As part of efforts to strengthen its commitment to responsible business practices, Consolidated Bank Ghana Ltd. (CBG) has joined the United Nations Global Compact (UNGC) – a voluntary global initiative that promotes responsible business practices and advancement of the Sustainable Development Goals (SDGs).
By signing onto the world’s largest corporate sustainability initiative, CBG aligns itself with a global network of Businesses and Organisations committed to upholding 10 universally accepted principles in the areas of human rights, labour, the environment and anti-corruption.
These principles serve as a guidepost for organisations to integrate sustainability into their strategies and operations, fostering long-term value creation for both the company and society.
At the signing ceremony at Consolidated Bank Ghana Ltd. (CBG) Head Office, Managing Director-CBG, Daniel Wilson Addo, said this agreement signifies the bank’s unwavering dedication to advancing sustainable development goals and contributing to a more inclusive and prosperous future.
“It is with joy that I announce that CBG is the first state-owned commercial Bank in Ghana to be a member of the UNGC. This partnership has become necessary because, as a bank, we are cognisant of the impact from decisions we make now and in the years to come.
“As a member of the UN Global Compact, CBG joins like-minded corporate organisations to accelerate the world’s progress toward sustainability. This we do by integrating Environment, Social and Governance (ESG) solutions into our internal operations and business activities, and helping our customers to build and maintain sustainable and resilient businesses that benefit the world at large.
“Consolidated Bank Ghana has a strong track record of driving sustainable initiatives and contributing to the local communities where it operates. Our core values as a bank, and our operating philosophy, reflect aspects of the universal principles underpinning the UN Global Compact. What’s required is a deliberate and conscious effort to ensure those principles are inculcated in all our business practices and processes, and that our stakeholder management framework is appropriately aligned,” he added.
The Executive Director-UN Global Compact Network Ghana, Tolu Kwaku Lacroix, warmly welcomed Consolidated Bank Ghana Ltd. (CBG) to the initiative, stating: “CBG has shown great leadership in the areas of Sustainability and ESG. Along with implementing the Ghana Sustainable Banking Principles, it is an institution that fosters good governance practices among its clients and supports capacity-building initiatives for its stakeholders.
“By joining the UN Global Compact, CBG sends a strong message that this sustainability journey is important and it desires to elevate its standing in Ghana and the world. The dream of Kofi Annan was to see a human face in the marketplace, where business fuels the SDGs for a better society and world. CBG has become another piece in the late global statesman’s dream.”
On his part, CEO-Ghana Association of Banks, John Awuah, commended CBG for promoting sustainability in banking. “On behalf of the association, I commend you for choosing sustainability and humanity as the centre of all your business. I hope this will propel more banking institutions to boldly join the community of business leaders and organisations that have decided to put profitability and humanity in the same sentence.”
Otsiwah Ofei-Addo (Director, Wholesale Financing, Credit Origination) on behalf of Development Bank Ghana (DBG) congratulated CBG for the vision, leadership and commitment to uphold the highest standards of corporate citizenship by signing onto the UN Global Compact.
Also present at the ceremony was Bright Baligi, MP for Lambussie Constituency and Member of the Board of CBG; Nana Ama Poku, Deputy Managing Director, Corporate Resources (CBG); and Thairu Ndungu, Deputy Managing Director, Operations & Technology (CBG).
The UNGC is uniquely positioned to support companies in their journey to align their practices to a sustainable and inclusive future. It was established in July 2000 by former UN Secretary-General Kofi Annan to mobilise companies around the world in aligning their operations and strategies around ten (10) universal principles in the areas of human rights, labour, environment and anti-corruption.
Consolidated Bank Ghana Ltd. (CBG) is wholly-owned by the government of Ghana and was granted universal banking licence in 2018 by the Bank of Ghana under the Specialised Deposit Taking Institution Act 2016 (Act 930). CBG has 114 branches in 13 out of the 16 regions in Ghana, with strong government support, a large SME client network and pool of diverse talent.
