On November 5, a Stanbic Bank team led by CEO Mr. Kwamina Asomaning met with a delegation from the China-Africa Development Fund (CADFund), headed by Chairman Mr. Wang Shao Dan. The meeting focused on exploring strategic partnership opportunities to drive economic growth in Ghana and the broader African continent, with discussions centring on renewable energy, capacity building, infrastructure, manufacturing, agri-business, and alternative financing solutions. A particular emphasis was placed on green financing to support sustainable development and environmental goals. This meeting followed an initial discussion 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 has committed to expanding its investments in Ghana over the next three years. This aligns with Stanbic Bank’s mission to support transformative, sustainable growth across Africa, as highlighted by Head of Corporate and Investment Banking, Mr. Musah Abdallah. The dialogue underscored the shared vision of both parties to pursue investments that generate economic value while advancing environmental sustainability.
CADFund’s ongoing investment in Ghana, which includes significant 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 after the 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 emphasized the significance of the strategic partnership between Standard Bank, the parent company of Stanbic Bank, and the Industrial and Commercial Bank of China (ICBC), China’s largest bank and a 20% stakeholder in Standard Bank. This partnership has been instrumental in advancing trade and investment between China and Africa. He stated, “China is Africa’s biggest trade partner, and Standard Bank has long recognized its importance to the continent’s growth.”
Mr. Asomaning highlighted 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 (CIIE) 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.
