ESRM Ghana Activities To Date

The ESRM Ghana program commenced activities in 2015 with the survey and baseline assessment of the E&S risk management practices of local financial institutions. To date, the program has provided support to regulators, financial institutions, local consultants and other stakeholders to support the uptake and broadening of E&S best practices.

The ESRM Ghana program activities commenced with a general scoping of current E&S risk management practices of the local banks and identification of local stakeholders.

In December 2015, the Bank of Ghana (BOG) inaugurated the Sustainable Banking Committee for Ghana, with a mandate to create local principles for the banking sector. The committee also comprises:

  • The Environmental Protection Agency (EPA)
  • Ghana Association of Bankers (GAB)
  • Ecobank (chair)
  • UT bank
  • Fidelity Bank
  • Société Générale
  • Barclays Bank, and
  • Stanbic bank  

As a part of the inauguration process, IFC presented the findings from the baseline assessment and provide recommendations to the Committee based on these findings.

Baseline assessment findings can be accessed HERE (insert PDF file)

To sensitize the banking sector and other stakeholders on the sustainable banking event, the program organized a kick off workshop in April 2016  Accra. At the event, the Bank of Ghana formally announced the establishment of the Sustainable Banking Committee, and the Committee represented by the Secretary from Barclay’s bank gave a presentation on the Committee’s mandate.

The ESRM Ghana program was officially launched in November 2016.

The program provides support to the development and implementation of localized sustainable banking principles for the Ghanaian banking sector.  The development and implementation of the sustainable banking agenda in Ghana is led by the Bank of Ghana (BOG) alongside the Ghana Association of Bankers (GAB), and the Environmental Protection Agency (EPA).

In early 2016 (March and April 2016), the ESRM Ghana program provided capacity building support to the Sustainable Banking Committee, and to date, it continues to support the Bank of Ghana through its cooperation agreement on sustainable banking.

Signing of cooperation agreement between Bank of Ghana and IFC in March 2018 spearheaded by Elsie Addo Awadzi 2nd Deputy Governor BOG and Akwasi Kuma Senior Country Officer IFC Ghana

A Sustainable Finance Study Tour was organized from October 4th – 6th 2017 in Dhaka, Bangladesh for the Sustainable Banking Committee. The study tour was an example of South-South learning, with participation also from banking regulators from Nepal and Nigeria. The Ghanaian Delegation was led by the:

  • Deputy Governor of the BOG, Dr Johnson Asiama.
  • Deputy Governor of Bank of Ghana, Dr Johnson Asiama and Deputy Governor of Bangladesh Bank Mr. SK Sur Chowdhury
  • Delegation from Bangladesh Study tour from Ghana, Nepal, and Nigeria.

In March 2018, the program continued its support with ongoing exposure and consultation around the locally developed Sustainable Banking Principles.

Cross section of participants at the March 2018 stakeholder consultation on the Ghanaian Sustainable Banking Principles held in Alisa Hotel Accra in March 2018

A core component of the ESRM Ghana’s implementation is capacity building on E&S risk management. The program primarily focuses on training of local consultants who will support the financial institutions in implementing E&S best practices. In addition to trainings by the ESRM Ghana team, the program collaborates with local training institutions to develop commercial training curriculum and courses on E&S risk management.

In August 2018, the ESRM Ghana program signed a cooperation agreement with the Environmental Protection Agency (EPA) under which the collaboration will support capacity development on E&S risk management, and sensitization for relevant stakeholders.

In April 2018, the program trained over forty (40) local consultants in collaboration with the EPA training school.  In August 2018, the program trained over forty local consultants in collaboration with the EPA training school.

Training of local consultants at the joint IFC-EPA training held at the EPA Training School in Amansaman in August 2018

The program collaborates with various partners and initiatives in Ghana to promote the awareness on sustainable banking and finance. 

Along with the EPA program the program hosts the IFC-EPA Seminar Series on Sustainable Banking for targeted local stakeholders.  The program has hosted the following events:

  1. IFC – EPA Seminar Series for the financial Sector Seminar Series I: Understanding the EPA
  2. requirements (focus on the mining and construction sectors) – Dec 2016
  3. IFC – EPA Seminar Series for the financial Sector Seminar Series II: The Business case for resource and energy efficiency investments – March 2017
  4. IFC – EPA Seminar Series for the financial Sector Seminar Series III (In collaboration with the Bank of Ghana): Chief Risk Officer Breakfast Briefing on E&S Risk Management – September 2017
  5. IFC – EPA Seminar Series for the financial Sector Seminar Series IV: Financing the Future – Green buildings – December 2018

With the support of IFC’s Sustainable Banking Network (SBN), the program supports knowledge sharing between developing countries implementing green finance strategies.

In November 2018, the program facilitated the participation of the Bank of Ghana and the Environmental Protection Agency (EPA) at the Green Finance Leadership Program inaugural event in Beijing China.

Delegates from Ghana and Nigeria at the Green Leadership Finance Program’s event in Beijing China in November 2018.

In June 2019, the Bank of Ghana participated in the Greening Africa’s Financial Systems seminar in Morocco.