Summary
Overview
Work History
Education
Skills
Awards
Affiliations
Publications
Major Professional Achievements
Accomplishments
Honors, Awards, and Special Recognition
Key Trainings Attended
References
Timeline
Generic

Joseph Ciici Arthur

Sakumono

Summary

Senior finance executive with 20 years of banking industry experience, including 13 years in senior management roles. Proven track record in financial management, enhancing profitability, reducing costs, and optimizing shareholder value. Expertise in financial reporting, business performance monitoring, investor relations, and strategy development. Skilled in building high-performing teams and improving internal controls to mitigate risks, driving organizational growth through effective financial strategies.

Overview

20
20
years of professional experience

Work History

Financial Controller

Consolidated Bank Ghana
Airport, Accra
10.2018 - Current
  • Provide leadership and direction in the development and implementation of the financial strategy and its associated systems, policies, and procedures to guide finance and accounting activities of the department as well as the Bank.
  • Lead person for the reconciliation and finalization of the Purchase and Assumption Agreements with the appointed Receivers of the 7 erstwhile Banks.
  • Ensure the implementation and maintenance of all financial and accounting systems and controls (including budgetary and risk controls) of the Bank.
  • Lead in the identification of finance and accounting inefficiencies within the Bank and define appropriate and innovative systems and processes to address them.
  • Oversee the Bank’s tax administration systems and processes to manage, prevent and address all outstanding issues efficiently and effectively.
  • Supervise the preparation of the Bank’s financial statements and returns of operations and ensure they comply with internal and external/statutory financial reporting requirements.
  • Build effective business relationships with external auditors and regulatory bodies and provide the necessary support to facilitate cordial relationship.
  • Update the management accounting and information systems to keep pace with the highly complex and changing regulatory environment.
  • Manage the performance and supervise activities of team members to achieve the Department’s objective for the bank.

Supervising Head

Erstwhile Sovereign Bank
08.2018 - 09.2018
  • Served as the reference point for all information requests on erstwhile Sovereign Bank needed by stakeholders during the consolidation process.
  • Provided weekly financial and operational report on erstwhile Sovereign Bank to the Managing Director.
  • Coordinated the Finance activities across the consolidated network by reviewing payment requests prior to approval by the Project manager and Managing Director.
  • Assisted the project manager in coming up with cost containment measures for the new bank.
  • Any other role as directed by the Project Manager and Managing Director.

Chief Financial Officer

Sovereign Bank Limited
Ridge, Accra
02.2016 - 08.2018
  • Developed and implemented the financial strategy and its associated systems, policies, and procedures to guide finance and accounting activities of the department as well as the Bank.
  • Ensured the implementation and maintenance of all financial and accounting systems and controls (including budgetary and risk controls) of the Bank.
  • Led the identification of finance and accounting inefficiencies within the Bank and defined appropriate and innovative systems and processes to address them.
  • Had oversight responsibility for tax planning and management in the Bank.
  • Supervised the preparation of the Bank’s financial statements and returns of operations and ensured they complied with internal and external/statutory financial reporting requirements.
  • Member of the Executive Committee (EXCO), Credit Committee and Asset and Liability Committee (ALCO).
  • Co-ordinated the formulation of the annual business operating plans and budgets in line with the overall financial objectives of the Bank and monitored progress towards their achievement while correcting deviations.
  • Built effective business relationships with external auditors and regulatory bodies and provided the necessary support to facilitate cordial relationship.
  • Updated the management accounting and information systems to keep pace with the highly complex and changing regulatory environment.
  • Managed the performance and supervise activities of team members to achieve the Department’s objective for the bank.
  • Supervised Payroll administration and processing.

Financial Controller and Ag. Chief Finance Officer

Agricultural Development Bank
Ridge, Accra
03.2011 - 02.2016
  • Managed a team of 23 finance professionals with 6 direct reports.
  • Ensured the implementation and maintenance of all financial and accounting systems and controls of the Bank.
  • Supported the development and implementation of the financial strategy and its associated systems, policies, and procedures to guide finance and accounting activities of the department as well as the Bank.
  • Led in the identification of finance and accounting inefficiencies within the Bank and defined appropriate and innovative systems and processes to address them.
  • Supervised the preparation of the Bank’s financial statements and returns of operations and ensured they complied with internal and external/statutory financial reporting requirements.
  • Prepared and filed the quarterly and annual CIT for the Bank.
  • Supervised the preparation and submission of statutory returns for the Bank.
  • Reviewed monthly, quarterly and annual operational and financial reviews and reporting to Management.
  • Carried out analysis on banking industry performance and competitiveness vis-à-vis the Bank’s position in the banking industry.
  • Assisted in the appraisal of new equity investments of the Bank and prepared periodic reports on equity investments.
  • Built effective business relationships with external auditors and regulatory bodies and provided the necessary support to facilitate cordial relationship.
  • Regularly represented the Executive Head of Finance and Planning at Executive Committee and Asset and Liability Committee meetings (ALCO).

Senior Analyst and Finance Supervisor

Ecobank Development Corporation
Ridge, Accra
04.2009 - 02.2011
  • Prepared annual financial reports for EDC Investments Limited and Ifund.
  • Carried out financial feasibility analysis on all upcoming projects.
  • Monitored, controlled and assessed all the corporate finance department’s ongoing/prospective transactions to ensure financial closure.
  • Identified and built relationships with funding agencies to access funding.
  • Prepared contract documents between the company and prospective clients such as Non-Disclosure Agreements (NDA), mandate letters, term sheets etc.
  • Formatted, Designed and Reviewed documents such as information/placement memoranda, presentations, technical and financial proposals etc to management and clients.

