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

2 years ago
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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.

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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
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