Rural Banking Special Report 2024: How female CEOs are changing the narrative of leadership in rural banking

By Seth KRAMPAH & Joseph AKOSSEY

Available data indicates that there is under-representation of women in leadership positions across the world. For example, as of 2020, there were only 37 women leading fortune 500 companies (fortune.com).

Similarly, report published by the IMF in September 19, 2018 highlighted that women accounted for less than 2 percent of financial institutions Chief Executive Officers and less than 20 percent of executive board members. The situation is not different in Ghana since the gender gap at the leadership level of most sectors of the economy is still wide.

There are 23 universal banks currently operating in Ghana and only one of them has a female M.D. In a similar fashion, the rural banking industry has only 8 females CEOs out of the 147 CEOs.

Evidently, on the banking pyramid, men are often at the top while more women mostly occupy the base. Without a doubt, there is lack of representation for women in leadership role despite the fact that some of them have impressive academic and professional qualifications as well as endearing qualities. This could be attributed to social and cultural barriers such as glass ceiling, glass walls, unconscious bias against women and impostor syndrome.

It is important to point out that greater gender diversity in leadership position has been associated with high profitability of firms.

Mckinsey and Company’s latest analysis shows that companies with greater diversity on the board of directors are more likely to outperform their peers.

This emphasises the need to encourage and promote gender inclusiveness at the leadership level of most of our sectors, including the rural banking sector.

The affirmative action Act, 2024 (Gender Equity) passed by Parliament recently will go a long way to promote women representation in key leadership positions. As already mentioned, we currently have only 8 female CEOs in the rural banking space. We can unequivocally say that these women have emerged as trailblazers in a male-dominated industry, serving as role models for aspiring female bankers.

Indeed, they have proved beyond doubt that women can make it when they reach top positions.

In this article, we will consider 3 of these female CEOs and how they are transforming the rural banking landscape. The part two will focus on the rest.

The first female CEO to discuss is Mrs. Felicia Boamah Hall. She is the current CEO of Mponua Rural Bank in the Eastern Region. Felicia was appointed as CEO of the bank in 2017 to spearhead its affairs to drive superior value for shareholders and other key stakeholders.

She is a practitioner with 33 years’ experience in the banking space. It is worth mentioning that Mrs. Boamah rose through the ranks to become the first female CEO of the bank. Her attainment to this top most position can be attributed to hard work, resilient, strong integrity, teamwork, humility, courage and other leadership skills.

Indeed, through tenacity and determination, Mrs. Boamah Hall has been able to smash glass ceiling to reach the top.

Mponua Rural Bank currently has a total staff strength of 114, which consists of 73 males and 41 females. The data shows that Felica leads a male-dominated institution.

However, she is able to work in collaboration with them as a team to achieve the bank’s strategic vision and mission.

She has impacted positively on the bank performance despite the perception that women cannot do better when they are offered top management position. For example, the bank recorded profit before tax of GH 7.1million in the 2023 financial year, which was the highest in the history of the bank as well as the highest among rural banks in the Eastern Region. Felicia is using less resources to generate more returns while some of her peers are using more to get less. This can be attributed to leadership efficiency and effectiveness.

Furthermore, under her leadership, the bank has been rated as strong by the Efficiency Monitoring Unit of the ARB Apex Bank PLC on several occasions.

Really, Mrs. Boamah Hall has demonstrated that greater gender diversity in senior position is associated with excellent performance. In a chat with her regarding her advise for ladies who desire to move up the corporate ladder, this is what she said: “They should be self-confident, resilient, excel in their current schedule and be determined to shatter glass ceiling”.

Mrs. Gladys Okyere, CEO of South Birim Rural Bank, is one of the few female CEOs in a male-dominated field. She took the mantle as CEO in 2018 to lead and manage the bank to maximise shareholder value and also meet expectations of other stakeholders.

She is a seasoned banker with 35 years’ banking experience and has skill set in branch management, operational risk management, customer service management, among others.

Gladys attained the highest position as CEO because she refused to listen to the voice that tells women that they are not born to lead in a male-dominated institution and industry.

Through hard work, integrity, resilient and foresight, she overcame huddles that impede women advancement to the corporate ladder. Indeed, she is an inspiring example that females in the banking industry must imitate.

She currently leads and manage a total staff of 180 consisting of 127 males and 53 females.

Really, Mrs. Gladys Okyere is leading a predominantly male institution. It is worth mentioning that she is able to navigate this complex terrain successfully because of her outstanding qualities such as emotional intelligence and adaptability.

It is heartwarming to say that Gladys’ leadership has made a big difference in South Birim Rural Bank PLC. For example, under her leadership, the bank has formed a formidable ladies association that promote women issues and empowerment.

She is currently the patron and serving as a role model and mentor.

Furthermore, since her appointment, there is tremendous improvement in profitability every year. For instance, the bank recorded profit before tax of GH?3.17million in 2023 financial year notwithstanding the impact of the DDEP on its balance sheet and other challenges.

This is a testament to the recent IMF research, which shows that women in leadership position lead to greater financial stability and profit.

Moreover, through operation efficiency and prudent management, she moved the bank from satisfactory position to strong.

Considering the fact that adequate capital is key to funding banking operations and meeting capital requirement, Gladys took the lead in mobilising additional capital to improve the bank’s capital base.

Consequently, the bank is currently well-capitalised, robust and resilient to absorb external shocks. According to the accomplished CEO, women who want to advance to leadership position need to be confident, great communicators, never stop learning, embrace their own femininity and displace humility.

The next female CEO we want to focus on is Mrs. Helen Adjei Yankey of Nwabiagya Rural Bank in the Ashanti Region.

She is a Chartered Banker with over 25 years banking experience. Like her two colleagues already discussed, Helen has been able to break biases and other barriers that hinder women’s full participation in leadership.

Without a doubt, she has proven that with perseverance, confidence and humility, authentic leadership and integrity is possible for women to get opportunity to occupy C-Suit roles.

Mrs. Adjei Yankey currently takes oversight of a banking staff with majority being males, signifying a male-dominated institution.

However, she is able to lead successful because of her good and balance leadership skills. Mrs. Adjei Yankey appreciates the fact that the role of a CEO in the rural banking sector is a demanding position because she is responsible for the fate of the institution.

However, she is of the conviction that dedicated women can make it when they are given the opportunity to be in the driver’s seat.

Indeed, she has accomplished much during her short tenure of office as CEO. For instance, the bank recorded a profit before tax of GH?13.8million in December 2023 from the previous year’s profit of GH? 3.7million.

This constitutes a remarkable growth of 372.9 percent.

It is significant to note that such quantum of profit has never been recorded before in the history of the bank.

Moreover, it is the fourth highest in the rural banking industry in the 2023 financial year. Another outstanding accomplishment is that in collaboration with the Board and Management, the Bompata Branch – which was not profitable – has been merged with the Sago Lane Branch and relocated to a strategic location in Adum, Kumasi. This strategic decision has enhanced visibility and profitability.

As a modest leader, Helen does not ascribe the credit to herself alone, but she acknowledges the support of the board and the management team.

According to Mrs. Helen Adjei Yankey, ladies in the rural banking fraternity who aspire to leadership position must be industrious, determined, visionary, confident and exhibit strong professional and ethical values.

Conclusion

The achievements of the female CEOs are a source of inspiration and a reminder of the remarkable potential of women in shaping and driving growth of the rural banking landscape.

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