The Executive Director of the UN Global Compact Network Ghana, Tolu Kweku Lacroix, has described the entry of Ghana Exim Bank into the global sustainability initiative as a significant development that strengthens efforts to align Ghana’s financial sector with international environmental and governance standards.

Speaking on the sidelines of the United Nations Global Compact signing ceremony in Accra on Thursday, July 1, Mr Lacroix said the inclusion of a major development finance institution such as Ghana Exim Bank reflects the growing importance of sustainability in global finance and trade.

He noted that the UN Global Compact seeks to bring together leading companies across key sectors to support the achievement of the Sustainable Development Goals (SDGs), particularly by equipping them with the tools, frameworks and partnerships needed to operate responsibly and competitively in an increasingly sustainability-driven global economy.

“This is very significant because we are bringing a very important company in Ghana into the Global Compact,” he said.

“We want to bring together all the significant companies that have the opportunity to really impact the SDGs significantly, especially in critical sectors like finance.”

According to him, the initiative is designed not only to encourage compliance with the UN Global Compact’s Ten Principles but also to position participating institutions to make a meaningful impact on the global stage.

Mr Lacroix emphasised that sustainability has become a decisive factor in global investment and financing decisions, arguing that businesses that fail to integrate environmental and social responsibility into their operations risk being excluded from capital markets.

“There’s a huge financial element to it. What people don’t understand is that the world has changed significantly. You cannot get finance without sustainability,” he stated.

“Investors will ask where you sourced your product from, what your products are made of. Money is not flowing if you are not sustainable.”

He observed that financial institutions and businesses are increasingly recognising that environmental, social and governance (ESG) considerations are now central to securing investment and maintaining competitiveness in global markets.

Commenting specifically on Ghana Exim Bank’s participation, Mr Lacroix said the institution plays a pivotal role in trade finance and cross-border transactions, making its adoption of sustainability principles particularly impactful.

He explained that the bank’s commitment sends a strong signal across its value chain, influencing suppliers, partners and clients to adopt more sustainable practices in order to remain competitive and compliant with emerging global standards.

“Exim Bank plays a very critical role because it is involved in trade, it is involved in cross-border transactions and so forth,” he said.

“So even on the international stage, you have regulators demanding this. Exim Bank committing to this is a signal to suppliers and partners that this is the direction they are taking.”

He added that the shift is expected to strengthen sustainable financing practices and raise standards across Ghana’s financial ecosystem.

“It is going to have an impact on the ability to get financing and lift sustainable financing to a higher threshold,” he noted.

Mr Lacroix highlighted that the UN Global Compact provides participating institutions with technical support, convening platforms and capacity-building programmes to facilitate their transition towards more sustainable business models.

He said these resources are designed to help organisations implement the Ten Principles on human rights, labour, environment and anti-corruption, while also supporting broader alignment with global sustainability frameworks.

“That is where the UN Global Compact is there to assist,” he explained. “We have special programmes, we have initiatives, and we also convene stakeholders in the space to support the process of sustainable finance.”

Encouraging more Ghanaian companies to join the initiative, Mr Lacroix urged businesses to take proactive steps towards sustainability rather than waiting for regulatory enforcement to compel compliance.

“I would say start now. Join the UN Global Compact,” he said. “It is the easiest way to align because we have the whole framework set up for you. We have been in operation since 2000, so we have decades of experience.”

He warned that regulatory frameworks are rapidly evolving across sectors, noting that sustainability requirements in banking and upcoming legislation on gender equality would soon broaden the compliance landscape for businesses.

“Regulation is going to be catching up,” he said. “Right now you have sustainable banking principles in the banking sector. The Gender Equity Act is expected later this year.”

According to him, organisations that align early with global sustainability standards will be better positioned to adapt to future regulatory changes and maintain competitiveness.

“The Global Compact has always been pushing companies to be more ambitious in their goals,” he added. “It is best to do that before regulation catches up. If you join now, you will be ahead, and we will give you the tools and resources to do so.”

Mr Lacroix noted that Ghana’s growing participation in the UN Global Compact reflects a broader shift towards sustainable economic development, particularly within the financial and trade sectors.

He said the initiative is expected to play a crucial role in shaping responsible investment practices, strengthening corporate accountability and supporting Ghana’s long-term development objectives in line with global sustainability standards.