Changing

Currency
Examining trends and challenges
of female participation in Ghana’s
banking sector
 Introduction

Ghana’s banking sector mirrors its counterparts across Africa and the globe,
predominantly dominated by men in leadership positions. A 2017 study conducted by
the International Monetary Fund (IMF), revealed that women held fewer than 2 percent of
bank CEO positions globally, and occupied approximately less than 20 percent of board
seats.
While strides have been made in recent years The changing perception is largely driven by a
towards gender inclusivity, there is a pressing growing awareness of the importance of diverse
need to redefine this narrative, fostering perspectives in driving innovation and success.
an industry where diversity thrives, and Women are drawn to the dynamic opportunities
opportunities are accessible to all. the banking sector presents, from leadership
positions to specialised roles in treasury, risk
Over the decades, the global banking management, and human resources.
landscape has been a domain where women
have hesitated to venture, often deterred by the Gender parity in the banking sector has garnered
responsibilities and pressures associated with significant attention and is continually evolving,
breaking into what often feels like an exclusive making it a ripe subject for examination and
boys’ club. analysis. This report was created with the aim
of comprehending the pivotal role that women
The once daunting landscape is now witnessing occupy within Ghana’s banking sector, as well
a surge of interest and determination from as the various factors that either hinder or propel
women seeking to contribute their skills and their advancement.
expertise.
To achieve this aim, a comprehensive approach
As societal attitudes slowly evolve and was adopted, involving in-depth interviews with
organisations actively promote diversity and male and female executives across 13 banks.
inclusion, women are starting to find avenues This process spanned a duration of four months,
into the banking sector. The industry is ensuring that their perspectives were thoroughly
undergoing a transformation, opening doors for explored, and emerging trends identified.
talented women to thrive in various roles.
The survey uncovered emerging patterns
experienced by some female leaders in their
professional journey.

1 2 3

Many female executives Establishing healthy work-life Initiatives and partnerships

believe that banks regard integration affects women across spanning the industry are
diversity and inclusion as all levels within bank hierarchies, viewed as avenues to offer
secondary considerations, but is particularly pronounced at increased education and
overlooking the pivotal role it the upper echelons, where female collaboration opportunities
play in driving progress and representation is scarce, and the for women in banking.
strengthening organisational stakes are elevated.
resilience.

Key findings

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 Analysing the landscape

The diagram presented below illustrates the representation of females at management

and board levels across the 23 banks in Ghana.

Board Members

64 female 154 male

29.4% 70.6%

218 members

Management Team

66 female 179 male

26.9% 73.1%

245 members

Consultations with numerous Human Resources departments across the surveyed banks
revealed that at junior levels, there is often a balanced ratio, with a 50/50 split between
male and female staff. However, as one progresses up the hierarchical ladder, female
representation tends to decline, especially at the senior levels.

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 Analysing the landscape

The female executives interviewed attributed Despite progress in promoting gender diversity
the success in their careers to commitment and inclusion in various industries, women
and determination. They emphasised that continue to be significantly underrepresented in
their accomplishments were not a result of leadership positions within banking boardrooms.
any gender-based advantages or preferential A 2024 study conducted by the Statista
treatment, but rather a testament of their sheer Research Department revealed that, on average,
hard work and diligence. the proportion of female directors at the board
level in the top banks in the UK stood at 39.7%.
However, several of the female executives
acknowledged challenges they encountered A 2020 article by Harvard T. H. Chan School
as women in predominantly male dominated of Public Health, states that a board that
teams. They highlighted the reality that being lacks gender diversity is bereft of the varied
outnumbered by their male counterparts meant perspectives, insights, and approaches
that they often faced scrutiny and expectations that women bring to the table, ultimately
to perform exceptionally. The female executives compromising the effectiveness and robustness
recognised the importance of surpassing of strategic choices. Diverse teams have proven
expectations and distinguishing themselves to be more innovative and better equipped to
through their contributions. navigate complex challenges.
The disparity of gender representation in the The absence of women in leadership positions
banking industry dictates a concerted effort on not only stifles creativity but also ignores the
the part of women to assert themselves to gain vast pool of talent and expertise that could
recognition for their achievements. This often contribute significantly to a bank’s success.
proves challenging as the gender imbalance A homogenous board is at risk of overlooking
within the industry means that women must market trends, consumer preferences, and
navigate the landscape where opportunities ethical considerations that are crucial for long-
for career progression are often skewed in term sustainability. Diversity at the board level is
favour of men. Many women find it challenging closely tied to effective risk management.
to demonstrate courage and assertiveness,
however, in industries such as banking, it Different backgrounds and perspectives enhance
becomes essential for women to demonstrate the board’s ability to foresee and address
resilience to distinguish themselves. potential pitfalls. By neglecting gender diversity,
banks may be more susceptible to overlooking
The lack of female representation at the board critical risks or misjudging market dynamics,
level within the global banking sector remains a exposing themselves to avoidable challenges.
pressing issue with far-reaching consequences.
A lack of female representation sends a
powerful message about inclusivity and equal
opportunities within any organisation. It can
create a culture where talented women feel
undervalued or face barriers to advancement,
affecting overall morale and employee
engagement.

