Bankers told to uphold industry ethics

The 12^th Ghana Banking Awards has been launched in Accra with a call on bankers to uphold the tenets of ethics, integrity and compliance.


Afotey Odarteifio, Executive Secretary of Corporate Initiative Ghana who made the call, said the call to ethics and integrity in banking is to promote social and environmental responsibility in the financial sector based on principles of transparency, social and environmental impacts of projects, and narrow profit margins.

“Ethical banks are supposed to perform more than the normal role expected of conventional banks by maximising returns for their clients and adhering to their own moral concerns.

“Regulations initiated by an informed public would effectively ensure that banks follow socially accepted morals and ethics.”

The 2012 awards, organised by Corporate Initiative Ghana is under the theme “Promoting Ethics, Integrity and Compliance in the financial services industry”.

Mr. Odarteifio observed that the perennial strong debate on the high cost of credit to business and industry has weakened competitiveness of the industrial base.

This development, he said, has always been based on the cost of funds, risk levels and non-performance assets.
 “It is argued that it makes for ethical balance if banks can share some of those profit margins with their customers -- especially those in manufacturing, housing and other critical areas -- if they really believe that their sustainability as banks depends on the sustainability of their customers.”

Mr. Odarteifio indicated that there is a certain feeling in the business community that anytime people send project ideas to banks, their officials usually steal those projects and implement them.

Mr. Willing Vanderpuije, Chief Host and Chairman of the Planning Board, urged bankers to demonstrate honesty, openness, transparency and fairness in all business activities.

“We encourage banks to observe and comply with applicable laws and regulations; act honestly and with integrity at all times; develop their skill and knowledge; and to demonstrate their commitment to continuing professional development.

“Inappropriate actions by individuals can result in great cost to firms, adding that fostering an environment of trust, integrity and professionalism leads to greater confidence -- which ultimately strengthens the bank’s reputation in the market.”

Awards to be won include Bank of the Year, Best Bank-Corporate Banking, Best Bank-Retail Banking, Best Bank-I.T/Electronic Banking, Best Growing Bank, and Best Bank-Customer Care.

Other awards also include: Most Socially Responsible Bank, Best Bank-Financial Performance, Best Bank-Competitive Pricing, Best Bank-Trade Finance, Best Bank-Advisory Services, Best Bank-Short Term Loan Financing, Best Bank-Long Term Loans, Best Bank-Agriculture Financing; and Special Award - Best Bank, Mobile Banking.

 New awards introduced include Life Time Awards, Trade Finance Deal and Consumer Financing Bank of The Year.