Banks urged to comply with ethics
The Chief Host of the Ghana Banking Awards, Mr Willing Vanderpuje, has called on banks in the country to strictly comply with ethics of the industry in order to uphold their integrity while protecting the investments of their shareholders and customers.
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In an interview with the GRAPHIC BUSINESS on the theme for this year’s banking awards, Mr Vanderpuje who is also the Chairman of the Ghana Banking Awards Planning Committee, said “It is important that banks demonstrate honesty, openness, transparency and fairness in all their business activities to avoid a rebound of the negativities that have brought the image of banking into disrepute”.
He said poor actions by single individuals can result in great losses to banks and firms, both financially and through loss of reputation.
This year’s theme which is "Promoting Ethics, Integrity and Compliance in the Financial Services Industry” was based on the events of the past few years, notably the hefty fines imposed on some global banks and rogue dealings among many other things which impacted negatively on the integrity of banks in the developed world.
Mr Vanderpuje said fostering an environment of trust, integrity and professionalism, therefore, can lead to greater confidence and ultimately strengthen a bank's shareholder value and reputation in the market place.
“Compliance therefore helps to avoid financial losses, fines and loss of reputation”, he said, against this background he encouraged banks in the country “to observe and comply with applicable laws and regulations, act honestly and with integrity at all times and to develop their skills and knowledge while demonstrating their commitment to continue professional development”.
To buttress his points, he brought to the fore, the late Lord George FSI (Hon) Principles dubbed “The Lord George Principles" which was drafted because he was said to have foreseen these challenges and set standards of integrity for the sector.
These principles, Mr Vanderpuje said, “are time-tested and would bode well for the budding banker and for the accomplished banker who wants to climb the ladder of success and retire honourably and inure to the success of the banks they work for”.
“Our call to banks in Ghana this year is for banks to impose an obligation on management and staff to act beyond mere compliance and to uphold the underlying values of the banking profession”, he added.
Against this background he said as CIG, “We recommend this, charter for banks in this country.
Meanwhile, all is set for the 12th edition of the Ghana Banking Awards which is aimed, among others, at celebrating the sterling performance and achievements of players in the country banking industry.
The awards, hosted by Corporate Initiative Ghana (CIG) in collaboration with the Association of Ghana Industries (AGI) and the Ghana National Chamber of Commerce (GNCC) is also intended to gender competition among the players while ensuring better services for the clients of the banks.
Some of the most competitive award categories include the: prestigious Bank of the Year award; Best Bank, Corporate Banking; Best Bank, Retail Banking; Best Bank in Trade Finance; Best Corporate Social Responsible Bank; Best Bank in Long-Term Loan Financing; Best Bank in Medium-Term Loan Finance and Best Bank in Mobile Banking and Trade Finance Deal of the Year.
There will also be two Life-Time Achievement Awards to celebrate the sterling contributions of banking personalities in the country.
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