Banks that actively promote gender diversity

at the highest levels of leadership are better
positioned to adapt to change, navigate
uncertainties, and make decisions that reflect the
interests of a broader stakeholder base.

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 Confronting internal barriers

In the survey we conducted, 80% of the female

executives identified imposter syndrome and a
lack of confidence as barriers preventing women
from pursuing leadership roles within the banking
sector.

The female executives indicated that motivating

women under their leadership to strive for career
advancement was a recurring challenge they
faced.. Many of these women exhibited self-
doubt, which often hindered their willingness to
pursue opportunities for professional growth.
This mindset presents a significant hurdle in
fostering a culture of ambition and self-belief
among women in the industry.

Although imposter syndrome isn’t exclusive to

women and isn’t solely a problem created by
men, it is notably more common among women
in their professional lives. Many women tend to
underestimate their capabilities, even when they
possess the necessary skills and qualifications.
In addition, imposter syndrome plagues women
by making them believe they are undeserving of Multiple factors contribute to the persistence
their successes, fearing they will be exposed as of the confidence gap and imposter syndrome
frauds. among women. In Ghana, societal norms and
predetermined roles assigned to women are
Imposter syndrome can manifest as certain self- significant obstacles to their ability to assert
sabotaging behaviours such as: procrastination, themselves confidently in their careers.
perfectionism, or avoiding high stake situations.
These behaviours not only limit women’s Family objections and societal criticisms often
performance and productivity but also makes deter women from pushing forward with their
them feel as if they are inadequate and ambitions and capabilities. Strong support
unworthy. Affected women may shy away from systems are essential for women to overcome
networking opportunities or shrink themselves in these challenges. When women lack family
professional settings. support, especially at the beginning of their
careers, they often view high-ranking positions
as unattainable, fearing that pursuing such roles
would be detrimental to their families and breach
societal expectations of women.

This societal conditioning often leads women

to second-guess their abilities and feel undue
pressure to conform. The underrepresentation
of women in senior positions and the lack of role
models also intensify these issues.

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 Amplifying impact

The significance of female representation By witnessing the achievements and leadership

at management level in banking cannot capabilities of these female leaders, mentees
be overstated. It fuels diversity, promotes were energised to aspire to greater heights
an inclusive culture, enhances customer in their own careers, overcoming perceived
understanding and serves as a catalyst for limitations and societal expectations.
inspiring future leaders.
At the other end of the scale, there are a number
In the survey conducted, a notable 45% of the of women who express a lack of support from
female executives acknowledged the crucial role their female counterparts within the sector. When
played by female leaders or mentors in shaping a sense of distrust arises between women in
their own professional trajectories and facilitating the workplace, it often leads to situations where
career advancement. They emphasised the men feel inclined to take a step back and leave
significance of having women leaders and the resolution to the women, dismissing it as
mentors who provided the necessary guidance simply “female dynamics”. This is particularly
enabling them to overcome barriers, ignite problematic when there is a significant male
inspiration, and prepare for career progression presence in positions of influence. The tendency
opportunities. to diminish issues as solely pertaining to women
not only sustains gender disparities but also
undermines any efforts to build a collaborative
and inclusive work environment.

In the banking industry, female leaders are often

perceived as tough primarily because the path
to leadership in banking demands strength,
assertiveness, and courage. However, women
who embody these qualities are relatively scarce,
and those who do not naturally possess such
attributes may feel unfairly targeted by their
female superiors. In reality, the assertiveness
displayed by female leaders often brings about a
sense of discomfort among the women that work
The presence of female leaders was highlighted for them.
as instrumental in breaking barriers that often
hamper career advancement, particularly for
women in traditionally male-dominated industries This dynamic gives credence to the complexity
such as banking. Through their mentorship and of gender dynamics in the workplace, particularly
guidance, these women provided invaluable in banking. Women who rise to positions of
insights, strategies, and support mechanisms, leadership in such environments must navigate
empowering their mentees and team members a balance between showing authority and
to navigate challenges and seize opportunities maintaining productive relationships with their
with confidence and resilience. Ultimately, the female subordinates.
support provided by female leaders played a
transformative role, not only in the professional
development but also in the personal growth and
empowerment of their mentees.

