHNOLOGY & E-BANKING WITH MRS LAURETTA ADDICO, DIVISIONAL HEAD, THE SEED FUNDS SAVINGS AND LOANS Evolution of Bank Cards. funds through various electronic medium such as the Banking has evolved over the period dating back ATM, Point Of Sale device (POS) and even for online to 2000Bc and has in recent times metamorphosed transactions. Financial institutions offer basically into brick and mortar banking (Branch banking) three types of cards but more interestingly, is the evolution of the • Debit Card information and communication technology (ICT) • Credit Card banking. Banking is now more virtual and electronic • Prepaid Cards based. All these cards have their unique features and value The introduction of electronic banking gave rise selling propositions.One must also note that the to the development of complimentary products to proliferations of these cards and its usage must be facilitate the use of the innovation and this gave rise done within a secured environment thus below are to many electronic banking products of which Bank some pointers on security consciousness when using Cards play a vital role. a bank’s ATM card. Bank cards have changed the way consumers pay for TIPS ON USING A BANKS ATM CARD goods and services. Most consumers across the world People using ATMs will occasionally be targets of now pay for at least half of their purchases with some robberies and other crimes, form of a payment card. This practice is gradually so you’ll want to be sure to be safe! gaining grounds in Ghana as various banks and »» First, make sure that the area is well lit and you financial institutions by the help of (Ghana Interbank Payment and settlement Systems Limited (GhIPSS) are alone. which was incorporated in May 2007 with a mandate »» Be on your guard if other people show up. to implement and manage interoperable payment »» Stand so that your screen and key presses are system infrastructures for banks and non-bank financial institutions in Ghana) have made it possible masked. for banks and Non-Bank financial institutions to »» You’ll also want to look at the machine itself. come out with their own customized bank cards »» Devices called card skimmers are becoming especially Automated Teller Machine Cards (ATM more common and, while there is no universal signal cards) to facilitate payments. that an ATM is compromised, if something seems off A bank card is simply a plastic card issued by the about how the card slot looks then you’ll just want to financial institution to its customers to enable them find another machine to use. access banking transactions 24/7. A bank card will »» Only use ATMs during the day in well simply give convenience to a customer to access trafficked areas, if possible. Enjoy the experience of using ATM Cards! 36 NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE

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AWARD WINNING WOMEN IN MICRO FINANCE SPOTLIGHT ON NAA ODEY ASANTE AND CLARA QUAYE Naa Odey Asante out; and dedicated the awards to the CCML team She emerged from a competition that comprised and loyal customers of the bank. She said: “I feel distinguished female bankers in the financial excited that this award has been given to me; it is a sector—drawn from the banking, insurance and real indication that hard work and diligence pays off. microfinance sub-sectors—to take the crown from I will encourage my fellow women to pursue every the previous winner Ms. Abiola Bawuah, Chief vision that they set up to the finish.“This is a strong Executive Officer of the United Bank for Africa message that everywhere and wherever you are, if you (UBA). put yourself in whatever you do, you will be recognised and appreciated. I say a big thank you to the customers of the bank whose efforts and dedication has pushed me to win this award,” she added. The CCML boss also scooped the award for Mrs Clara Quaye , Microfinance Specialist “Microfinance Personality of the Year” for her A dedicated professional with over 20 years’ prudent leadership that has led to the transition of experience in social development with keen interest her institution from a financial non-governmental in the formulation of poverty reduction policies for organisation to a deposit-taking microfinance developing countries, Clara has practical experience company. A release issued to the Ghana News in research, training and providing other capacity Agency on Friday, in Accra, said the National building programs to microfinance institutions Women in Finance Awards (NWIF), organised by (MFIs) that engage in Financial Inclusion activities Women in Finance magazine, seeks to recognise and . She has built a solid relationship with donors and reward the efforts of women actors who are breaking other stakeholders who have been engaged in the the odds to become successful leaders and achievers Ghanaian microfinance sector and has also worked in the financial sector. It said this year’s edition was with the University of New Hampshire to manage on the theme, “Towards improvement in service their Microenterprise Development Training delivery; the role of women finance professionals”. Program for West Africa. Mrs Asante expressed her gratitude for the • Clara is currently an Independent Financial prestigious opportunity to show the business world what they have got. She attributed the sterling feat to Inclusion specialist, working with Financial the continuous support from family and the strong Institutions and Corporate bodies in developing team spirit that exist in the workplace. strategies for their Social Performance “It is important that people focus on their vision and Management (SPM) and Corporate Social not be cut off by the challenges and shortcomings. Responsibility (CSR) programs. She worked for It is also good to pay attention to the people around the Ghana Microfinance Institutions (GHAMFIN) you; they could be your source or motivation and for six years assisting with building the Network’s encouragement,” she said. capacity building program. • Clara is a member of the Advisory Board of the Mrs Asante urged fellow women in the country to Carsey Institute of the University of New strive hard to achieve whatever mission that they set Hampshire USA, and holds a directorship in a major global software company and board 40 NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE membership of a major microfinance organization in Ghana. • Clara scooped the distinguished microfinance personality of the year 2018 at the prestigious 5th \\national women in banking and finance awards held at the accra international conference centre

