Stanbic Bank and CADFund Forge Strategic Partnership to Drive Economic Growth

Stanbic Bank Ghana, led by CEO Mr. Kwamina Asomaning, met with a delegation from the China-Africa Development Fund (CADFund) headed by Chairman Mr. Wang Shao Dan to explore strategic partnership opportunities aimed at driving economic growth in Ghana and the broader African continent.

The meeting focused on key sectors including renewable energy, capacity building, infrastructure, manufacturing, agri-business, and alternative financing solutions, with a particular emphasis on green financing to support sustainable development and environmental goals. This discussion followed initial talks between CADFund and Standard Bank Group’s CEO, Mr. Sim Tshabalala, during the FOCAC summit in September 2024.

With a capital base of $10 billion, CADFund committed to expanding its investments in Ghana over the next three years. This commitment aligns with Stanbic Bank’s mission to support transformative, sustainable growth across Africa, as emphasized by Mr. Musah Abdallah, Head of Corporate and Investment Banking at Stanbic Bank.

The dialogue underscored a shared vision to pursue investments that generate economic value while advancing environmental sustainability. CADFund’s ongoing investment in Ghana, which includes stakes in major projects such as Sunon Asogli Power and Africa World Airlines, reflects its confidence in Ghana’s economic stability and resilience. This continued commitment, particularly in light of challenges posed by the Domestic Debt Exchange Program (DDEP) and macroeconomic pressures, underscores CADFund’s long-term belief in Ghana’s growth potential.

During the session, Mr. Kwamina Asomaning highlighted the significance of the strategic partnership between Standard Bank, Stanbic Bank’s parent company, and the Industrial and Commercial Bank of China (ICBC), China’s largest bank and a 20% stakeholder in Standard Bank. He noted, “China is Africa’s biggest trade partner, and Standard Bank has long recognized its importance to the continent’s growth.”

He further explained how Stanbic Bank Ghana has leveraged this group relationship to strengthen the Ghana-China partnership through its China-Africa Trade offering, which supports local traders. Additionally, Stanbic Bank has actively facilitated the participation of Ghanaian businesses in the China International Import Expo (CIE) in Shanghai, promoting deeper economic ties and growth opportunities.

Through this collaboration, Stanbic Bank and CADFund aim to reinforce Ghana’s economic resilience, foster new opportunities for local communities, and address critical developmental areas within renewable energy, manufacturing, and agri-business. This partnership marks a significant step in advancing sustainable, impactful investment in Ghana and across Africa.