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Business News of Thursday, 14 June 2018

Source: Myjoyonline.com

Emmanuel Oteng Kumah appointed StanChart Ghana Board Chair

Standard Chartered Bank has appointed Dr Emmanuel Oteng Kumah as its new Board Chairman.

This was announced when the Bank took its turn at ‘the fact behind the figures’ series at the Ghana Stock Exchange.

"We have here Dr Oteng Kumah to take over as board chairman after Dr Ishmael Yamson retires," Kweku Nimfa, Chief Financial Officer of the bank said

He takes over from Dr Ishmael Yamson who retired recently from the board after servicing as its Chair since 2005.

Dr Oteng Kumah has been a board member of Standard Chartered Bank Ghana since 2013. He was also the Chair of the Risk and Audit Committee of the board.

He is an International Economic Consultant and former advisor at the International Monetary Fund (IMF) where he served for 25 years as Division Chief, IMF Resident Representative in Djibouti and Deputy Division Chief at the Balance of Payments and External Debt Division.

During 1993-1994, he was Coordinator and Advisor of the Research Department of the Bank of Ghana. He also served as Senior Advisor, Bank of Ghana from 1997 to 1999, where he provided key macroeconomic advice to the Government of Ghana.

SME support

According to the bank, it is determined to helping small to medium businesses as well as the Agricultural sector on its quest to grow the economy.

Mr Nimfa said, “We think Ghana is an Agric economy with many opportunities in the sector, it is prudent to support the agricultural sector.
The bank will also be looking at other opportunities in the sector and take a decision going forward" he ended.

Recapitalization

Earlier, shareholders of the Bank unanimously approved moves by the bank’s board to move its 2017 income surplus of GH¢302 million to its stated capital in order to meet the new minimum capital requirement.

This was after the board made the proposal at the bank’s Annual General Meeting in Accra.