A News Desk Story
The subject of ethics continues to rank high among concerns in the banking industry, with surveys conducted by the Chartered Institute of Bankers (CIB) throwing further light on the matter.
In his address at the 28th Annual National Banking and Ethics Conference, Robert Dzato – the institute’s Chief Executive Officer (CEO) – highlighted surveys which included responses from over 6,000 banking professionals that revealed 60 percent of junior-level employees acknowledge awareness of unethical practices within their institutions.
Additionally, 25 percent suggested that unethical behaviour is prevalent. At the middle-management level, 51 percent believed that such conduct contributes to high Non-Performing Loans (NPLs) in the sector while 99.2 percent of executives acknowledge the importance of ethics to the banking and financial sector’s sustainability.
These figures are central to Mr. Dzato’s call for urgent action to restore trust and integrity in the nation’s financial services.
“The fundamental truth is that we need more trusted professionals,” he stated.
The banker pointed to ethics’ role in rebuilding confidence, stressing that trust in the banking sector is rooted in moral excellence: that is, ethics – which is character; and intellectual excellence – which is competence and intelligence.
These principles, he argued, must be the cornerstone of a transformative effort to reshape the banking industry.
The CIB’s initiatives to address these issues are already underway, he added.
Among the most significant is the ethics certification programme, which has already seen participation from 11 commercial banks and over 6,000 professionals across various levels.
“We are committed to embedding ethics into every layer of the banking workforce,” the institute’s CEO said, adding that the certification programme targets professionals at junior, middle and executive levels.
The certification aims to ensure that the entire workforce understands the importance of ethical conduct, not only as a regulatory requirement but also a key component of the sector’s long-term stability.
Despite clear recognition of the need for ethical reform, Mr. Dzato acknowledged that the banking sector’s reputation continues to suffer.
According to the Bank of Ghana’s 2023 fraud report, incidents of staff-related fraud at banks and Specialised Deposit-taking Institutions (SDIs) increased by 46 percent – rising from 188 cases in 2022 to 274 cases in 2023.
Of the 274 staff-related fraud cases in 2023, 211 involved cash theft (cash suppression), which entails hiding and redirecting cash deposits or payments from customers, compared to 140 cases in 2022.
Additionally, the CIB’s research showed that 52 percent of junior-level employees believe that a lack of ethics contributed to the sector’s instability, including the fallout from previous banking crises.
However, Mr. Dzato expressed optimism – noting that nearly 100 percent of industry professionals agree that further reform is necessary.
“Doing nothing is not an option,” he stated, while commending leadership at the BoG for being actively engaged in improving the sector’s ethical standards.
AI
Beyond ethics, Mr. Dzato also underscored the critical role that innovation – particularly the integration of artificial intelligence (AI) and other emerging technologies – will play in reshaping the banking landscape.
“AI presents opportunity; according to McKinsey, US$4.4trillion global value will be extracted from AI,” Mr. Dzato said, quoting a McKinsey report that outlines the massive potential for AI to revolutionise industries worldwide.
Within the banking sector, he highlighted key areas where AI can drive efficiency and enhance customer engagement, including sales, marketing and risk management.
The CIB has already begun integrating AI-focused programmes into its educational offerings. This year, it launched a data analytics training programme designed to equip banking professionals with the skills for using AI tools to analyse portfolios and manage risks.
Mr. Dzato pointed out that “the future skills we are going to be practicing are not about research or writing, but about the ability to ask the right questions and question things”, a mindset that aligns with the growing importance of AI in banking which can automate routine tasks, leaving professionals to focus on strategic decision-making.
However, he also cautioned about the risks associated with these technologies. As AI and quantum computing evolve, the potential for systemic biases and legal issues in AI-driven decisions grows. “We must manage the associated risks. What we think is secure today can become a big challenge for us to solve,” he warned.
One of the institute’s key initiatives in this digital transformation is its updated Associate programme (ACIB) curriculum, which now includes modules on digital banking, AI integration and risk management.
Mr. Dzato explained that the goal is to create a future-ready workforce capable of navigating both the ethical dilemmas and technological challenges which will define the future of banking. This curriculum overhaul, he said, aims to build the technical expertise needed to address evolving customer needs while ensuring ethical principles remain central to banking practice.
Additionally, the CIB is placing a strong emphasis on financial literacy – reaching over 3,000 students in 2024 through its educational programmes.
Mr. Dzato views this as an essential step in preparing the next generation of bankers. “The next generation must be equipped to handle not only the technical challenges but also ethical questions that will define their careers,” he stated.
This initiative aims to foster a deeper understanding of financial systems, empowering young professionals to navigate complexities of the sector with integrity and foresight.
Looking ahead, Mr. Dzato said his vision for the future of Ghana’s banking sector is one where trust and innovation go hand in hand.
“The need for ethical leadership and adoption of advanced technologies like AI and data analytics will drive the industry forward, ensuring that Ghana’s financial services remain resilient in the face of both local and global challenges. We are counting on you, our partners, to support us in driving our industry forward, developing trusted professionals and ensuring the sustainability and resilience of our financial sector,” he stressed.
