Ghana: Stanbic team holds discussions with Chinese Ambassador on Ghana China trade

The Chief Executive of Stanbic Bank Ghana, Kwamina Asomaning, along with several Senior Executives of the bank, convened with the Chinese Ambassador to Ghana, Lu Kun. Their aim was to foster stronger trade and investment connections between Chinese and Ghanaian enterprises.

In the course of the meeting, Mr. Asomaning emphasized the significance of the strategic collaboration between Standard Bank, the parent company of Stanbic Bank, and the Industrial and Commercial Bank of China (ICBC). This partnership plays a pivotal role in facilitating trade and investment flows between China and Africa.

He emphasized that “China is Africa’s biggest trade partner and Standard Bank has long appreciated its strategic relevance to the growth of the African continent. It was from this perspective that in 2007, ICBC acquired a 20% stake in Standard Bank and remains its largest shareholder to this day.”

“The trade activities between Africa and China, coupled with China’s economic growth, Africa’s abundant resources, increasing industrialization, and growing population, creates a promising environment for continued trade and investment.

Acknowledging these developments, we took the initiative to establish a China Desk back in 2010, specifically tailored to address the requirements of our extensive network of over 200 Chinese business associates in the nation. In the year 2022 alone, the collaborative efforts of Standard Bank and ICBC facilitated trade transactions between Africa and China, amounting to a substantial USD$600 million,” Mr. Asomaning highlighted.

Through significant investments, both Standard Bank and ICBC have diligently constructed the essential infrastructure and fostered relationships necessary to streamline access for African and Chinese enterprises to the abundant opportunities within this pivotal trade corridor.

Standard Bank, with ICBC’s support, has facilitated the growth journeys of over 3,500 Chinese commercial, corporate, and state-owned entities across 15 African markets while enabling African businesses to obtain market access.

The bulk of these firms are overwhelmingly private firms invested in a broad range of sectors.

The meeting is a significant step forward in fostering a deeper understanding and establishing a stronger partnership between Stanbic Bank and the Chinese Embassy in Ghana.