The Chartered Institute of Bankers, Ghana, has set its sights on boosting the public’s confidence in the banking sector, following two years of aggressive reforms spearheaded by the central bank which seek to position banks to lead economic growth.
The institute, which recently saw the president assent to its new bill after its passage by Parliament earlier this year, believes that the Chartered Institute of Bankers Ghana, Act 2019 (Act 991), now creates a great opportunity for the institute to enhance its collaboration with key stakeholders.
“This is to further boost confidence in the banking sector through professionalism and the assurance of a safe and sound banking environment,” the Institute said in a statement, signed by its President, Patricia Sappor, to announce its new legal backing.
“It is therefore expected that the banking industry will continue to witness great transformation in the professional conduct of practitioners, which will result in the improvement of corporate governance issues and ethical behaviour,” the statement added.
As custodian of the Code of Conduct in the banking industry, the Act reemphasises the mandate of the Chartered Institute of Bankers, Ghana, to continue playing its monitoring role of ensuring members display the highest standards of professionalism and commitment to ethical conduct, and utmost due care in all dealings.
“The need for ethical behaviour and professionalism in the banking sector is due to the critical role the banking industry plays in the country’s economic development,” it said.
The Institute, which existed under the Professional Bodies Registration Act, 1973, has now been established by an Act of Parliament, the Chartered Institute of Bankers Ghana Act, 2019 (Act 991), and is known as Chartered Institute of Bankers, Ghana. The Chartered Institute of Bankers (Ghana) bill was assented to by the President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo on 27th June, 2019.
The Chartered Institute of Bankers, Ghana, as stated in Section 2 of the Chartered Institute of Bankers Ghana, Act 2019 (Act 991), is mandated to promote the study of banking and regulate practice of the banking profession in Ghana.
Consequently, Section 3 of Act 991 mandates the Institute to determine the standard of knowledge and skill to be attained by a person who seeks to practice banking in the country; establish, keep and maintain a register containing details of members of the banking profession, and persons that provide tuition for professional examinations in banking in accordance with the provisions of this Act.
The Act also allows the Institute to conduct and provide for the conduct of professional examinations, the registration of bankers and award of certificates in respect of the qualification acquired and set standards; and ensure the observance of ethical standards and professional conduct among members of the banking profession in the country.
Other roles outlined include determination of academic equivalent for the certificates awarded in respect of the professional examinations which the institute conducts; evaluate and approve the curricula and certificates of other professional organisations considered by the Institute to be of equivalent status with the Institute; organise continuing professional development courses for members of the Institute; and perform any other function that is necessary for attaining objectives of the Institute.
Section 16, according to the Act, restricts the use of the title ‘Chartered Banker’ to a person who has successfully met all requirements of the professional banking examinations, and who holds the ACIB certificate recognised by the Chartered Institute of Bankers, Ghana.
Section 37 also authorises the Chartered Institute of Bankers, Ghana to register persons who seek to provide tuition and other related banking services; thus ensuring sanity, uniformity and compliance with the tuition regulations and standards of the Chartered Institute of Bankers, Ghana.