The banking and financial industry must uphold high ethical standards to reduce fraud and build trust, the Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has stated.
He emphasised that maintaining high ethical standards is no longer optional but imperative for building public confidence and ensuring the sustainability of the banking sector.
Dr. Asiama made the remarks in a speech read on his behalf by the Head of Banking Supervision at BoG, Mr. Ishmail Adam, during the 29th National Banking and Ethics Conference organised by the Chartered Institute of Bankers (CIB) Ghana in Accra.
The conference, held under the theme “Building Future-Ready Banks: Ethical Leadership, Sustainable Finance and Currency Stability Amid Disruption,” formed part of the activities marking the 2025 Bankers Week celebration. Attendees included members of the Institute, former presidents and executives, commercial bank representatives, students, and other stakeholders. The event also saw the launch of the Ethics 2.0 and Non-Interest Banking and Finance Certification programmes.
Dr. Asiama stressed that ethics is not a cost but a strategic investment and the foundation upon which trust, innovation, and resilience are built. “Trust in banking is a great asset and essential for long-term success. Customers and investors choose banks that act ethically, transparently, and sustainably,” he said.
He noted that despite progress, unethical practices, including staff-related fraud, remain a major challenge. The 2024 BoG report indicated a five-per cent rise in reported fraud cases, with total losses increasing by 30 per cent to GH¢99 million. The report highlighted growing cases of forgery, document manipulation, and identity theft, with cyber and digital-related fraud becoming more prevalent.
According to Dr. Asiama, these trends underscore the urgent need for stronger internal controls and ethical compliance across the banking industry. He said the BoG and CIB Ghana have partnered to strengthen ethical standards through initiatives such as the Ghana Banking Code of Ethics and e-learning programmes.
The BoG has also approved CIB Ghana’s proposed Mandatory Ethics Certification Programme for all banking professionals, which will form part of BoG’s Fit and Proper Assessment Criteria for key banking personnel.
In his keynote address, the Minister of Education, Haruna Iddrisu, urged banks to uphold high ethical standards because they manage public funds. He stressed that ethical conduct promotes trust, which is critical to the success of banks, and cautioned against using banks as vehicles for public corruption.
Mr. Iddrisu commended CIB Ghana for sustaining the National Banking and Ethics Conference for the past 29 years and pledged the Ministry’s collaboration to promote financial literacy nationwide.
The President of CIB Ghana, Mr. Benjamin Amenumey, described the annual conference as a key platform for reflection, dialogue, and forward learning for Ghana’s banking and financial services sector. He highlighted that CIB Ghana, established under Act 991 of 2019, promotes the study of banking and regulates the profession to ensure high ethical and professional standards.
“Banking is first and foremost a trust profession. Where trust is strong, stability is possible; but where trust is breached, the system is at risk,” he said.
The Chief Executive Officer of CIB Ghana, Mr. Robert Gyato, noted the Institute’s commitment to building a principled and accountable banking culture. He announced that branch and regional managers of banks would be required to become Associate Members of CIB Ghana under an accelerated pathway to strengthen operational and ethical decision-making.
He further revealed that the introduction of the CIB Digital Academy and the ESG Certification Programme would enhance ethical leadership, digital competence, and sustainable finance across the banking sector.
BY KINGSLEY ASARE
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