The Chartered Institute of Bankers (CIB) Ghana says it is committed to building the capacity of financial sector players to embrace and incorporate the Environmental Social Governance (ESG) in their operations.

The ESG is a guiding principles that underpins the effective Environmental and Social Risk Management (ESRM) policy frameworks for banks. 

Speaking to Joy Business at a seminar, Chief Executive Officer of the Chartered Institute of Bankers Ghana, Robert Dzato said his outfit will be rolling-out an ESG certification programme for financial sector players by the end of the year to champion the ESG agenda.

“We are very clear in our mind that we will develop capacity and we have some very clear timelines that by the end of this year we will launch the ESG certification programme. We are clear that we will launch the certification prorgamme in partnership with the IFC and other eco-system players”.

Through the Integrated ESG (IESG) program for Ghana, IFC and the Bank of Ghana will help the country’s banks implement the Ghana’s Sustainable Banking Principles and incorporate them across their operations. These seven principles, launched in 2019, were designed to help financial institutions respond to risks, increase transparency, and promote sustainability.

Robert Dzato further stated that although significant progress had been made by the Bank of Ghana, a lot more is needed to be done to rope in more financial sector players unto the ESG.

“We know that the Bank of Ghana has launched the sustainability principles. There is quite some work being done there as well, and across the entire eco-system, there is significant progress being made but there is still a lot to be done”.  

Adopting ESG principles means that corporate strategy focuses on the three pillars of the environment, social, and governance.