Stephen Adufo Asare, ACMA, CGMA


Stephen has spent about thirty (30) out of thirty-eight (38) years of his working experience as a Banker rising through the ranks as Officer at the National Investment Bank to Deputy Managing Director of Prudential Bank Limited (PBL). He is a professional Accountant and a Member of the Chartered Institute of Management Accountants (CIMA), United Kingdom and also a Member of the Institute of Chartered Accountants, Ghana (ICAG). He also holds the Executive MBA degree, Finance Option, from the University of Ghana Business School, Legon. He was a Director of PBL as well as Prudential Bank Stockbrokers Ltd (PSBL). He is a former member of the CIMA African Regional Board and the immediate Past Chairman of the Ghana Branch of the Chartered Institute of Management Accountants. .


He started his banking career in 1986 with the National Investment Bank (NIB) as an officer and by dint of hard work rose to the grade of Deputy Manager before joining Prudential Bank Limited (PBL) as a Financial Controller/Treasurer, a very senior management position and rose to the position of Deputy Managing Director, Finance, Administration and Credit Administration of PBL and retired on that position on 15th October 2018. Imbued with a high sense of professionalism, Stephen has during his working life demonstrated a high degree of integrity, initiative, and resourcefulness. He has also been meticulous and result-oriented whilst performing the following major roles:

  • He designed and installed the financial management, treasury and the Accounting system and policies of PBL including the development of financial models for financial reporting, management accounts and BSD returns
  • He played a key role in the value creation process of PBL through identifying key performance drivers that is able to instigate appropriate actions to secure the growth of the Bank from a unit bank to a network of 38 branches in barely 20 years.
  • He played a leading role in the Bank’s digital agenda which resulted in products such as the ATMs, SMS alert, online banking, mobile banking etc
  • He led the transition of the financial reporting system of the Bank from the Ghana National Accounting (GNAS) to International Financial Reporting Standards (IFRS) in line with global requirements

As a Chartered Global Management Accountant (CGMA), CPD is mandatory. Stephen has therefore as a matter of personal policy, regularly updated himself of developments in finance, Accounting as well as other relevant areas of knowledge such as developments in the banking and financial services industry. Stephen has also availed himself of various relevant short courses to sharpen his skills and knowledge. He also particularly continues to update himself in the following relevant areas:

  • Developments in the financial services industry globally and nationally, and global and national economic and financial developments

  • Developments in Information and Communication Technologies

  • Relevant business law and laws relating to banking, finance and taxation.

  • Global Management Accounting Principles (GMAP)

  • International Financial Reporting Standards (IFRS)

As a board member, Stephen is Responsible for local business growth, financial oversight and local strategic partnerships.

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