Panellists at the launch of PwC Ghana’s Gender Diversity Banking Report have called for deliberate effort and effective collaboration among stakeholders to ensure more women are represented at the top of the banking industry.
Dubbed “Changing Currency: Examining Trends and Challenges of Female Participation in Ghana’s Banking Sector,” the comprehensive report, which is a culmination of responses from a survey conducted over four months, delves into the experiences and insights of women in Ghana’s banking sector.
The survey focuses on females in senior management positions, as well as female board members. Through interviews conducted across 13 banks in Ghana, PwC sought to identify the myriad issues hindering women’s career advancement as well as analyse the factors that propel them in the industry.
Among the key findings are that many female executives believe that banks regard diversity and inclusion as secondary considerations, overlooking the pivotal role they play in driving progress and strengthening organizational resilience.
Also, establishing healthy work-life integration affects women across all levels within bank hierarchies, but is particularly pronounced at the upper echelons, where female representation is scarce, and the stakes are elevated.
Initiatives and partnerships spanning the industry are viewed as avenues to offer increased education and collaboration opportunities for women in banking
Andrea Dwamenah, a Manager at PwC who presented the key findings, said 26 people were interviewed, most of them women in senior management positions, and Human Resources Executives to fully understand the bank’s position on diversity, inclusion, and work-life integration, among others.
She said the report was to look deeper into what was leading to the disparity in the number of men at the top compared to women to help understand the financial services industry.
Dwamenah said,” Many women in the industry would like the opportunity to have a network where they could share ideas from even outside of their banks, so some would want to be mentored by women in other banks. So, I guess that makes them feel a bit more open to discussing certain things and also to build their networks and knowledge transfer as well.”
On other inhibitors to the representation of women in senior positions, Dwamenah mentioned women’s self-doubt about themselves, doubts from people they work with, family objections and societal expectations.
She said there was also the issue of sexual harassment and its handling within the Ghanaian banking sector, adding that some banks do take it seriously.
“And we know that last year or so there were dismissals. But there’s still room to do more because it’s still happening. It’s still the elephant in the room in the banking sector and needs to be highlighted, and discussed and ways to see how it can be banished,” she added.
Dwamena said she expected the report to trigger conversations, uncomfortable ones, because they needed to be heard.
“And I expect it to be a long discourse. I don’t want it to be spoken about once and then goes away,” she said.
The Changing Currency report highlights the pivotal role women play in advancing Ghana’s banking sector and sheds light on the avenues they must go through to be fully engaged stakeholders in the industry,” Clara Amarteifio-Taylor Partner and Inclusion & Diversity Leader, stated. “It is my hope that through the report, more women feel empowered to push themselves to excel within the sector.”
“Conducting a study on female participation in Ghana’s banking sector was essential,” Vish Ashiagbor, Country Senior Partner, remarked. “By gaining a deeper understanding of the challenges and opportunities women face in the financial services industry, we enhance our ability to provide tailored solutions that drive positive change.”
The launch event attracted a distinguished audience of senior executives from across Ghana’s banking sector. It featured insightful panel discussions with esteemed industry leaders, including Dr. Cynthia Forson, Board Member at CalBank; John Awuah, CEO and President of the Ghana Association of Bankers, and Pearl Nkrumah, Executive Director at Access Bank.
GNA
CA/
April 1, 2024
Caption: Pix attached
