Today January 20, 2022

CIB Ghana’s 2021 Bankers’ Dinner comes off successfully

The Chartered Institute of Bankers (CIB) Ghana has successfully held its 2021 Bankers’ Dinner event on the theme, ‘the Digital Economy of Ghana – the Strategic Role of the Banking Industry.

The annual event was set to appreciate and express gratitude towards stakeholders’ hard work in the banking sector, likewise their contribution to the economy at large. It was graced by varied stakeholders in finance, regulation, technology, telecom, and the media.

Highlighting on major achievements of the institute since its last annual dinner, President of the Chartered Institute of Bankers (CIB), Rt. Rev. Patricia Sappor said though the impact of the COVID-19 pandemic was challenging, the banking industry has been able to move on and make bigger strides by being strong, solvent and profitable, as revealed by the KPMG Banking Sector Development Report for July 2021.

She said following the launch of the Ghana Banking Code of Ethics and Business Conduct, the management of the Institute went ahead to sign a memorandum of sensitization and implementation with all financial institutions.

“The passage of the Chartered Institute of Bankers Ghana Act, 2019 (Act 991) has been reinforced by the CIB Regulations (LI 2434) which has recently been passed by Parliament. The LI2434 is set to bring into force all the provisions spelled out in Act 991.

It is heart-warming to know that the institute’s achievements chalked so far have significantly enhanced the CIB brand, making it a very attractive institution for both younger and older professionals. Over the past five years, 864 Chartered Bankers have been added to the banking professionals,” she said.

“I am confident that the banking industry and the role of bank staff and practitioners in leading and moving the financial levers of our country to higher heights, give us the joy to be part of this august function yearly,” she added.

Rt. Rev. Sappor also implored CEOs and managing directors of banks and non-bank financial institutions (NBFIs) to prioritize the recruitment of chartered bankers into their companies, adding that they have been specially equipped with the requisite skills to drive growth and performance.

She also charged CEOs and managing directors to encourage their staff to register and enroll with the institute to become Chartered Bankers. She further urged state and financial institutions to continue extended credit and ancillary services to Micro, Small, and Medium-sized Enterprises (MSMEs).

As the first woman to hold her position, Rt. Rev. Sappor charged other women to take up leadership positions and stressed the need to ensure a gender balance at institutions. “It is also my desire to see many women participate in leadership discussions and take up roles at the senior management levels in our various institutions. I encourage my fellow women to be bold and aspire for these positions, to champion this agenda to fruition,” she said.

For his part, the Governor of the Bank of Ghana, Dr. Ernest Addison, lauded CIB Ghana for its strides and contribution to the economy.

He noted that to allow the economy to benefit fully, there’s the need for the banking sector to ensure that tech innovations are secured, reliable and also ensure that robust infrastructures are in place to facilitate transformation in the economy, the more reason why the theme was chosen by CIB Ghana was apt and timely.

“The banking sector mostly is the main sector in which technological innovations have had the most profound effects. Globally, a new economy is emerging, built on digital technology. No sector has been spared the transformational power of technology.

A key feature of a digital economy is the aggregation of digital platforms that facilitate economic and social activities. Efficient, convenient, and safe digital financial services are central to the digital economy and for ensuring a financially inclusive society,” he reiterated.

He revealed that broadly, the banking sector outlook remains positive and that results from the November 2021 stress tests show a banking sector that remains resilient to mild and moderate credit risk and liquidity stress conditions.

He also disclosed that the economic outlook for 2022 is positive although there are some potential risks that should be closely monitored. “In particular, the uncertainties surrounding food prices, petroleum price adjustments, and the potential second-round effects of these are likely to exert inflationary pressures in the outlook,” he said.

On the 2022 budget, he said: “markets assessment of the budget suggest lingering doubts about the ability of the revenue measures announced to translate into a large increase in domestic revenue adding that government expenditure is projected to increase significantly in 2022.”

Source: Ghana Web

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