The Manager of Risk Governance, ESG, and Sustainability at Stanbic Bank Ghana, Joseph Amo Adjei, has underscored the importance of ESG and Sustainability principles in the financial sector. Mr. Amo Adjei was speaking at a conference organized by the Association of International Certified Professional Accountants (AICPA) on the theme “ESG: Realities, Insights and Implications for Organizations.”
Mr. Amo Adjei singled out the Sustainable Banking Principles as a significant measure that is changing the face of Ghana’s financial sector in relation to environmental, social, and governance (ESG). He said “In a significant development for Ghana’s financial sector, the Bank of Ghana Sustainable Banking Principles have emerged as a game-changer, ensuring a level playing field for all commercial banks. This shift reflects the growing global emphasis on responsible and sustainable banking practices.”
Speaking on the challenges faced in the past, Joseph Amo Adjei highlighted the dilemma banks encountered prior to the introduction of the Sustainable banking principles. “For financial institutions that had already integrated ESG criteria into their lending practices prior to the launch of the Sustainable Banking Principles, turnaround time in credit delivery was a pain point for these banks as the credit assessment process was considered lengthy and customer requirements exhaustive. Applicants found themselves subjected to rigorous scrutiny before being granted credit. However, the recent launch and implementation of the sustainable banking principles by the regulator means that all commercial banks will have to undertake the same level of ESG due diligence as part of its credit delivery process.”
Read full article here: https://www.stanbicbank.com.gh/
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