CIB Ghana stresses focus on ethics and trust at 28th conference

The Chief Executive Officer of the Chartered Institute of Bankers Ghana (CIB Ghana), Mr. Robert Dzato, has called for a renewed focus on ethics, sustainability, and professional excellence to address challenges in the banking and financial sector.

Speaking at the 28th National Banking and Ethics Conference on November 21, 2024 at Institute’s premises at East Legon, Mr. Dzato highlighted the critical role of trusted professionals in navigating the complex global and local banking landscape.

He underscored the urgency of bolstering ethics, sustainability, and professional competence to sustain the sector’s resilience and public confidence.

Banking in a Changing World

Mr. Dzato contextualised the challenges facing the global banking sector in 2024, pointing to significant geopolitical tensions, the transformative power of artificial intelligence (AI), and the ongoing talent exodus from Africa. These factors, he said, are compounded by pressing climate risks. “The climate change risks are real,” he emphasized, referencing Northern Ghana as an example. He commended the Bank of Ghana for spearheading initiatives to address these concerns, particularly within the financial sector.

Restoring Trust in Banking

Mr. Dzato addressed the pressing issue of eroding trust in the banking profession. Referencing headlines and reports, he remarked, “Banks and bankers, if you look at the headlines, are not particularly great for inspiring confidence.” He stressed the importance of fostering trust through a combination of moral and intellectual excellence, as well as the enforcement of regulations. “Trust comes from moral excellence—ethics, character—and intellectual excellence, which includes competence, experience, and knowledge,” he explained.

The Institute’s mandate under the Chartered Institute of Bankers Act, 2019 (Act 991), Mr. Dzato noted, is to promote banking education and regulate the profession. This, he added, entails developing trusted professionals and integrating ethics and sustainability into the core of banking practices.

Ethics and Certification at the Forefront

Mr. Dzato elaborated on CIB Ghana’s strides in advancing ethical standards through training and certification. He revealed that over 6,000 individuals across junior, middle, and senior levels have completed the Ethics Certification Program, developed in collaboration with the Bank of Ghana. A baseline survey conducted as part of the program revealed alarming perceptions: 60% of junior-level employees were aware of unethical practices, and 52% attributed the banking sector cleanup to ethical lapses.

“Doing nothing is not an option,” he stated emphatically. He added that nearly 100% of executives surveyed agreed on the urgent need to address ethical challenges to ensure the sustainability of Ghana’s financial sector.

Innovations in Talent Development

CIB Ghana also announced significant progress in modernising its academic offerings. Dzato announced the introduction of a redesigned ACIB curriculum, tailored for the future. “This is a new ACIB curriculum designed with clear competencies around technical banking, understanding the macro environment, digital transformation, ethics, and managing people,” he shared. According to him, the revamped structure allows participants to earn certifications at every stage of the program, culminating in the prestigious Chartered Banker certification.

Focus on ESG and Climate Finance

The CIB Ghana’s CEO noted the graduation of 39 ESG experts earlier this year and outlined the Institute’s research into ESG adoption across Ghana’s banking sector. While progress has been made, with 39% of banks integrating ESG into their strategies, Dzato acknowledged that much work remains. “Over 50% of banks need to do more, particularly in integrating ESG into their business models,” he remarked.

Engaging Communities and Thought Leadership

Beyond professional development, CIB Ghana noted its efforts in promoting financial literacy. Mr. Dzato highlighted recent programs in the Oti Region, which reached over 3,000 students, and at Prempeh College, which had over 2,000 students participating as part of the Institute’s commitment to equipping the next generation.

He also spoke about the Institute’s thought leadership initiatives, including the “Time with CEOs” series and a recent forum on climate finance. “When you think about ESG, it’s about compliance, but it’s also about how we extract value and accelerate growth,” Mr. Dzato noted.

Outlook for Future

Looking ahead, Mr. Dzato reaffirmed CIB Ghana’s commitment to ethical banking and professional development in an era shaped by rapid technological advancements. “In the era of AI, we must continue to focus on developing trusted professionals—and we must do it with the speed of light,” he declared. He said that the Institute will prioritise digital delivery of tailored solutions, expand partnerships, and continue its flagship programs in ethics and sustainability.

Also present at the conference were Dr. Ernest Addison, Governor of the Bank of Ghana; Mr. Kofi Adomakoh, President of the Ghana Association of Bankers and Managing Director of GCB Bank Plc; and Mr. Benjamin Amenumey, President of the Chartered Institute of Bankers (Ghana).