The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has underscored the importance of ethics, describing it as a strategic investment and foundation on which trust, innovation, and resilience are built.
Dr Asiama said this in a speech read for him by Mr Ismail Adam, Head of the Banking Supervision Department at the Bank of Ghana at the 29th National Banking and Ethics Conference in Accra.
The Conference organised by the Chartered Institute of Bankers was on the theme: “Building Future Ready Banks: Ethical Leadership, Sustainable Finance, and Currency Stability amid Disruption.”
He said trust was a bank’s greatest asset, essential for long-term success in today’s competitive financial landscape.
“Customers and investors choose banks that act ethically, transparently and sustainably,” he added.
The Governor said that while ethics was the backbone of trust, Ghana’s banking sector continued to face significant challenges in upholding these standards.
He said unethical practices remained widespread, with staff-related fraud on the rise.
The 2024 Bank of Ghana (BoG) Fraud Report reveals a five per cent rise in reported fraud cases, with a total value at risk increasing by 13 per cent to approximately GH¢99 million.
The report highlights a surge in forgery, document manipulation, and identity theft.
He said, notably, there was a significant increase in staff-involved fraud and fraudulent activities within the Payment Service Providers sector, raising serious concerns about internal controls and ethical compliance across the industry.
These issues threaten institutional integrity and public confidence, highlighting the urgent need for stronger ethical frameworks and accountability.
He said to this end, the Bank of Ghana and CIB Ghana had formed a strategic partnership aimed at strengthening ethical standards and professionalism among banking professionals in Ghana, an initiative aimed at restoring public trust, curbing fraud, and fostering a sustainable banking culture.
He said the Bank remained committed to promoting an ethical banking industry.
Mr Haruna Iddrisu, Minister of Education, commended the leadership of the CIB Ghana for sustaining the platform to improve the delivery of banking services.
He said the institute had contributed in improving standards and even guiding policy evolution that affected the banking sector.
The Minister called for an autonomous and independent Bank of Ghana, one that operated free from political influence while maintaining healthy coordination between monetary and fiscal policy.
He said the country’s long-term economic stability depended on the BoG’s ability to make decisions based on sound economic judgment rather than political considerations.
He commended the Bank’s leadership and predecessors for their role in maintaining the stability of the cedi, cautioning that the focus should now be on ensuring that the stability being celebrated is both sustainable and predictable.
