By Samuel Kweku KUMAH and Valerie ZULEE
In Ghana, the festive spirit of Christmas often brings joy and togetherness. However, in recent years, the season has also highlighted the harsh realities of climate change.
In December 2023, Accra experienced heavy rains that flooded streets, leaving homes waterlogged and businesses in ruins. Along the country’s picturesque coastline, rising sea levels have caused entire fishing villages to slowly disappear into the ocean.
In the north, farmers anxiously watched the sky, praying for rain that came too late—or not at all. Things weren’t different in 2024. Some may argue that things got worse.
These events have made it clear that climate change is not just a nice-to-know in Ghana; it’s a lived experience that threatens livelihoods, communities, and futures, all through the festive season. But, while the challenges are undeniable, so are the opportunities to respond.
Ghana’s banks, with their financial power and deep community ties, are uniquely positioned to help face these challenges. Imagine if every loan approved or grant awarded wasn’t just about profits but also about protecting the environment and strengthening communities. Picture a future where banks fund solar-powered schools, restore mangrove forests, and support farmers with tools to survive erratic weather.
Philanthropy isn’t just about writing cheques—it’s about action that creates lasting change. Ghanaian banks are progressively becoming champions of sustainability; investing in projects that reduce emissions, restore ecosystems, and build climate resilience.
With these focuses, there is the hope of transforming businesses operations, proving that helping the planet and growing the economy aren’t mutually exclusive. In a world facing a climate crisis, banking on the future means banking on the planet—because there’s no profit in a failing environment. It’s time for Ghana’s financial institutions to lead the way, not because they must, but because they can—and because the future depends on it
Gone are the days when philanthropy meant a simple donation to a local cause. Today, Ghana’s leading banks are leveraging their financial muscle, networks, and resources to drive high-impact climate initiatives. These efforts are not just acts of charity—they are strategic investments in the society and the country’s future.
As emphasized at the just ended COP29 in Baku, there is the critical role of the private sector to participate in achieving climate goals. Bank’s operating in Ghana are emerging as trailblazers, demonstrating how targeted philanthropic activities can bridge gaps and create pathways to a sustainable and resilient future.
Ghana faces a complex web of climate challenges, from rising sea levels along its coastline to increasing desertification in the northern regions. According to the World Bank, the country is one of Africa’s most vulnerable to climate change, with over US$3 billion in damages recorded annually from floods alone.
These challenges are exacerbated by the fact that nearly half of Ghana’s workforce depends on agriculture, a sector particularly vulnerable to the impacts of climate variability. The government has been proactive in addressing these challenges, as evidenced by the launch of the Climate Prosperity Plan (CPP) at COP29.
This ambitious strategy seeks to turn climate risks into opportunities, aiming for an economic gain of $76 billion by 2050 through investments in renewable energy, sustainable infrastructure, and climate adaptation. However, achieving these goals requires significant support from the private sector.
Philanthropic activities by Ghanaian banks go beyond writing cheques; they are part of a broader strategy to address climate vulnerabilities at both the local and national levels. These initiatives target key areas such as environmental restoration, renewable energy, disaster relief, and community resilience.
Deforestation is one of Ghana’s most urgent environmental challenges, with large areas of forest disappearing due to illegal logging and galamsey. In response, banks like Ecobank Ghana and Fidelity Bank have executed large-scale tree-planting campaigns aimed at restoring forest cover while empowering local communities.
These efforts go beyond planting trees—they create jobs, raise environmental awareness, and strengthen ties between communities and conservation. GCB Bank has also taken significant steps by funding mangrove restoration projects along the Volta River estuary.
Mangroves are nature’s frontline defense against coastal erosion and flooding, while also serving as critical habitats for wildlife. By investing in these ecosystems, GCB Bank is contributing directly to climate adaptation and mitigation, blending environmental stewardship with sustainable development.
Access to renewable energy is more than just a technical challenge in Ghana—it’s a daily struggle that shapes lives. Imagine a rural school where children strain their eyes to read by candlelight because their classrooms have no electricity.
Picture a community health clinic where life-saving vaccines spoil because there’s no power for refrigeration, or a farming family losing their harvest because they can’t afford irrigation systems.
These are real stories in many parts of Ghana, where unreliable electricity keeps people locked in cycles of poverty. But change is possible. Fidelity Bank’s Orange Impact Project has shown how banking can go beyond numbers by powering some rural schools with solar energy, giving students a chance at a brighter future—literally and figuratively.
Reliable electricity means longer study hours, better learning tools, and more motivated teachers—all made possible through a single, thoughtful act of corporate responsibility.
But why stop at schools? What if banks went further? What if they helped fund solar-powered water pumps, so women wouldn’t have to walk miles for clean drinking water? What if small businesses in rural areas had solar-powered workspaces where they could charge their phones, access the internet, and grow their enterprises?
What if struggling farmers could afford solar irrigation systems through loans at concessionary rates, ensuring food security for their families and entire communities? These aren’t distant dreams—they’re real possibilities within reach.
By expanding their philanthropic focus to include renewable energy solutions, Ghana’s banks could light up homes, power hospitals, and fuel businesses. They could transform lives by turning what seems like a luxury—reliable electricity—into a basic human right.
In a world where access to energy defines who thrives and who struggles, banking on renewable energy means banking on people, their potential, and a sustainable future for all.