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CAMPUS LADIES IN FINANCE MEET PAMELA THE BANKING STUDENT DARING TO BECOME UPSA’S FIRST FEMALE H STUDENTS PRESIDENT ow a young undergraduate female banking student is challenging the status quo of leadership in the University of Professional Studies. Meet Pamela ….. a 24 year old undergraduate student in banking at the UPSA. On the surface she seems unassuming. but make no mistake. Underneath that soft innocent even harmless exterior is a dogged politician in the making. In the past years of the history of the UPSA no woman before Pamela has dared to run for the highest office of the UPSA land. The Presidency of the Students Council. But Pamela is doing just that. Which in itself is a The Editor beaming with pride for the young woman record. Pamela says the decision to run what s due to and I his signature humorous and witty remarks gave several factors her a thumbs up and headed upstage at the event to continue with his task of hosting the august female 1. To challenge the status quo of never having a audience gathered for the Awards. 2. female president in the university Infact the exciting story of Pamela coincided 3. To inject new and dynamic ideas into student beautifully with the story of another young but extraordinary chartered accountant student of the management at the university institute of chartered accountants Ghana who was 4. To inspire subsequent generations of female honored at the night for being the most outstanding student in the institute examinations in 2016 not just students that it can be done in Ghana but indeed in the whole of west Africa. Mrs Alhassan who works at the controller and The Editor of the WIBF Magazine who a long Accountant Generals department topped her class time ago himself was elected Vice President of his in Public Finance and Accounting across Ghana and university’s students council took a special interest in the subregion. Pamela’s unique story. The WIBF Awards Magazine wishes Pamela well, Indeed it was even moreso because of the fact that Stay tuned for updates on her historic candidature as she is a BANKING student. Amazing. well as an exclusive interview with Mrs Alhassan. Pamela who was spotted at the Cocktail Bar of the just ended 5th Anniversary celebrations of the NWIBF AWARDS NIGHT on the 23rd of March at the Accra International Conference Centre was confident she will win. When asked by the editor, will you win. Her answer was straight . Why not Sir, I will. 42 NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE

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INSURANCE FOCUS TAKE ADVANTAGE OF ITECHNOLOGY , GIA PREZ SAYS nsurance companies operating Ghana have been urged to take advantage of technology to enable them grow their businesses in the county and beyond. The President of the Ghana Insurers Association (GIA), Ms. Aretha Duku, made the call at the opening of the maiden National General Insurance Conference held in Accra. She noted: “In the face of social media proliferation, digitisation and technological advancement, the insurance industry cannot afford to remain unconcerned”. Ms Duku was quick to add that business innovation is the key to survival in these times, stressing that insurance companies must take advantage of the speed, effectiveness and efficiency that come with these changes at the same time keeping an eye on disruption associated with technology and digitisation. The issues of sophisticated fraudulent claims, fake insurance stickers and licences, low insurance penetration, poor public perception, risk management measures and loss reduction measures on gas explosion can be enhanced using innovation, she told the participants at the well-attended conference. Touching on the theme conference-‘Transforming the General Insurance Industry in Ghana Through Self-regulation, Financial Capacity and Business Innovation’, Ms Duku maintained that self- regulation couple with regulation could together to achieve efficient market outcome. She observed: “Regulation be it self or external presents benefits to both consumers and insurance companies. As the consumer is assured of fair terms and the insurance company is able to operate on a level playing field efficiently, 46 NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE

