• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

Bank of Ghana to introduce climate-related financial risk directive for banking industry

2 years ago
in Banking & Finance, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
261
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Bank of Ghana to introduce climate-related financial risk directive for banking industry

The Bank of Ghana (BoG), according to the Governor, Dr Ernest Addison, is working on issuing a Climate-related Financial Risk Directive to provide guidance on addressing climate risk and related issues in the banking industry.

This is because, the issue of climate risk he asserts, is increasingly becoming a material risk, especially for institutions exposed to vulnerable sectors of the economy.

Speaking at the launch of the 60th Anniversary of the Chartered Institute of Bankers (CIB), the Governor noted that initiatives contained in the Directive will aim at building a robust financial system.

Climate-related financial risks have the potential to affect the safety and soundness of banks through physical and transition risks, which affect various sectors of the economy and may affect access to financial services and fair treatment of customers.

The Directive, as mentioned by the Governor, will undoubtedly ensure that banks understand their climate-related financial risks and develop risk management frameworks and capabilities to identify, measure, monitor, and control those risks.

Touching on the half-year performance of the banking industry, the Governor noted that as of June 2023, the banking industry’s total assets was GH¢242.4 billion, indicating a 21.2 percent annual growth compared to 22.8 percent growth in June 2022.

RelatedPosts

Ghana’s Banks not Lending Enough to Sectors That Matter Most

Luxury Tourism is a Risky Strategy for African Economies, New Study Says

IMF Isn’t Doing Enough to Support Africa; Billions Could Be Made Available Through Special Drawing Rights

The strong asset growth reflected mainly in investments, particularly short-term investments, while medium to long-term investments declined.

That notwithstanding the increases in income levels, costs within the banking sector also increased, reflecting spillbacks from the operating environment. However, the increase in costs did not outweigh earnings, resulting in the strong profit-before-tax in the first half of the year.

The developments culminated in a 51.2 percent increase in profit-before-tax in June 2023, compared with 20.8 percent growth recorded during the same period a year ago. Similarly, the industry’s net income or profit-after-tax increased to GH¢4.3 billion from GH¢2.8 billion, representing a 51.4 percent increase in June 2023.

“Overall, the banking sector’s performance improved in the first half of 2023. For the rest of the year, the banking sector is expected to remain broadly stable, supported by the regulatory reliefs and sustained growth in profitability,” the Governor posited.

“The banking sector has shown some improvement with the half-year performance, despite the significant losses posted in 2022. Looking ahead, banks are expected to rebuild capital buffers to support the economy. Let me take this opportunity to assure the public that the Bank will continue to monitor developments and ensure strict regulatory and ethical compliance in the banking sector to ensure a stable and resilient financial system, contributing significantly to the overall growth and development of the economy,” he added.

Tags: Bank of Ghana to introduce climate-related financial risk directive for banking industryBanking IndustryBOGclimate-related financial risk directive
No Result
View All Result

Highlights

FirstBank Ghana Commits GHS 200,000 to Community Projects Under 2025 CR&S Week

African Development Bank President Ould Tah Tackles Financial Reform in Push for Development

OSP Invites DVLA CEO Over Alleged GHS 4m Bribery Attempt Linked to Digital Vehicle Plate Rollout

Standard Chartered Zambia Signs Agreement to Sell Wealth & Retail Banking Business to First National Bank Zambia

Vinicius Jr. Apologizes for Clásico Outburst, Leaves Out Coach Alonso

Rabat Set to Host African World Cup Playoffs Next Month

Trending

Business

Ghana’s Banks not Lending Enough to Sectors That Matter Most

October 29, 2025

Ghana’s Banks not Lending Enough to Sectors That Matter Most Bank lending is a major source of...

Luxury Tourism is a Risky Strategy for African Economies, New Study Says

October 29, 2025

IMF Isn’t Doing Enough to Support Africa; Billions Could Be Made Available Through Special Drawing Rights

October 29, 2025

FirstBank Ghana Commits GHS 200,000 to Community Projects Under 2025 CR&S Week

October 29, 2025

African Development Bank President Ould Tah Tackles Financial Reform in Push for Development

October 29, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.