The Deputy Governor for Monetary Policy at the Bank of England, Clare Lombardelli, is championing the call for more women to be pushed into leadership positions in Central Banks in Africa.
Clare Lombardelli says the future of Africa’s central banking must be female too, and therefore calls for deliberate actions to improve gender equality within central banks across Africa.
At the Pan-African Central Bank Governors’ Conference in Accra, the deputy governor of the Bank of Ghana, Matilda Asante-Asiedu, revealed that research has proven that institutions that mirror the diversity of their societies are not just fairer, they are stronger, more innovative, and better equipped to serve the public.
“We must also look to the future and ask ourselves how we can build even stronger, more inclusive institutions. One area where we must be bold is in advancing gender equality in the leadership of our central banks,” she emphasized.
Why Diversity Matters in Banking Leadership
According to Lombardelli, her argument is rooted in both evidence and experience. Studies have long shown that diversity in leadership drives creativity, improves decision-making, and enhances institutional credibility.
When leadership tables include both men and women, policies tend to be more inclusive and solutions more balanced.
In sectors like banking, where trust, foresight, and prudence shape national economies, Lombardelli believes diversity isn’t a token gesture; it’s a competitive advantage.
“The evidence is clear: institutions that reflect the diversity of the societies they serve are more effective, more innovative, and more resilient,” she noted.
Initiatives to Drive Agenda
While she acknowledged that many African countries have begun initiatives to promote gender balance in their central banks and the wider financial sector, she urged leaders to go further.
Lombardelli maintains that gender equality initiatives should move from simply opening doors to actively preparing women to walk through them.
For her, one of the challenges African Central banks must address is harnessing these initiatives so that they improve and accelerate the pipeline of credible female leaders. Genuine progress, she noted, will come from mentorship, sponsorship, and leadership development at every level.
The deputy governor is of the firm conviction that opening doors alone is not enough; opportunities must be cultivated intentionally.
Lessons from the Bank of England
Reflecting on her own institution’s experience, Lombardelli admitted that the path toward gender equality has been far from smooth, even in one of the world’s oldest central banks.
“At the Bank of England, our journey towards gender equality has not been a straightforward one, and while there’s been some progress, there remains much still to do,” she confessed.
Through initiatives that identify and mentor talented women, the Bank of England has begun to change its internal culture. Lombardelli urged African institutions to do the same, not as a symbolic gesture, but as a strategic necessity.
A Call to Reimagine Central Banking
Her remarks come at a time when Africa’s financial systems are undergoing transformation, from digitization to crypto regulation to monetary reforms. Lombardelli believes that this is the perfect moment to reshape who leads the charge.
She specifically urged the Bank of Ghana that, as it celebrates Cedi@60 and reflects on its economic resilience, it must also invest in inclusive leadership. A leadership, she says, that mirrors its people and unleashes its full potential.
“As we celebrate the achievements of the past, including the Cedi@60 milestone, we must also look to the future and ask ourselves how we can build even stronger, more inclusive institutions,” she championed.