In a speech read for a Deputy Minister of Finance, The Ghana Insurers Association(GIA), the trade Kwaku Kwarteng explained that insurance industry association of all insurance and reinsurance regulation sets up the parameters within which companies in Ghana has elected Aretha Duku as its companies must operate in a highly sensitive manner President. to ensure safety of policyholders’ funds. Existing Madam Duku becomes the first female to be elected guidelines such as the Risk Based Supervisory as President of the professional body which was Framework, the Solvency Framework and inaugurated in 1988. She is currently the Managing Governance and Risk Management Framework have Director of the Ghana Union Assurance Company supported the National Insurance Commission to Limited, having previously served as deputy effectively regulate insurance companies. Managing Director for twelve years. She is also a He said: “The Ghana Insurers Association (GIA) has member of the Board of Prudential Bank Limited, a fundamental responsibility to self-police and deal a member of the Board of Adehyeman Savings and with rogues in the industry and to also ensure that Loans, board member of CDH Securities and an members do what is right in order to prevent undue Executive Member of the ECOWAS Brown Card interference from the regulator”. Insurance Scheme. Mr Kwarteng was therefore optimistic that the Speaking at her investiture, Madam Duku promised participants who were mainly drawn from the to work with other executives to promote the interest insurance industry will come out with viable of insurers and policyholders. suggestions for ensuring an effective Self-Regulatory “Under my tenure, the Board and I will continue Regime in Ghana. He used the opportunity to assure efforts to get the buy-in of all our members on the players in the insurance industry that Ministry of Pricing Regulations as I believe it is in the right Finance would continuously work with the regulator direction for us as practitioners as it will help us to closely monitor developments so that risks in the achieve healthy growth, also translate into meeting market are effectively identified and appropriately our claims obligations and earn us the integrity from managed to ensure sanity in the Insurance Industry the public”, she said. thereby improving the image of the industry. The Chairman of the General Insurance Council, She also added that under her tenure she will Kwame Ofori said General Insurance is an important ensure the construction of a forensic laboratory to mechanism for reducing the impact associated with scientifically assess all claims. “During my tenure I unforeseen events such as catastrophes, emergencies, would like to see the first construction of a forensic accidents and natural disasters. lab to enable us sieve legitimate claims off illegitimate Steven Oluoch, the Chief Executive Officer of ICEA ones at they create a hole in our books. We are in Lion General Insurance, one of the most prominent business to pay claims but legitimate claims. This general insurance companies in Nairobi, Kenya and facility will enhance our processes and help safeguard the entire East Africa stressed need for government shareholders’ assets at the same time leaving the and insurers to be working together for the legitimate claimant with all smiles”, she added. betterment of the insurance industry. Source: African Eye Report 47NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE

ADVOCACY IN ACTION HOW DOES A SOUND BANKING SYSTEM CONTRIBUTE TO THE PROSPERITY OF A COUNTRY SUCH AS GHANA BY BETTY ARYEE (MRS) Before the Units of Commercial banks in Ghana, access to credit was not easy. The only source of credit was money lenders, traders and susu collectors that charge very high interest rates. A sound banking system has contributed to the prosperity of a Country such as Ghana by: Banks due to interest and attractive returns or rewards have been able to inculcate a habit of savings in the citizenry, People with excess money would rather deposit these money with the banks in order to earn an interest and for safe keeping than keep these monies at home at the mercy of robbers and miss-using of such monies. Bank enables business to expand by providing finance to these businesses. Expansion of business creates opportunity for new jobs. Providing finance for new business set up also create job opportunities for the citizenry of the nation. The bank in its self also creates employment in the economy due to its own branch network expansion. Bank acting as financial intermediaries in moving funds from surplus to deficit units enables businesses to have access to these deposits by converting these deposits into loans and advances as capital for businesses. Capital is one of the most important factors of products in any business or industry. It is also the life blood of business. Ghana has a highly developed banking system with over 30 banks aside micro finances and savings and loans companies. A developed banking or financial system such as ours permits payments to be made by institutions, businesses, one person to the another to be made safely at reasonable cost both in the country and other parts of the world. Trade and industry plays a vital role in the prosperity of any economy. A modern bank helps its business customers to transfer funds and receive funds from any part of the world, thereby enabling customers to trade on both the local and international markets fostering trade among nations and provisions of raw materials for local industry. Banks spread their operations though out a country and make banking services available to folks in the rural and semi-rural sectors. A developed banking system enhances payments and settlements among trading Units whiles promotes balanced development across various geographical areas and sectors. Financial and advisory service is also one of the wide range of product and services offered by banks. As a financial advisor, banks have the resources to assist companies in developing and expanding their businesses. They also advice customers as to the best form of investment to make. Through the banks financial advisory services, businesses can develop better strategies to achieve their goals and explore other market venues beyond their reach. Creating increase in market share and increase in profitability. 48 NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE

Mrs Aryee is the Presenter and Host on Time with Your Banker and Financial Advisor an interactive television programme that seeks to create a platform for resource personnel from major players in the Financial industry answer and educate the public on best Banking Practices, as well as Effective Management of Financial Investments including Pensions and Insurance. Betty Aryee is a Chartered Banker Betty has a vase wealth of experience and an Associate member of the in Banking and Finance dating from Chartered Institute of Bankers (ACIB) 1991. She has a strong background Ghana She holds a Master in Business in Banking Operations and Treasury. Administration – MBA Finance from She has worked with four banks the the Methodist University College last being Sahel Sahar Bank. She is Ghana. She also has a Bachelor of Art, good team player, and interacts well B.A (Hons) degree in Accountancy with people. She is well organized, (Major) from the Methodist University very creative, and her pursuit is for College Ghana, Affiliate of the excellence in customer satisfaction. University of Ghana, Legon ). Mrs Betty Aryee is currently a Betty is a professional with over consultant in Banking and Finance 26 years working experience in the and also a part time lecturer with banking industry. Pentecost University College. She is also the recipient of the prestigious Finance Education and Mentorship Award at the 5th Annual National Women In Banking and Finance Awards at the Accra International Conference Centre She is an experienced lecturer and in the past I have lectured part time at the National College as well as at the professional level of the Banking Course. 49NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE

50 NATIONAL WOMEN IN BANKING & FINANCE MAGAZINE