Papa Kwesi Nduom, founder and head of Groupe Nduom, a Ghanaian business conglomerate with interests spanning finance, hospitality and investment services, has called for any potential sale of Standard Chartered’s retail banking operations to be acquired by a Ghanaian-owned company.
“Make no mistake about this: if Standard Chartered is selling its retail banking business, the buyer should be an indigenous Ghanaian company,” he said in a Facebook post.
His comments come amid a broader industry conversation in Ghana and across Africa over the gradual retreat of some global banks from retail banking, as rising competition, shifting profitability, and higher operating costs reshape the sector.
Over the past several years, Standard Chartered has undertaken a global restructuring strategy aimed at simplifying its operations and improving returns. A key milestone in this shift came in April 2022, when the bank announced plans to “refocus and simplify its presence” across its Africa and Middle East (AME) markets.
In that announcement, the bank said it was “redirecting resources within its Africa and Middle East region to those areas where it can have the greatest scale and growth potential,” as part of efforts to better support clients and improve efficiency across its footprint.
The strategy marked a clear pivot toward corporate and institutional banking, trade finance, and wealth services for high-value clients, while scaling back or exiting retail banking in selected markets across Africa and other regions.
As part of the 2022 restructuring plan, the lender announced it would exit onshore operations in seven markets across the AME region, including Angola, Cameroon, Gambia, Sierra Leone, Zimbabwe, Jordan and Lebanon. It also said it would withdraw from consumer, private and business banking in Tanzania and Côte d’Ivoire, while retaining only corporate, commercial and institutional banking in those markets.
The bank said at the time that these markets collectively accounted for “around one per cent of total Group income,” underscoring that the moves were part of a broader portfolio reshaping rather than a withdrawal from the region.
Since then, Standard Chartered has proceeded with divestments and restructuring transactions in line with that strategy, including the sale of retail operations in selected African markets while maintaining a corporate banking presence across the continent.
Industry analysts say the shift reflects deeper structural changes in African banking, where retail operations have become increasingly competitive and less profitable compared with earlier decades. Rising competition from regional lenders, particularly Nigerian banks, has intensified pricing pressure, while digital transformation has significantly increased the cost of maintaining modern banking infrastructure.
At the same time, central banks across the continent have tightened regulatory requirements, increasing capital buffers and compliance obligations for commercial banks. Lower yields on government securities have also reduced traditional sources of profit, further compressing margins across the sector.
These pressures have contributed to a broader reassessment by international banks of their retail banking exposure in emerging markets, with many shifting focus toward corporate banking, cross-border trade, and offshore services where returns are higher and risks more contained.
In Ghana, the debate has increasingly taken on a domestic ownership dimension, with stakeholders arguing that any reduction in foreign participation in retail banking should create space for Ghanaian institutions to expand their footprint in the sector. Proponents say local ownership could help retain financial value within the economy and strengthen control over key financial infrastructure.
The latest comments by Dr. Nduom add to a growing policy and industry conversation over how Ghana’s banking sector should evolve as global lenders adjust their strategies across Africa.
