Accra, Ghana - Dr. Ernest Addison, the Governor of the Bank of Ghana, has emphasized the importance of relentless and aggressive pursuit of ethical business practices by all industry players. He highlighted the need for a collaborative approach in incorporating ethical behavior into the work culture of financial institutions.

Speaking at the 27th National Banking and Ethics Conference in Accra, organized by the Chartered Institute of Bankers (CIB) Ghana, Dr. Addison's speech, delivered by Dr. Bernard Otabil from the Office of Ethics and Investigations, stressed the theme 'Redefining Professionalism in Banking Through Ethics.' The conference also saw the launch of a newly redesigned flagship Chartered Banker (ACIB) curriculum and an Ethics Certification Programme.

According to the Ghana News Agency (GNA) , banks must strive to establish a values-driven culture, developed in agreement with both the leader and leadership team. Such a culture should serve as a reference within the bank's systems and processes. He believes that a values-based culture within the banking sector will likely encourage stakeholders, including depositors, to align their values with that of the bank.

A strong ethical organizational culture, Dr. Addison said, will support ethical decision-making and conduct, thereby enhancing professionalism in the industry. He cited the Banks, Special Deposit Institutions (SDIs), and Payments Service Providers (PSPs) Fraud reports issued annually by the Bank of Ghana as evidence of the need for strengthened focus on ethics and ethical behavior.

Although the 2022 report showed a decline in staff involvement in fraud cases, the persistence of these unethical acts remains a concern. Most incidents involved bank staff, with cash theft from customer accounts and fraudulent withdrawals being the most common.

Dr. Addison underscored the importance of educating staff in financial institutions about ethical behavior. He stated that raising awareness of ethical issues, providing ethical training, and fostering a culture of ethics are crucial for establishing the right culture within banking institutions. Such initiatives would help banking professionals develop the skills needed to navigate complex ethical dilemmas and anticipate ethical blind spots.

He praised the CIB's focus on professionalism and ethics, expressing hope for the industry's future. The Governor emphasized the critical role of ethical behavior in banking and financial markets, especially given the moral and economic efficiency issues involved. He noted that the industry thrives on trust, and a lack thereof could threaten its stability and sustainability.

Mr. Benjamin Amenumey, President of CIB Ghana, reflected on recent challenges faced by the industry, including the banking sector clean-up, COVID-19, and the Domestic Debt Exchange Programme. He acknowledged the alarming trends revealed in the recent Bank of Ghana fraud report, underscoring the Institute's efforts to address these concerns.

Marking the 60th Anniversary of the Institute, Mr. Amenumey mentioned that discussions at the conference would focus on ethics, giving voice to values, responsible banking, and sustainability. He emphasized the need for professional, trusted bankers to promote the industry's interests and activities for sustainable development.

Accra, Ghana - Dr. Ernest Addison, the Governor of the Bank of Ghana, has emphasized the importance of relentless and aggressive pursuit of ethical business practices by all industry players. He highlighted the need for a collaborative approach in incorporating ethical behavior into the work culture of financial institutions.

Speaking at the 27th National Banking and Ethics Conference in Accra, organized by the Chartered Institute of Bankers (CIB) Ghana, Dr. Addison's speech, delivered by Dr. Bernard Otabil from the Office of Ethics and Investigations, stressed the theme 'Redefining Professionalism in Banking Through Ethics.' The conference also saw the launch of a newly redesigned flagship Chartered Banker (ACIB) curriculum and an Ethics Certification Programme.

According to the Ghana News Agency (GNA) , banks must strive to establish a values-driven culture, developed in agreement with both the leader and leadership team. Such a culture should serve as a reference within the bank's systems and processes. He believes that a values-based culture within the banking sector will likely encourage stakeholders, including depositors, to align their values with that of the bank.

A strong ethical organizational culture, Dr. Addison said, will support ethical decision-making and conduct, thereby enhancing professionalism in the industry. He cited the Banks, Special Deposit Institutions (SDIs), and Payments Service Providers (PSPs) Fraud reports issued annually by the Bank of Ghana as evidence of the need for strengthened focus on ethics and ethical behavior.

Although the 2022 report showed a decline in staff involvement in fraud cases, the persistence of these unethical acts remains a concern. Most incidents involved bank staff, with cash theft from customer accounts and fraudulent withdrawals being the most common.

Dr. Addison underscored the importance of educating staff in financial institutions about ethical behavior. He stated that raising awareness of ethical issues, providing ethical training, and fostering a culture of ethics are crucial for establishing the right culture within banking institutions. Such initiatives would help banking professionals develop the skills needed to navigate complex ethical dilemmas and anticipate ethical blind spots.

He praised the CIB's focus on professionalism and ethics, expressing hope for the industry's future. The Governor emphasized the critical role of ethical behavior in banking and financial markets, especially given the moral and economic efficiency issues involved. He noted that the industry thrives on trust, and a lack thereof could threaten its stability and sustainability.

Mr. Benjamin Amenumey, President of CIB Ghana, reflected on recent challenges faced by the industry, including the banking sector clean-up, COVID-19, and the Domestic Debt Exchange Programme. He acknowledged the alarming trends revealed in the recent Bank of Ghana fraud report, underscoring the Institute's efforts to address these concerns.

Marking the 60th Anniversary of the Institute, Mr. Amenumey mentioned that discussions at the conference would focus on ethics, giving voice to values, responsible banking, and sustainability. He emphasized the need for professional, trusted bankers to promote the industry's interests and activities for sustainable development.