Dr Ernest Addison, Governor of Bank of Ghana, has called on banks and financial institutions to prioritize ethical standards and leadership at all levels of operations to promote professionalism.
According to the governor, ethical compliance ensures professionalism, a more sustainable and trustworthy financial industry, but the lack of it put all stakeholders at risk, especially shareholders and depositors and eventually would destabilise the financial sector with spillovers on the economy.
“Strictly adhere to regulatory requirements and collaborate with regulators to maintain a strong and well-regulated financial industry. Prioritize ethical leadership at all levels,” the Governor said.
Delivering a Keynote address at the 60th Anniversary launch of the Chartered Institute of Bankers (CIB) Ghana, on the theme, “Redefining professionalism in banking through ethics,” Dr Addison said ethical standards should evolve in response to changing societal values, technological advancements, and emerging risks.
Dr Ernest Addison explained that ethical banking recognizes interconnectedness of stakeholders’ interests and it was imperative that banks considered the interests of shareholders, employees, customers, and the broader society, when making business decisions.
The Governor intimated the lessons drawn from the banking and financial sector clean-up pointed to the fact that boards, executives, and line managers should set the tone at the top by adhering to high ethical standards and promote the standards throughout the organization.
Banks To Invest In Ethics Training
Dr Addison asserted that banks must invest in ethics training and education for all employees, develop clear and comprehensive codes of conduct, establish robust whistle-blower protection programmes and promote transparency in financial transactions and decision-making processes.
“The Bank of Ghana remains committed to providing the supportive frameworks to ensure ethical and sustainable banks. The Bank has commenced development of a Business Model and Viability Analysis Framework to enhance its supervisory practices for assessing the sustainability of banks’ business models.”
Dr Ernest Addison
Dr Addison commended the Institute for being a reliable partner, providing relevant and cutting-edge courses for banking and other professionals to build their capacity.
The CIB had its Presidential Charter and became a fully-fledged Institute in 2019. It boosts of about 2000 professionally qualified bankers and close to 10,000 student bankers.
Mr Benjamin Amenumey, President, CIB Ghana, said passion, commitment and dedication had enabled CIB to consistently raise the bar of banking education and professional development, adding that they were determined to continue shaping the future of banking in Ghana.
“We will strive to match the ever-evolving landscape of the financial industry and ensure that our graduates remain at the forefront of ethics, professionalism and innovation,” he said
Dr Yaw Osei Adutwum, Minister for Education, in his remarks, said ethical standards in all spheres of life were necessary for achieving personal and organisational goals. He called on banks to support education and imbibe the best ethical standards in the young as they pursued various career paths, including banking.
