The Bank of Ghana has long emphasized the critical role of trust in the banking industry and highlighted the potential threat to stability and integrity posed by misconduct. In a recent speech at the Chartered Institute of Bankers' 27th National Banking and Ethics Conference, Governor Ernest Addison stressed the importance of high standards of professionalism and ethics in the financial sector to maintain public trust and stimulate economic growth.
"Indeed, the importance of ethical behaviour in banking and financial markets has never been as relevant as it is today because of the moral and economic efficiency issues involved," he said.
Given the importance of banks to economic growth, Addison implored banks to uphold their moral obligations for the sake of depositors, shareholders, and overall financial integrity. "The critical issues to focus on regarding the chosen theme include the ethical frameworks that guide banks policies and procedures, and the values that shape the actions of bankers," he stated.
While the Bank of Ghana monitors ethical conduct among regulated institutions, it has also implemented its own internal Ethics and Compliance Programme to instill an ethical culture among its staff. In so doing, the central bank seeks to model the same approach to managing culture and behavior it expects of the firms it oversees.
Addison advocated for the aggressive pursuit of ethical business practices by all industry players, emphasizing the importance of a values-driven culture within banks. "When the culture within the banking sector is values-based and values-driven, stakeholders, including depositors, would likely align their values to that of the bank," he said.
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