Collins Sefa The Chartered Institute of Bankers (CIB) Ghana is introducing a major reform that will make ethics and professional certification mandatory for all banking professionals.
A move described by its Chief Executive Officer, Robert Dzato, as one of the most significant steps toward restoring accountability and reducing fraud in the country’s financial sector.
The policy, developed in partnership with the Bank of Ghana (BoG) and the Ghana Association of Banks (GAB), forms part of a broader national initiative to re-professionalise the industry through continuous training, certification, and adherence to ethical standards.
Rebuilding Trust Through Professionalism
Speaking at the 29th National Banking and Ethics Conference in Accra, held under the theme “Building Future-Ready Banks: Ethical Leadership, Sustainable Finance and Currency Stability amid Disruption”, Mr. Dzato emphasized that trust remains the cornerstone of the banking industry.
“The currency in banking is trust,” he said. “Trust is built through character, competence, and consequence — and that is what we are building in Ghana’s banking workforce. Every banker will need to be certified to continue to work.”
Under the new framework, the Ethics 2.0 Certification Programme, co-developed with the BoG, will become compulsory for all banking staff — from entry-level employees to senior executives and board members.
Additionally, all branch managers will be required to obtain the Chartered Banker (ACIB) qualification within five years.
Mr. Dzato revealed that over 9,000 bank employees across 11 institutions have already completed the earlier version of the ethics programme. The upgraded framework introduces new modules on ethical conduct, digital responsibility, and anti-fraud awareness.
Addressing Rising Fraud and Ethical Lapses
The initiative follows concerning data from the BoG’s 2024 Fraud Report, which recorded a 5% increase in reported fraud cases and a 13% rise in total value at risk, reaching GH¢99 million. Staff-related fraud, document forgery, and identity theft were cited as key contributors.
Delivering the keynote address, BoG Governor Dr. Johnson Pandit Asiama said the trend underscored the urgency of embedding stronger ethical frameworks in the banking system.
“Unethical practices remain widespread, with staff-related fraud on the rise. These issues threaten institutional integrity and public confidence,” he said. “Ethics is not a cost; it is a strategic investment. Trust is a bank’s greatest asset, essential for long-term success.”
Dr. Asiama confirmed that the BoG’s approval in principle for the ethics certification programme reflects its commitment to integrating professionalism into supervisory oversight.
“This certification will form part of the fit-and-proper assessment for key management personnel and directors,” he noted.
Enforcement and Accountability Mechanisms
Mr. Dzato welcomed the BoG’s leadership, adding that the certification framework empowers the Institute to discipline errant professionals through enforceable sanctions — similar to mechanisms used in the accounting and legal sectors.
“Most of the incidents involve people who are not certified professional bankers,” he explained. “Our goal is to ensure that those who manage public money are competent, ethical, and accountable.”
He stressed that ethical conduct is not optional, describing it as the defining standard of institutional integrity.
“Ethical conduct is not an option. It is the standard that determines whether a financial institution earns trust or loses it,” he said.
Industry Leaders Applaud the Move
CIB Ghana President Benjamin Amenumey described the initiative as “historic,” emphasizing its potential to rebuild the moral fabric of the industry.
“Where trust is strong, stability is possible. Where trust is weak, the system is at risk,” he stated.
Education Minister Haruna Iddrisu also lauded the measure, saying it aligns with the government’s broader vision to embed ethics and financial literacy in society.
“Ethical banking is not optional. You hold public money, and the public must trust you to safeguard it,” he said.
He urged banks to act as partners in the fight against financial crime:
“Many unethical and corrupt monies pass through the banking system. Banks must not become conduits for corruption but collaborators in building integrity and protecting public trust.”
Embedding Ethics in Education
Mr. Iddrisu announced that the Ministry of Education, in collaboration with CIB Ghana and the National Council for Curriculum and Assessment (NaCCA), will integrate financial ethics into Ghana’s school curriculum.
The move aims to equip the next generation of professionals with ethical awareness and integrity before they enter the workforce — ensuring that the culture of ethics starts early.
A Culture Shift for Ghana’s Banking Sector
The mandatory certification policy marks a turning point for Ghana’s banking industry, which has faced reputational challenges following years of financial sector reforms.
By linking professional ethics directly to employment and regulatory compliance, CIB Ghana and its partners aim to restore confidence, protect consumers, and elevate banking standards across the country.
