Elsie Addo Awadzi
The Bank of Ghana (BoG) has partnered the International Finance Corporation (IFC) and the Swiss State Secretariat for Economic Affairs (SECO) to implement the Integrated Environment, Social, and Governance (IESG) Ghana Programme, which aims to strengthen the banking sector’s resilience.
Elsie Addo Awadzi, the BoG’s Second Deputy Governor, stated at the launching of the IFC’s IESG Ghana Programme that sustainable banking can address the economy’s structural weaknesses and create long-term value.
According to her, this can also promote a more sustainable and equitable future for all economic actors, while highlighting the collaboration as a key milestone for boosting the resilience of the banking sector and the entire economy.
The IESG Ghana Programme, a four-year SECO-funded effort, aims to create an enabling environment for sustainable banking.
It focuses on increasing financial intermediaries’ and corporate clients’ capacity for better Environment, Social, and Governance (ESG) practices.
The initiative aims to develop local firms, increase investment in important industries, and contribute to a more diverse and resilient economy, she noted.
The IFC will support the implementation of the Ghana Sustainable Banking Principles, strengthen the capacity of local training partners on ESG issues, and assist the BoG in formulating ESG-related regulations for banks and other regulated companies through its relationship with the BoG.
Mrs. Awadzi emphasized the long-standing relationship between the BoG, IFC, and SECO, which has resulted in various benefits in terms of capacity building and market infrastructure development in Ghana’s financial sector.
She stated that the IFC and SECO had been instrumental in the formulation of sustainable banking principles and sector guidance notes, as well as technical support for reporting templates and capacity building programmes.
Building on these achievements, the new partnership, Mrs. Awadzi said, intended to make sustainable banking a core component of the Ghanaian banking sector.
The collaboration will also assist banks in better managing ESG risks and will foster a more sustainable and resilient economy.
A Business Desk Report