Banking sector recovering from economic shocks – Kwamina Asomaning

The banking sector in Ghana is showing signs of recovery from previous economic challenges, according to Kwamina Asomaning, the CEO of Absa Bank Ghana. He noted that banks are now better equipped to handle economic shocks due to improvements in risk management practices and a focus on operational efficiency. The ongoing digital transformation within the industry has also played a significant role in enhancing service delivery and customer satisfaction.

Asomaning emphasized that despite the challenges posed by the COVID-19 pandemic and other economic pressures, there is growing optimism among banks as they adapt to new market conditions. He highlighted the importance of collaboration among financial institutions and stakeholders to foster a more resilient banking ecosystem. This collective effort aims not only to restore confidence but also to promote sustainable growth within the sector, ensuring that it can effectively support both individuals and businesses moving forward.