The Bank of Ghana (BoG) and the Chartered Institute of Bankers (CIB) Ghana have unveiled new initiatives to promote ethics and professionalism in the financial sector following a rise in banking fraud and unethical practices.
Speaking on behalf of the Governor, Dr. Johnson Pandit Asiama, at the 29th National Banking and Ethics Conference, the Director of Banking Supervision, Mr. Ismail Adam, said ethics remains the foundation of trust and long-term stability in the financial industry.
“Ethics is not cost; it is a strategic investment. It is the foundation on which trust, innovation, and resilience are built. Trust is a bank’s greatest asset, essential for long-term success in today’s competitive financial landscape,” he said.
Mr. Adam observed that despite regulatory reforms, unethical practices continue to threaten the integrity of the banking sector.“Ghana’s banking sector continue to face significant challenges in upholding these standards. Unethical practices remain widespread, with staff-related fraud on the rise,” he cautioned.
Citing the 2024 Bank of Ghana (BoG) Fraud Report, he said,“The 2024 Bank of Ghana (BoG) Fraud Report reveals a 5 percent rise in reported fraud cases, with a total value at risk increasing by 13 percent to approximately GH¢99 million.”
“The report highlights a surge in forgery, document manipulation, and identity theft. Notably, there was a significant increase in staff-involved fraud and fraudulent activities within the Payment Service Providers (PSP) sector, raising serious concerns about internal controls and ethical compliance across the industry,” he stated.
“These issues threaten institutional integrity and public confidence, highlighting the urgent need for stronger ethical frameworks and accountability.”
To strengthen trust and professionalism, Mr. Adam said the Bank of Ghana and CIB Ghana have formed a strategic partnership to restore public confidence, curb fraud, and promote a sustainable banking culture.
“As a key outcome of this collaboration, CIB Ghana, in collaboration with the Bank of Ghana and the Ghana Association of Banks, has developed the Ghana Banking Code of Ethics and Business Conduct for banks in Ghana as well as an E-learning Programmes to promote best banking practices and high ethical standards within the banking sector,” he said.
He disclosed that the Bank of Ghana has given approval in principle to CIB Ghana’s proposed mandatory Ethics Certification Programme for all banking professionals, which will form part of the Bank’s fit and proper assessment criteria for key management personnel and directors.
Mr. Adam also mentioned that the CIB Ghana Digital Academy Programme has been introduced to equip banking professionals with digital competencies and ethical foundations for responsible innovation.
He further outlined regulatory measures by the Bank of Ghana to enhance transparency and accountability.“The Bank of Ghana has demonstrated unwavering commitment to strengthening ethical standards through series of regulatory reforms. These include the introduction of Sustainable Banking Principles, directives on consumer protection, enhanced governance frameworks, and stricter oversight of digital lending and market conduct,” he said.
He concluded by urging banks to embed ethics at the heart of their business models.“As our industry evolves, let us acknowledge that ethical conduct is no longer a choice; it is the defining standard that determines whether a business earns trust and thrives or loses credibility and fades away,” he said.
“The Bank of Ghana remains committed to promoting an ethical banking industry. As we mark this conference, let us leave with a renewed commitment to making ethics the heartbeat of Ghana’s banking sector ensuring that integrity, transparency and accountability guide every decision and action.”
