When it comes to sustainability, financial institutions wield significant influence, often driving the agenda through the strategic allocation of funds towards sustainable projects and practices.
This sentiment was echoed by Mr. Kwamina Asomaning, Chief Executive of Stanbic Bank Ghana and Board Chairman of Stanbic Investment Management Services (SIMS), during the launch of the Responsible Investment Initiative by SIMS at the Kempinski Gold Coast Hotel.
Mr. Asomaning emphasized the important role financial institutions play in fostering sustainability, underscoring the importance of their involvement in responsible investment practices.
Stanbic Bank Ghana’s commitment to sustainability is evident through its adherence to the Sustainable Banking Principles introduced by the Bank of Ghana in 2019. These principles provide a framework for banks to integrate environmental and social considerations into their operations.
“We have progressively implemented about 79% of the recommended 47 actions set out in the principles and have tasked ourselves to fully comply by the end of June 2025,” Mr. Asomaning stated. This ambitious target reflects Stanbic Bank’s dedication to not only meeting regulatory requirements but also setting a benchmark for sustainability in the banking sector.
The launch of SIMS’ Responsible Investment Initiative further underscores this commitment. The initiative aims to enhance sustainability efforts within the investment community by collaborating with issuers and investors to promote responsible business practices. This collaborative approach is designed to drive positive change across the industry, ensuring that sustainability becomes a core component of investment strategies in Ghana.
First Bank In Ghana to Join the IFC
A notable milestone in Stanbic Bank’s sustainability journey occurred in 2023 when it became the first bank in Ghana to join the International Finance Corporation (IFC)’s Climate Finance Advisory Program. Through this program, Stanbic Bank received training and advisory support to identify and assess climate-aligned asset classes. This participation underscores the bank’s proactive approach to addressing climate change and its associated risks.
Mr. Asomaning highlighted the urgent need to address climate change, noting its profound impacts, including extreme weather events, health risks, and economic challenges.
“By focusing on sustainability, we ensure that our individual and collective actions and inactions are not harmful to the environment or deplete natural resources. Let’s find a balance between saving the environment and fulfilling our wealth-creation goals.”
Mr. Asomaning
His call to action encourages individuals and institutions alike to engage in sustainable practices, from planting trees to advocating for change and investing responsibly.
At the core of SIMS’ strategy is a commitment to responsible investment within the asset management industry. This involves undertaking climate-specific initiatives that not only benefit the environment but also generate long-term value for investors. “We, at Stanbic Bank and SIMS, are collectively enthusiastic about the journey ahead for SIMS and the investment industry in Ghana,” Mr. Asomaning affirmed, highlighting the shared vision and enthusiasm for sustainable growth.
SIMS, an investment management and advisory firm licensed by the Securities & Exchange Commission and registered with the National Pensions Regulatory Authority as a pension fund manager, is well-positioned to lead this charge.
By integrating sustainability into its investment processes, SIMS aims to set a new standard for responsible investing in Ghana, aligning financial returns with environmental and social impact.
Meanwhile, financial institutions like Stanbic Bank Ghana and SIMS are at the forefront of driving the sustainability agenda in Ghana. Their efforts to integrate sustainable practices into their operations and investment strategies not only address pressing environmental and social issues but also pave the way for a more sustainable and prosperous future.
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