The Bank of Ghana has called for a stronger collective effort in embedding sustainability practices into Ghana’s financial sector, stressing that traditional approaches to banking are no longer adequate to meet future challenges.
Speaking on behalf of the Governor of the Bank of Ghana, Dr. Johnson P. Asiama, the Director of Banking Supervision, Mr. Ismail Adam, said the central bank was committed to advancing responsible banking through regulations and strategic initiatives.
“The financial instruments of yesterday are no longer sufficient for the challenges of tomorrow. It is crucial that we move beyond legacy systems and adapt forward-thinking approaches that align with the dynamic and evolving global financial landscape,” Mr. Adam stated.
He made the remarks during the opening of the 3rd Fidelity Bank Sustainability Conference in Accra on Wednesday, an event that brought together stakeholders from across the banking industry, regulators, and business leaders.
Mr. Adam highlighted several measures the central bank has rolled out since 2015 to strengthen the sector’s resilience to climate and sustainability risks. These include the Ghana Sustainable Banking Principles (GSBPs), launched in 2019 in partnership with the Ghana Association of Banks (GAB) and the Environmental Protection Authority (EPA).
“At the launch of the GSBPs, all 23 Chief Executive Officers and Managing Directors of commercial banks operating in Ghana endorsed the principles. Compliance has been on an upward trajectory and as of March 2025, the average compliance rate stood at 73.06%,” he revealed.
He further noted that in 2024, the BoG developed a four-year strategic plan covering 2024–2028 on sustainability and climate-related risks, and also issued the Climate-Related Financial Risk Directive to enhance banks’ capacity to manage environmental risks.
To harmonize the approach across the financial system, the Bank of Ghana is also leading consultations toward a comprehensive Sustainable Finance Roadmap. “This initiative seeks to establish a unified framework that will guide the financial sector’s transition towards sustainability, foster collaboration among key stakeholders and ensure consistency in policies across the regulatory landscape,” Mr. Adam explained.
Closing his remarks, he urged participants to use the conference as a platform for collaboration. “Let’s use this platform to exchange ideas, deepen our understanding, and forge partnerships that will lead to lasting progress in our financial system,” he said.
The Fidelity Bank Sustainability Conference has become a key fixture in Ghana’s banking calendar, reinforcing the role of private financial institutions in supporting national and global sustainability goals.
