Corporate Initiative Ghana (CIG), organisers of the Ghana Banking Awards, has said it will stick to the use of qualitative and quantitative information in assessing universal banks at each awards.
According to CIG, the move is intended to help make the assessment more distinct from other awards held in the country while maintaining its integrity.
The Chairman of the Awards Planning Board, Nana Otuo Acheampong, said this at the maiden Technical Committee meeting meant to officially kick start preparations for the 14th Ghana Banking Awards.
The awards will assess the performance of the 28 universal banks in the country, with both quantitative and qualitative set of data on the banks.
While the quantitative data is publicly available through the mandatory publication of the banks’ financials in the press, the qualitative data is based on a survey conducted from the information provided by the banks themselves.
To ensure fairness and transparency of the approach and methodology used in the assessment, a Technical Committee is formed, which is populated by a maximum of two representatives from each of the 28 qualifying banks.
The meeting was attended by the CIG Working Group, the Technical Committee members from a large majority of the 28 universal banks as well as the main event statisticians, Ernst & Young and Cedinomics.
Technical committee meetings
Nana Acheampong described the level of engagements at the technical committee meetings as crucial because “it affords the participants the opportunity to scrutinise the methodology used in the survey and that is why we entreat you all to attend”.
He urged the various universal banks to ensure that they always nominated senior managers such as the ones which attended the maiden meeting for the year to enhance the discourse.
“I also want to entreat the top executive of the banks to demand feedback from their representatives at the technical committee meetings so that they will know what transpired and make inputs from afar and that will be recognized and worked on”, he added.
Integrity of event statisticians
For his part, the representative from Enrst and Young, Mr Nicholas Mills gave an assurance that the international accounting firm would not compromise its integrity to award banks that did not deserve to be mentioned.
“All we have is our integrity and we will always scrutinise the process and the records at our disposal to ensure that the banks we determine as winners are truly winners and ones that deserve the laurels and accolades”, he added.