Agriculture is the backbone of Ghana’s economy, feeding millions and providing livelihoods for more than half of the population. But for many Ghanaian farmers, the changing climate has turned farming from a reliable way of life into a gamble with nature.
Rainfall that once came predictably now arrives late—or not at all—leaving crops wilted and harvests uncertain. Entire communities that depend on farming are caught in a constant struggle, vulnerable to droughts, floods, and shifting weather patterns beyond their control.
For these farmers, climate change isn’t just a scientific term—it’s a daily reality that threatens their food, income, and future. Understanding this urgent need, Stanbic Bank has stepped in with philanthropic programs designed to support climate-smart agriculture, offering not just financial assistance but hope and a path forward.
Fidelity Bank in 2024 went forth to launch the GreenTech Innovation Challenge, a grant initiative that seeks to support entrepreneurs in the agritech space who are seeking financial scale-up and commercialise climate smart solutions. In 2024, the bank supported 17 entrepreneurs with over million Ghana cedis.
Through grants, capacity building and specialised training, the bank has helped farmers adopt sustainable practices that make their crops more resilient to climate shocks. Imagine a farmer learning to use drip irrigation to save water during a scorching dry season or planting drought-resistant seeds that can survive when the rains fail.
Picture communities experimenting with crop diversification, growing not just one staple but several climate-adapted crops to ensure that even in tough seasons, there’s still something to harvest.
These aren’t just technical solutions—they’re lifelines that empower farmers to take back control from an unpredictable climate. With every workshop, grant, and demonstration farm funded, such banks are planting more than seeds—it’s planting resilience, security, and possibility in Ghana’s agricultural heartland.
Through partnerships like these, the future of farming in Ghana can be one of strength and sustainability, where farmers don’t just survive but thrive, even in the face of a changing world.
When floods sweep through Ghana’s cities and villages, they leave behind more than just water-stained walls—they leave stories of shattered homes, lost livelihoods, and uncertain futures. For families living in flood-prone areas, every rainy season brings the same haunting question: Will this be the year we lose everything? In the face of such vulnerability, disaster relief has become more than just a charitable act—it’s a lifeline.
Standard Chartered Bank has stepped up as a leader in this space, offering immediate financial assistance and supplies to communities devastated by extreme weather events. But their work doesn’t stop there. Recognising that true resilience goes beyond short-term aid, the bank has invested in climate-resilient infrastructure—building flood-resistant housing and upgrading drainage systems in communities where such projects mean the difference between survival and devastation.
Global commitments made at COP29, where nations pledged US$300 billion annually to help developing countries tackle climate challenges, align perfectly with the philanthropic efforts of Ghanaian banks. With deep roots in the communities they serve, these banks are uniquely positioned to channel international climate funds into life-changing local projects.
By focusing on renewable energy, sustainable agriculture, and ecosystem restoration, they are not just helping Ghana adapt to climate change but also driving its long-term development. Their initiatives resonate with global climate frameworks like the Paris Agreement and the Sustainable Development Goals (SDGs), particularly SDG 13 on climate action.
Philanthropy in Ghana’s banking sector isn’t just about altruism—it’s smart business. Supporting climate resilience strengthens the financial stability of communities, creating a stronger customer base in the process. For example, when smallholder farmers are equipped with climate-smart tools and techniques, their productivity rises, enhancing their ability to repay loans and expand their businesses. The reputational benefits are equally powerful. As sustainability becomes a global business priority, banks that champion climate action stand out as leaders in the green finance movement.
Challenges remain—scaling programs, measuring long-term impact, and ensuring authenticity to avoid greenwashing—but these are opportunities in disguise. Partnering with NGOs, government agencies, and international donors could expand the reach and effectiveness of these initiatives. Advances in technology and data analytics can improve how banks track and measure the impact of their philanthropic activities, ensuring that every cedi invested delivers meaningful change.
Ghana’s banking sector has become a global example of how philanthropy can be used as a tool for climate action. From restoring forests and funding renewable energy projects to building resilient communities, their initiatives are rewriting what it means to be a socially responsible business.
As the world grapples with the escalating climate crisis, the efforts of Ghanaian banks show that meaningful change is possible when businesses step up—not because they must, but because they can.
In the words of Simon Stiell, UN Climate Change Executive Secretary, “Transformational action is not optional; it is an opportunity.” Ghanaian banks have seized that opportunity, proving that even in the face of overwhelming climate challenges, sustainable solutions can be built—one community, one project, and one investment at a time.
As we enter a new year, it is important that individuals, corporations and society at large take a keen intrust in contributing to safeguarding our environment.
The onus remains on us to ensure we are not only thinking about the now but the future and how our contributions today will influence our tomorrow, everyone has a part to play to achieve this! Merry Christmas and a Happy New Year!
>>>Samuel Kweku Kumah is a sustainability professional with expertise in research, impact management, and sustainability reporting. Currently serving as the Research and Impact Management Officer in the Partnerships, Sustainability, and CSR department at Fidelity Bank Ghana, Samuel has demonstrated a robust capacity for implementing and reporting sustainability research and impact strategies that align with global standards.
>>>Valerie Zulee has a background in diplomacy, international development, and currently serving as a support staff for the Research and Impact Management and CSR Office in the Partnerships, Sustainability, and CSR department at Fidelity Bank Ghana.