The female executives reported feeling mentally

fortified and professionally propelled by the
guidance and advocacy of these women,
enabling them to navigate the complexities of
the corporate landscape with newfound clarity,
purpose, and resilience.

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 Nurturing potential

While at least 85% of the banks surveyed have female talent or mentorship programmes
in place, the level of establishment and effectiveness varies among them. Some banks
have more established and robust programmes compared to others. The banks with
thorough and active programmes are well recognised in the market for their strong
commitment to female empowerment initiatives, acknowledging the active role that
support and guidance play in fostering career longevity of women in banking.

However, several of the female Mentorship emerged as a

executives also expressed the recurring theme among the
view that there is insufficient female executives surveyed.
emphasis on diversity and
inclusion within their respective A significant number of them
banks. While acknowledging indicated that they actively
progress, they also felt that mentored colleagues, formally
greater advocacy was necessary and informally, regardless of
to advance the agenda. gender, within their banks.

During the early stages of Additionally, many reported being

implementing their programmes, approached to serve as mentors
a number of the surveyed banks by individuals across the industry. Another common theme that
encountered a challenge: some For some female executives, their surfaced among some of the
of their female colleagues show enthusiasm for mentoring was female executives was their
reluctance or scepticism towards fuelled by the male dominated collective aspiration for broader
participating in these initiatives. nature of the industry, leading networks encompassing women
Several of the female executives them to prioritise mentoring from various institutions within
stated that many of their female women exclusively. the industry. This desire stemmed
colleagues were disillusioned from their recognition of the
and viewed their banks’ diversity The strong link between benefits of knowledge exchange
and inclusion efforts as mere being mentored and being and networking. Many expressed
lip service rather than genuine a mentor demonstrates the a wish to interact with women
commitments to advancing reciprocal nature of mentorship from different banks, believing
female agendas. relationships. that diverse perspectives
would enhance their ability to
They went on to give accounts As women receive guidance, tackle professional challenges
of their female colleagues support, and knowledge from effectively.
feeling disheartened by past their mentors, they often pay it
experiences. Many harbour forward by mentoring others. This The potential impact of a wider
a sense of distrust towards not only allows for the transfer women’s network spanning the
corporate initiatives, doubting of skills and knowledge, but also industry would be fundamental to
their effectiveness to create creates a sense of community fostering increased collaboration
change within their bank’s culture and collaboration. and supporting women to
and leadership dynamics. navigate the various challenges
Serving as mentors allows the of the banking landscape. Such a
female executives to reinforce network could empower women
their own learning and enhance to achieve success and resilience
their leadership skills. in their careers, while also driving
change within the industry.

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 The balancing act

One of the primary challenges The ongoing dialogue These discussions centred
that many of the female surrounding strategies to around topics such as mental
executives have encountered enhance work-life integration health, marital dynamics, fertility
throughout their careers is the within the banking sector is concerns, family matters and
difficult task of balancing their endless and continually evolving. financial independence. These
professional responsibilities with Each person has unique needs, are common challenges that
familial obligations. and although a few banks are many women struggle with,
actively refining their work-life impacting their work-life balance,
Like countless women, they integration strategies, the matter yet often feel hesitant to openly
grapple with the demanding is very complex. This complexity discuss their concerns.
expectations of work comes from the necessity to
commitments while juggling cater to different requirements It would be beneficial for banks to
their personal responsibilities. and preferences. explore anonymous channels for
Many female banking executives women to discuss their work-life
recounted the weight of integration challenges for several
expectations placed upon While the female executives reasons. Anonymity provides a
them compared to their male spoke about the many ways that safe space for women to share
counterparts. they struggle with maintaining their experiences without fear or
work-life integration, the survey judgement.
As minorities in their professional highlighted a widespread
circles, they often feel the concern regarding flexibility. By offering anonymous
need to exert additional effort, A large majority of the female channels, banks can encourage
whether it entails working executives expressed that more honest and open
longer hours or compensating providing greater flexibility in communication, allowing women
for lost time. Senior male bank working hours and working from to express themselves freely
executives, when asked , noted remote locations where possible, and seek support without fear of
that women fail to consider the could alleviate internal struggles discrimination or stigma.
costs associated with pursuing a faced by women in their banking Secondly, anonymity can help
banking career early on, causing careers. banks to gain insights into
them to overcompensate when the specific challenges that
they anticipate potential life While many banks offer flexible their female employees face in
changes affecting their careers. options for women returning achieving work-life balance.
from maternity leave, many
Many have feelings of guilt respondents advocated for By collecting feedback
regarding their absence from extending flexibility beyond this anonymously, banks can better
work to address domestic period. understand unique needs and
matters, and deem it necessary preferences. This information
to make considerable sacrifices, Banks that acknowledged the can be used to develop more
including sacrificing precious challenges women encounter targeted and effective support
time with their families, inevitably in their careers took proactive programmes and initiatives
straining familial relationships. steps by initiating or engaging in designed to address t hese
conversations with their female challenges, promote greater
employees regarding a range of work-life balance and enhance
issues. employee wellbeing.
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 Cultivating supportive environments

