The Bank of Ghana (BoG) is intensifying efforts to promote sustainable banking practices within the extractive sector as part of measures to align the financial system with responsible lending and measurable sustainability impact.
Speaking at a deep-dive session with industry players in Accra, the Second Deputy Governor of the Bank of Ghana, Matilda Asiedu-Asante, said the Central Bank is moving beyond issuing policies and regulations to fostering open dialogue on the social and environmental implications of corporate lending.
“As a central bank, this is something we took notice of since 2015 and have issued several guidelines and policies. But the reason we are going the extra mile with these deep-dive sessions is to go beyond the paperwork and have real conversations — because when you give out credit, there are social implications beyond what you see. Corporates are now being judged beyond the bottom line. People look at the impact of your investment,” she explained.
Commercial banks, on their part, have pledged to embed sustainability principles in their credit portfolios. CEO of the Ghana Association of Banks, John Awuah, noted that these engagements are helping banks strengthen risk management frameworks and enhance long-term sector resilience.
“Many extractive firms, especially those in the small and medium category, are still not ESG compliant and therefore cannot access sustainability-linked financing. Going forward, the Association will work closely with the regulator to strengthen ESG competencies within banks and improve compliance readiness across the extractive sector to promote inclusive sustainability,” he stated.
The session forms part of the Central Bank’s broader agenda to integrate Environmental, Social and Governance (ESG) standards into Ghana’s financial ecosystem, ensuring that economic growth aligns with responsible and sustainable practices.
