Bernard Owusu-Ansah, a Manager in KPMG Ghana’s Governance, Risk &Compliance and ESG Services unit, has called on Ghanaian businesses to embrace transformative Environmental, Social, and Governance (ESG) principles.

Emphasising the crucial shift Ghanaian businesses must make, he added that the true measure of a company’s ESG commitment lies not merely in regulatory compliance, but in its strategic ambition to drive meaningful change.

According to Mr. Owusu-Ansah, moving beyond “ticking boxes” to embracing transformative ESG principles requires integrating ESG into core business strategies, with a focus on impact management and continuous monitoring".

"Your ambition is what will determine whether you are merely ticking boxes when it comes to these regulations, or whether you are genuinely implementing something that creates change,” Owusu-Ansah said.

He made these remarks during a UK-Ghana Chamber of Commerce (UKGCC) webinar held in collaboration with KPMG Ghana on “The Impact of Global ESG Regulations on Ghanaian Businesses.”

The Transformative Nature of ESG

ESG is rapidly evolving from a conceptual framework into a tangible force shaping global business and investment decisions. The webinar underscored how stakeholders are increasingly scrutinising companies to ensure responsible operations, making ESG a critical component of business viability.

Mr. Owusu-Ansah highlighted, "Our economy and businesses are being shaped by evolving global regulations, and investment landscapes are demanding more. Our stakeholders are beginning to ask different questions, and updates to these regulations have their consequential impacts on our businesses."

Beyond "Woke Capitalism": The True Purpose of ESG

Addressing ESG skepticism and the notion of ESG as "woke capitalism," the webinar clarified that ESG represents a foundational commitment to responsible business conduct, rather than just a performative act for profit.

Mr. Owusu-Ansah stressed that ESG is about genuine transformation, impacting industries and the very approach to value creation.

Is ESG just a trend or is it truly the tectonic shift we believeit to be? Is this something that is really changing industries? Something that we think is transforming the way that we work right? Is it something that is supposed to be transforming countries in the way that we even approach the creation of value?” were pertinent questions raised. The underlying philosophy, as Owusu-Ansah articulated, is that "We are an intelligent species, and we are responsible for ensuring that businesses do right by society."

A Call to Action for Professionals and Policymakers

In conclusion, Bernard Owusu-Ansah, urged Ghanaian professionals, both at home and abroad, to champion ESG principles within their organisations.

He also encouraged policymakers to continue driving the regulatory agenda to ensure widespread adoption of responsible business practices across the country.

Moderated by Bernard Selikem Dzakpasu, a Manager in the Governance, Risk, & Compliance and ESG Services unit at KPMG Ghana, the webinar discussed related topics such as the interconnectedness of ESG risks, evolving from compliance to transformative ESG ambition, and the evolving landscape of ESG disclosure and data management.