In the modern-day landscape of the banking industry, fostering safe working environments for men and
women cannot be overemphasised, as they play a role in promoting gender equality and enhancing
organisational performance.

When women feel safe and supported in the workplace, they are more likely to excel, contribute their
perspectives and grow into leadership positions, creating a more inclusive and diverse organisational
structure. However, the disproportionate representation of men in the banking sector often renders women
more vulnerable to specific behaviours.

Sexual harassment has cast a dark cloud over the banking industry, tarnishing its reputation and
undermining trust. Incidents of harassment create toxic work environments, destroy employee morale, and
hinder career advancement opportunities for victims. Additionally, they result in legal liabilities and financial
repercussions for banks. When interviewed, senior male bank executives pointed out that a primary
factor contributing to the widespread occurrence of sexual harassment in banking is excessive individual
discretion, which is particularly problematic when coupled with wielding significant power. This, along
with a notable absence of structured safeguards leaves women, especially junior female staff members,
vulnerable to sexual harassment.

Addressing this issue is crucial, not only for Safeguarding employees from harassment
creating safe workplaces, but also for upholding involves implementing robust policies,
ethical standards. While some banks have procedures and training programmes aimed
established reporting channels to address at raising awareness about behavioural
incidents of harassment, their implementation misconduct and fostering a culture of respect
is not widespread, resulting in victims being and accountability. Additionally, they must ensure
unaware of available reporting channels or that complaints are promptly, and thoroughly
hesitant to report incidents due to fear of investigated, and appropriate disciplinary
victimisation and repercussions. measures are taken.

Banks bear a duty of care to their employees Providing ongoing training and education
which incorporates the responsibility to to employees at all levels on topics such as
safeguard them from harassment in all its forms. unconscious bias, workplace conduct, and
This extends beyond legal requirements and whistleblowing is imperative to creating an
regulatory standards. Given the hierarchical inclusive working environment. By empowering
nature of many Ghanaian banking institutions employees to recognise, challenge and address
and the power dynamics that often come to play, inappropriate behaviour, banks can create a
banks must safeguard vulnerable employees culture where harassment is not tolerated and
from misconduct. where everyone, regardless of their position,
feels empowered to speak up.

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 Allies in action

While women have long been at the forefront of

advocating for gender parity, the support and
engagement of male allies is essential for driving
meaningful and lasting change.

Men, as integral members of the banking

industry, have a vital role to play in supporting
and promoting female leadership. By actively
participating in dialogue, advocating for
inclusivity, and taking tangible actions, men can
contribute to creating a more diverse, equitable,
and successful future for Ghana’s banking sector.

Several of the female executives attributed their Education plays an important role in fostering
success to the presence of supportive male gender diversity within traditionally male
leaders who not only served as mentors but also dominated industries such as banking. Men have
offered encouragement, providing them with a significant role to play in advancing gender
learning experiences and growth prospects, equality by taking proactive steps to educate
while also challenging them to step outside of themselves and others about the importance
their comfort zones. These men play a pivotal of diversity and inclusion in the workplace. This
role in promoting the advancement of female entails not only gaining an understanding of the
leadership within the banking sector, as they barriers women in banking encounter, but also
have a broader perspective and acknowledge the actively working to address and dismantle them.
contributions and capabilities that women offer.
By recognising the importance of work-life
As leaders within the banking industry, men have balance for both men and women, men can
a unique opportunity to lead by example and support initiatives that promote flexibility, family-
demonstrate inclusive leadership practices. This friendly policies, and a healthy work life balance.
involves actively championing diversity initiatives,
advocating for gender-balanced recruitment and Beyond the corporate environment, men have a
promotion processes, and creating a culture of significant role to play in supporting the women
respect and belonging where all employees feel in their lives who pursue careers in high-pressure
valued and empowered to succeed. industries such as banking. This support extends
beyond verbal encouragement and focusses
Men can use their positions of influence to on creating a conducive environment for their
amplify the voices of women in the workplace. professional growth and personal wellbeing.
This can be done by actively seeking out and
promoting female talent, ensuring that women Men can demonstrate their support by listening
have equal opportunities to contribute to to the women in their lives’ career aspirations,
decision-making processes, and advocating for challenges, and goals. More than 50% of the
diverse representation at all levels of leadership. female executives surveyed highlighted the
By leveraging their networks and platforms, significant role played by their significant others
men can help elevate women’s voices and in supporting their career trajectories.
perspectives within the banking industry.
Supporting women in high pressure industries
goes beyond acknowledgement of their career
aspirations, it requires active participation,
empathy, and commitment to creating a
balanced partnership. By sharing in household
responsibilities, promoting work-life balance,
and advocating for gender equality, men
can empower the women in their personal
and professional lives to pursue their career
aspirations and achieve success.

