Dr. Ellen Ohene-Afoakwa Elected CIB Ghana President Amid Rising Private Sector Credit and New Inclusion Initiatives

14th July•2 min read•5 sources

The Ghanaian financial landscape is undergoing significant leadership and structural shifts as the Chartered Institute of Bankers (CIB) Ghana elected Dr. Ellen Ohene-Afoakwa as its new president. Dr. Ohene-Afoakwa, a Managing Executive at Absa Bank Ghana, assumed the role for a two-year term during the institute's Annual General Meeting on June 25, 2026. Her appointment comes at a pivotal time for the sector, which recently reported a 33% increase in institutional revenue to GH‵18.82 million. Simultaneously, broader economic data reveals a robust 25.9% surge in total credit flows as of April 2026, driven almost entirely by a GH‵24.7 billion expansion in private sector lending across the services, mining, and construction industries.

In her inaugural remarks, Dr. Ohene-Afoakwa emphasized a strategic focus on education, professional ethics, and the welfare of banking practitioners. This commitment to institutional integrity is mirrored by evolving credit conditions, where private sector credit now constitutes 96.2% of total outstanding loans. This shift highlights a period of fiscal consolidation as public sector credit continues to decline, falling by 18.9% as the government reduces its reliance on commercial bank financing. These developments suggest a banking sector that is increasingly oriented toward supporting private enterprise while strengthening its internal professional standards.

Parallel to these leadership and economic shifts, major financial institutions are intensifying their Environmental, Social, and Governance (ESG) efforts. Republic Bank Ghana recently launched the 'Blue Ladies Association' to accelerate women's leadership and mentorship, aiming to build a sustainable pipeline of female executives. Similarly, Absa Bank Ghana has targeted financial inclusion through a dedicated literacy program for Persons with Disabilities (PWDs). Led by Chief Risk Officer Kofi Agyarko-Kwarteng, the initiative provided training on budgeting, fraud prevention, and responsible borrowing to empower marginalized groups with the tools for financial independence.

Despite these advancements in leadership and inclusion, the retail sector remains vulnerable to operational risks that threaten to undermine confidence in the payment system. Traders across Ghana are reporting significant financial losses due to a surge in counterfeit cedi notes and fraudulent mobile money (MoMo) alerts. These scams have forced many informal sector operators to implement manual verification measures and, in some cases, revert to cash-only transactions to avoid digital payment fraud. As the CIB Ghana under Dr. Ohene-Afoakwa moves to shape the nation's financial future, balancing rapid credit growth and inclusive social programs with robust security measures against financial crime will remain a critical priority for the industry.

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Dr. Ellen Ohene-Afoakwa Elected CIB Ghana President Amid Rising Private Sector Credit and New Inclusion Initiatives

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