Dr Papa Kwesi Nduom, Founder and Chairman of Groupe Nduom, has called for any sale of Standard Chartered Bank Ghana’s retail banking business to be reserved for an indigenous Ghanaian company. He argues this opportunity should deepen local ownership in Ghana’s financial sector. This intervention adds a strong voice to the debate over the future of Standard Chartered’s wealth and retail banking operations in Ghana.
Standard Chartered Bank is reportedly exploring the sale of its retail and wealth banking operations. This strategy allows the bank to retain its corporate and investment banking (CIB) operations. Dr Nduom stated on Facebook on June 26 that the buyer's identity should matter to policymakers and regulators. The potential transaction could strengthen local participation in banking or allow another foreign or regional financial institution to acquire the business.
This development aligns with a broader trend of global banks reassessing their exposure to smaller retail markets. Many such banks cut costs and focus on corporate clients. However, for Ghana, the issue extends beyond Standard Chartered’s internal strategy. It reignites discussions about who controls major banking assets and the role of the Bank of Ghana (BoG) in encouraging local ownership during such transactions.
Dr Nduom’s position reflects a concern that indigenous financial institutions often struggle to compete with multinational banking groups. These larger groups have stronger regional networks and easier access to capital. He stated, “Make no mistake about this: if Standard Chartered is selling its retail banking business, the buyer should be an indigenous Ghanaian company.”
Allowing a Ghanaian-owned bank or consortium to acquire Standard Chartered’s retail business could provide immediate access to retail deposits and affluent clients. It would also grant access to wealth management infrastructure and an established customer base. This type of acquisition offers a rare chance for indigenous capital to scale quickly in Ghana’s competitive banking sector.
The BoG would need to balance national ownership ambitions with strict financial requirements. Any buyer, whether Ghanaian or foreign, must pass rigorous fit-and-proper tests. The central bank would examine the source of funds, capital adequacy, and risk management systems. It would also assess anti-money laundering controls and operational resilience, ensuring customer protection during any transition.
This call also carries significance due to Dr Nduom’s history and advocacy for indigenous enterprises. His company, Groupe Nduom, faced licence revocation during Ghana’s financial sector clean-up. A recent court decision supported restoring his institution’s licence, renewing discussions on how local institutions were treated during the reforms. His current intervention resonates with those who believe indigenous institutions need greater support.
Several acquisition structures are possible, including a well-capitalised indigenous bank or a consortium of Ghanaian investors and pension funds. Such a transaction would require significant capital, strong governance, and regulatory credibility. The challenge remains to find a structure that supports local ownership without compromising financial stability or regulatory standards.