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 Charting the course forward

Mapping out the path ahead and creating strategies to promote female leadership in the
banking sector requires deliberate assistance and cooperation from various stakeholders
beyond the industry. These stakeholders may include regulators and private sector
organisations. By leveraging their collective influence, regulators and private sector
organisations can drive broader societal change and challenge existing norms in a
number of ways.

Mandated diversity targets Defining reporting Standards

Regulatory bodies could introduce Regulators could also require banks to

policies and guidelines that encourage provide transparency and disclosure
gender diversity within banking of gender-related data. This could
institutions. By setting specific targets include reporting key metrics such as
and reporting requirements, regulators the percentage of women in leadership
can hold banks accountable and ensure roles and diversity initiatives undertaken.
progress is made towards achieving Such information would enable regulators
gender diversity. One approach could to monitor progress, identify areas of
be to mandate gender diversity quotas improvement and create benchmarks
for boards and executive positions, like across the industry. Once guidelines
those implemented in several European are established, regulators and private
countries. sector organisations could collaborate
to define reporting standards that banks
In 2008, Norway enacted legislation must adhere to. This includes specifying
mandating that companies must have the format, frequency, and level of detail
a minimum of 40% female board required for diversity and inclusion
representation, with penalties for non- reporting.
compliance. Finland followed suit with
similar quotas. In 2010, the European
Commission urged countries to adopt
legislative measures, setting a target
of 40% by 2012. Between 2011 and Providing training and resources
2021, the representation of women on
bank boards surged in Italy from 4.2% Regulators and private sector organisations could provide
to 40.4%, and in France from 28.4% training and resources to help banks comply with diversity and
to 45.3%, according to research firm inclusion reporting requirements. This could involve offering
BoardEx. workshops, webinars, or online resources to educate banks on
the importance of diversity and inclusion reporting, and provide
Consequently, the increased guidance on data collection and reporting methods.
represenation of women on boards
appeared to alleviate the issue of
“pluralistic ignorance”, where individuals
within a group underestimate the Engaging other stakeholders
degree to which others might share their
concerns. Both regulators and private sector
organisations could engage with
stakeholders such as the Ghana
Association of Banks (GAB) and
Monitoring and enforcement advocacy groups to solicit feedback
to ensure that banks’ initiatives around
Regulators can take the lead in monitoring banks’ compliance female empowerment remain relevant
with diversity and inclusion reporting requirements, while private and effective. Ongoing consultation could
sector organisations can offer support by providing expertise help to identify emerging trends and
and assistance. This could involve conducting regular audits issues and also inform future reporting
or assessments to ensure that banks are accurately reporting standards.
diversity data and taking appropriate actions to promote
diversity and inclusion within their organisations.

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 In conclusion

Promoting female leadership in the banking sector not only ensures a

fair and equal representation of talent but also brings about positive
organisational outcomes. Research has consistently shown that diverse
leadership teams lead to better decision-making, increased innovation,
and ultimately, improved financial performance. However, it is crucial to
acknowledge the barriers that still exist.

Bias and stereotypes, the lack of mentorship opportunities, and limited

work-life balance options continue to hold women back in their pursuit
of leadership roles. Addressing these challenges requires a collaborative
effort from all stakeholders, including financial institutions, regulators,
and society as a whole.

To drive female leadership in banking, it is important to implement

effective policies and programmes that promote gender equality.
Initiatives such as mentorship programmes, leadership development
training, and flexible work arrangements can go a long way in expanding
opportunities for women in the sector.

It is also essential to create a supportive and inclusive organisational

culture that fosters diversity and encourages women to thrive in their
careers. By embracing gender diversity and actively working towards
increasing female representation at all levels of leadership, the banking
industry can unlock its full potential.

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Fax: +233 30 2761544

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