The Bank of Ghana (BoG) is intensifying efforts to integrate environmental sustainability into the country’s financial sector, urging banks and other regulated institutions to embed climate risk into their operations.

Speaking at the Ghana Sustainable Banking Principles focused on the construction sector, Second Deputy Governor of the BoG, Matilda Asante-Asiedu, revealed that compliance with sustainable banking principles has risen significantly from about 42.2% in 2021 to more than 73.6% as of March 2025.

She noted that the growing green financing compliance reflects a meaningful shift towards environmentally responsible banking in Ghana, particularly in high-impact sectors such as construction.

She emphasized the need for all financial institutions to align with the principles to ensure long-term resilience and support the country’s broader climate goals.

“The Bank of Ghana facilitated the training of all 22 commercial banks on sustainable banking principles. The average compliance rate has been on an upward trajectory from 42.2 percent to 73.6 percent. We are seeing a major shift in how banks view climate risk and sustainability,” she said.

Climate risk integration in focus

The construction sector one of Ghana’s most carbon-intensive industries was at the center of the BoG’s recent deep dive session.

Madam Asante-Asiedu emphasized that climate risk is no longer a peripheral issue but a central concern for financial stability and long-term sectoral growth.

“The construction sector presents both risk and opportunity,” she noted. “By directing capital toward environmentally sustainable projects, banks can play a transformative role in building climate-resilient infrastructure while minimizing their exposure to stranded assets,” she said.