Ethics is Ghana’s greatest asset for banking stability – Dr. Asiama

Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has stated that ethics remain the most valuable currency in Ghana’s banking sector.

He urged financial institutions to treat integrity as a strategic investment rather than a cost of doing business.

Delivering a keynote address at the 29th National Banking and Ethics Conference in Accra, Dr. Asiama—whose speech was read on his behalf by Mr. Ismail Adam, Director of Banking Supervision at the Bank of Ghana—called for a renewed culture of accountability, transparency, and professionalism to rebuild public trust in the financial system.

According to the Governor, the theme of this year’s conference, “Maintaining Stability of the Currency (Cedi) in an Era of Digital Asset Disruptions,” goes beyond economic stability to the moral foundation of the sector itself. “Ethics is not a cost; it is a strategic investment,” he emphasized. “It is the foundation upon which trust, innovation, and resilience are built.”

Dr. Asiama noted that unethical practices within the banking industry continue to threaten confidence and institutional credibility. Citing the 2024 Bank of Ghana Fraud Report, he revealed that reported fraud cases had risen by 5 percent, with the total value at risk increasing by 13 percent to approximately GH¢99 million. Most of these cases involved document forgery, identity theft, and staff-related fraud.

“These worrying trends show that our fight for ethical conduct must continue,” he said. “Trust is a bank’s greatest asset, and institutions that act ethically, transparently, and sustainably will always attract loyal customers and investors.”

To tackle the challenge, Dr. Asiama announced that the Bank of Ghana is collaborating with the Chartered Institute of Bankers (CIB) and the Ghana Association of Banks to implement new initiatives that will institutionalize ethics across the industry. Among them are the Ghana Banking Code of Ethics and Business Conduct, an E-learning Ethics Programme, and a mandatory Ethics Certification Programme for all banking professionals.

The certification programme, he explained, will soon become part of the Bank of Ghana’s “fit and proper” criteria for the appointment of senior management personnel and board directors. “We want to ensure that every leader in our financial system is not only competent but also ethically grounded,” he said.

The Chartered Institute of Bankers has also introduced the CIB Ghana Digital Academy Programme to equip banking professionals with the skills to thrive responsibly in a fast-changing digital economy.

Dr. Asiama reaffirmed the central bank’s commitment to enforcing ethical and prudential standards through policies such as the Sustainable Banking Principles, Consumer Protection Directives, and enhanced governance and market conduct frameworks.

“As our industry evolves, ethics is no longer optional—it is the defining standard that determines whether a business earns trust and thrives or loses credibility and fades away,” he said in conclusion.

He called on all banking leaders to make ethics “the heartbeat of Ghana’s banking sector,” emphasizing that the integrity of institutions will ultimately define the strength of the country’s financial system.