Finance Officer

Fidelity Bank Limited
Ridge, Accra
09.2006 - 03.2009
  • Prepared MIS reports to management on the performance of the Strategic Business Units.
  • Prepared Prudential Returns to BOG.
  • Prepared and Validated BOG prudential returns in electronic form using eFASS.
  • Managed the Bank’s consolidated Fixed Asset Register.
  • Reviewed and monitored the Bank’s General Ledgers.
  • Assisted in the preparation of monthly Management Accounts.
  • Prepared supporting schedules for external audit.

Finance Officer

Fidelity Capital Partners
Airport, Accra
11.2005 - 08.2006
  • Was an Integral part of FCPL’s various teams of Corporate Finance professionals in carrying out various mandates such as the valuation of Subri Industrial Plantation Ltd and Fos Aluminium Company Ltd.
  • Prepared financial analysis and research for a business plan of SPEED money transfer; a newly incorporated money transfer business.
  • Served as an Assistant to the Company’s Finance Manager and carried out the following tasks:
  • Bank Reconciliation
  • Transaction coding and Journal entries
  • Tracking of Investment Account
  • Inventory Management
  • Fixed Asset Register Management

Education

Doctorate in Business Administration -

SBS Swiss Business School
Switzerland
11.2020

Master’s in Applied Business Research -

SBS Swiss Business School
Switzerland
11.2020

Executive Master of Business Administration - Finance

University of Ghana Business School
Legon
01.2014

Bachelor of Science in Administration - Banking and Finance

University of Ghana Business School
Legon
01.2005

Skills

  • Financial reporting
  • Budgeting
  • Tax management
  • Team leadership
  • Process improvement
  • Auditor relations
  • Strategic planning
  • Cost control
  • Management accounting
  • Problem solving

Awards

  • Academic Excellence Award for graduating with First Class Honors, Legon Hall, University of Ghana, 2005
  • Honorary award for academic excellence, Legon Hall, University of Ghana, 2005
  • Special Award for proficiency in SSSCE, Mfantsipim School (2001)

Affiliations

  • Fellow, Association of Chartered Certified Accountants (ACCA)
  • Insolvency practitioner - Ghana Association of Restructuring and Insolvency Advisors (GARIA)

Publications

  • Cash Management Practices in SMEs - A case study of Domod Aluminium Company Ltd
  • SMEs and Venture Capital - HR Focus Magazine
  • Private Equity - A viable alternative source of funding for Ghanaian Smes - HR Focus Magazine
  • Balance Sheets - Size vrs. Quality - HR Focus Magazine
  • Developing a successful career in Finance - HR Focus Magazine
  • Understanding the Stock Market - HR Focus Magazine
  • Thinking of applying for a Loan - HR Focus Magazine

Major Professional Achievements

  • Successfully led the reconciliation of the Purchase and Assumption agreements between the Receivers and the 7 erstwhile banks.
  • Set up the Finance and strategy department of Sovereign Bank Ghana Limited. (2016)
  • Developed excel based models for ADB to facilitate the preparation of regulatory returns to Bank of Ghana (2012)
  • Introduced better and more effective controls in the Finance and Planning Unit of Agricultural Development Bank. (2011)
  • Developed a fixed asset register for Ecobank Development Corporation. Ecobank Investment Limited and Ecobank Stockbrokers Limited. (2011)
  • Co-produced the mandate-winning proposals for Restructuring Tema Oil Refinery (2009)
  • Developed a debt sustainability model to aid the restructuring of Tema Oil Refinery (2009)
  • Developed a cash flow model for Metropolis Development Company Limited to support a US$15M bond issue. (2009)
  • Assisted in the implementation of the BOG eFASS system for the submission of Prudential returns to BOG at Fidelity Bank Limited.
  • Built a spreadsheet based consolidated Fixed Asset Register for Fidelity Bank Limited. (2008)
  • Developed and trained staff of Fidelity Bank Limited on the implementation of a cash imprest system for all Branches. (2008)

Accomplishments

    Successfully led the reconciliation of the purchase and assumption agreements between the receivers and the seven erstwhile banks

    Set up the finance and strategy department of Sovereign Bank, Ghana Limited (2016)

    Developed Excel-based models for ADB to facilitate the preparation of regulatory returns to the Bank of Ghana (2012)

Honors, Awards, and Special Recognition

Academic Excellence Award for graduating with First Class Honors, Legon Hall, University of Ghana, 2005

Honorary award for academic excellence, Legon Hall, University of Ghana, 2005

Special Award for proficiency in SSSCE, Mfantsipim School (2001)

Key Trainings Attended

  • Risk management in banks (2011) - Ghana
  • Financial modeling and company valuation (2011) - Canada
  • CFO Academy (Euromoney) (2014) - United Kingdom
  • Sustainable finance (uncclearn.org) - 2023 - virtual
  • Executive Leadership Program (2024) - South Africa

References

Available upon request.

Timeline

Financial Controller

Consolidated Bank Ghana
10.2018 - Current

Supervising Head

Erstwhile Sovereign Bank
08.2018 - 09.2018

Chief Financial Officer

Sovereign Bank Limited
02.2016 - 08.2018

Financial Controller and Ag. Chief Finance Officer

Agricultural Development Bank
03.2011 - 02.2016

Senior Analyst and Finance Supervisor

Ecobank Development Corporation
04.2009 - 02.2011

Finance Officer

Fidelity Bank Limited
09.2006 - 03.2009

Finance Officer

Fidelity Capital Partners
11.2005 - 08.2006

Doctorate in Business Administration -

SBS Swiss Business School

Master’s in Applied Business Research -

SBS Swiss Business School

Executive Master of Business Administration - Finance

University of Ghana Business School

Bachelor of Science in Administration - Banking and Finance

University of Ghana Business School

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Joseph Ciici Arthur