Absa has added Ghana and Zambia to a growing list of African markets earmarked for increased investment, according to a senior executive at the South African lender, the country’s third largest.
Charles Russon, who oversees Absa’s operations outside its home country, told Semafor that both countries were emerging from financial crises with clearer reform paths and stronger private sector appetite than many regional peers.
Zambia has “come through a difficult period but now feels more aligned around growth,” said Russon, adding that Zambia’s President Hakainde Hichilema made it clear in a recent meeting with the bank’s top executives that growth should be private sector-led.
“While West Africa has not traditionally been our strongest footprint, Ghana’s macro stabilization has created a more constructive environment,” Russon added. His comments reflect Absa’s strategy under new CEO Kenny Fihla to expand its African footprint when some global banks are retreating. Russon did not rule out mergers and acquisitions in the two markets.