Entrench ethical behaviour in banking sector operations – BoG Governor

Dr. Ernest Addison, the Governor of the Bank of Ghana, has called for the incorporation of ethical behaviour into the operations of the banking sector.

He stressed that the absence of ethical standards in the banking sector poses risks to all stakeholders, including shareholders and depositors, and can ultimately destabilise the entire financial sector, with adverse effects on the economy.

Speaking at the 60th anniversary launch of the Chartered Institute of Bankers Ghana, Dr. Addison shared several ideas for the banking sector to consider during the anniversary celebrations.

He emphasised that banking institutions should prioritise ethical leadership at all levels, invest in ethics training and education for employees, develop comprehensive codes of conduct, establish robust whistleblower protection programs, promote transparency in financial transactions, and incorporate sustainability and responsible banking principles into their operations.

Furthermore, Dr. Addison highlighted the importance of strict adherence to regulatory requirements and collaboration with regulators, as well as rewarding ethical behavior and regularly evaluating and updating ethical frameworks and practices.

He emphasised that ethical banking should consider the interests of all stakeholders, including shareholders, employees, customers, and society at large.

Dr. Addison further stated that by redefining professionalism in banking through ethics, financial institutions can regain the trust of customers, investors, and the public.

This, he noted, in turn, can contribute to a more stable and resilient financial system that serves the best interests of society.

He assured that the Bank of Ghana remains committed to providing the necessary frameworks to ensure ethical and sustainable banking practices.