Ethical culture must begin with leadership - Kenneth Amponsah

Kenneth Amponsah, Chief Risk Officer of UBA Ghana, has emphasized that "ethical culture must begin with leadership" during his remarks at the recent ACI Financial Markets Conference held in Accra.

The event gathered prominent leaders from Ghana's financial market players to explore strategies for enhancing ethical standards across the industry, with a focus on the vital role of leadership in fostering ethical cultures, the challenges of enforcing these standards, and the transformative impact of technology on transparency.

Speaking as a member of a panel on the theme "Ethics in Action: Promoting Integrity and Transparency in Financial Markets," Mr. Amponsah highlighted the importance of leadership in cultivating a culture of integrity and transparency within financial institutions.

"Executives should exemplify ethical behaviour, reinforcing transparency as a core organizational value," he stated.

He further added, “Not everything legal is ethical and No good pricing can compensate for a poor investment decision.”

The Chief Risk Officer noted further that “Profit should be seen as revenue minus cost sustained over time. That will definitely consider ethical standards and repeated customer transactions. Not just revenue minus cost.”

Mr. Amponsah commended the Bank of Ghana for its recent banking sector reforms and praised the Ghana Stock Exchange for its stricter listing requirements. He noted that these measures are crucial for advancing corporate governance and promoting ethical behaviour across the industry.

Additionally, Mr. Amponsah underscored the significant role of technology in enhancing transparency within financial institutions, identifying blockchain as a powerful tool for tracking financial activities. He advocated for the adoption of digital platforms to manage financial transactions, thereby reducing human intervention and mitigating the risks of unethical behaviour.'

The panel discussion emphasized the need for a comprehensive approach to promoting ethics in Ghana's financial markets. By prioritizing leadership, regulation, technology, and community engagement, the sector can achieve greater integrity, transparency, and sustained investor confidence.

The panel, which was moderated by Robert Dzato, CEO of the Chartered Institute of Bankers included Edem Gbenah, Head of Treasury at Bank of Africa, Frank Nimako Akowuah, Partner at Bentsi-Enchill, Letsa & Ankomah, Kwame Sarpong Barnieh, Partner – Governance, Risk & Compliance Service and Rui Correia, Executive Director and Chair of Board of Education at the ACI Financial Markets Association.