Financial Institutions Critical in Driving the Sustainability Agenda
Kwamina Asomaning, Chief Executive of Stanbic Bank Ghana and Board Chairman of Stanbic Investment Management Services (SIMS), has underscored the crucial role of financial institutions in driving the sustainability agenda across the country.
He made this statement at the launch of the Responsible Investment Initiative by SIMS, held at the Kempinski Gold Coast Hotel.
The launch of the Responsible Investment Initiative highlights SIMS' dedication to sustainable growth and its role in promoting responsible business practices. As part of this initiative, SIMS will collaborate with issuers and investors to enhance sustainability efforts, aiming to drive positive change across the industry.
Speaking at the event, Mr. Asomaning emphasized the critical role of financial institutions in influencing and directing funds towards sustainable practices.
"At Standard Bank, Africa is our home, and we drive her growth. Such growth must be pursued sustainably. Financial institutions will play a critical role in influencing and channeling the flow of funds toward sustainability. In 2019, the Bank of Ghana introduced the Sustainable Banking Principles, which Stanbic Bank subscribes to. We have progressively implemented about 79% of the recommended 47 actions set out in the principles and have tasked ourselves to fully comply by the end of June 2025."
In 2023, Stanbic became the first bank in Ghana to join the IFC’s Climate Finance Advisory Program, receiving training and advisory support to identify and assess climate-aligned asset classes.
“We are extending our emphasis on climate-specific initiatives to SIMS, an affiliate of the bank and a part of the Standard Bank Group, to lead responsible investing in the asset management industry. We at Stanbic Bank and SIMS are collectively enthusiastic about the journey ahead for SIMS and the investment industry in Ghana,” Mr. Asomaning noted.
Mr. Asomaning underscored the extent to which climate change is leading to extreme weather events, health risks, and economic impacts, among other issues. “By focusing on sustainability, we ensure that our individual and collective actions and inactions are not harmful to the environment or deplete natural resources. Let’s find a balance between saving the environment and fulfilling our wealth-creation goals.
I urge you all to plant a tree, be a change advocate, and invest responsibly; your actions matter," he added.
Stanbic Investment Management Services Limited (SIMS) is an investment management and advisory firm licensed by the Securities & Exchange Commission and registered with the National Pensions Regulatory Authority as a pension fund manager.