The Chartered Institute of Bankers Ghana has begun a massive campaign to sensitize members on the newly introduced Code of Ethics for the banking industry.

The code which seeks to clean the industry has been developed in collaboration with the Bank of Ghana.

President of CIB, Rev. Patricia Sappor, in explaining some portions of the Code of Ethics to Joy Business noted that this will be a new direction in addition to the Bank of Ghana rules governing the sector.

This, according to her, is to ensure trust is restored in the industry by persons to whom banks and their agents owe fiduciary duties, particularly customers, adding that the banking profession rises and falls on the integrity it possesses - real and perceived.

Speaking during a media interaction to discuss dynamics of the Code of Ethics, she warned that as custodians of the code, her outfit will ensure that punitive measures are duly enforced irrespective of the parties involved.

“The code points to integrity, professionalism and honesty; these cuts across the industry and banking thrives on them. We are keen on ensuring this work in our banks, and we will not spare any one that fails to sanitize he industry,” she said.

While some punitive measures might extend beyond the remit of the institute, Rev. Sappor said CIB will not hesitate in blacklisting members, depending on the gravity of the misconduct, adding that CIB will extend its collaboration with bodies such as the Economic and Organised Crime Office (EOCO) to ensure enforcement.

“We are going to have a complete roll-out and education on the Ghana Banking Code of Ethics. We are engaging all the banks, and we will have interactions with them and their HR heads to ensure that everyone is aware of the code’s content; and together we are going to ensure compliance,” she said.

She suggested that the code will be reviewed periodically to ensure it meets new developments, relevant to the industry.

The code applies to all practitioners and professionals in the banking industry as well as members of the institute per Section 14 of (Act 991).

The Code of Ethics is to be read along with all relevant Bank of Ghana directives, notices and circulars.