Blog: Fair Finance Ghana organises stakeholder meeting

On Thursday, 10th October 2024, the Fair Finance Ghana Coalition (FFGC) held a stakeholders' meeting to introduce the coalition to Ghana’s business and financial community. This event marked a significant step for FFGC, one of the three newly established Fair Finance coalitions in Africa, alongside Uganda and Nigeria.

Background and Objectives

The primary aim of the meeting was to familiarize stakeholders with the mission of Fair Finance International (FFI) and the local coalition's efforts to promote responsible investment and sustainability within the financial sector. FFI, a global network of over 100 civil society organizations (CSOs), is dedicated to enhancing the social, environmental, and human rights standards of banks and financial institutions.

The meeting drew representatives from key regulatory and business organizations, some of whom participated remotely. Notable attendees included:

Regulatory Bodies: Bank of Ghana, Ministry of Finance, Environmental Protection Agency (EPA), Precious Minerals Marketing Company (PMMC)
Financial and Industry Associations: Chartered Institute of Bankers, Ghana (CIB-GH), Fidelity Bank, Ghana Chamber of Mines, Society of Women in Taxation (SWIT)
Civil Society and Academia: Friends of the Nation (FoN), Centre for Public Interest Law (CePIL), WACAM, Media Foundation for West Africa (MFWA), Africa Centre for Energy Policy (ACEP), Ghana Anti-Corruption Coalition (GACC), Academic City University College.

Key Discussions and presentations

The meeting commenced with a welcome address by Mohammed-Anwar Sadat Adam, Acting Country Director of Oxfam in Ghana. He highlighted FFI's mission to advocate for more responsible investment practices and expressed optimism about the collaboration between FFGC and Ghanaian financial institutions.

Dr. Angela Alu, Fiscal Policy Advisor at Oxfam in Ghana, delivered a detailed presentation on the objectives of FFI, which include promoting a race to the top in responsible investment and encouraging financial institutions to adopt higher standards of social and environmental accountability. She introduced FFGC's upcoming initiatives, including a policy assessment of selected financial institutions planned for 2025. This assessment will evaluate banks on 21 influential themes, such as corruption, human rights, and climate change, using a robust methodology to benchmark their Environmental, Social, and Governance (ESG) policies.

Mr. Solomon Kusi Ampofo, Project Coordinator at Friends of the Nation, presented on case studies that delve into the operational practices and strategies of banks. He emphasized the importance of using case study findings to engage financial institutions constructively, aiming for continuous improvement in their sustainability efforts.

Key commitments and Takeaways

The meeting concluded with a lively question-and-answer session, where stakeholders explored various issues, including:

The newly launched Sustainable Finance Framework by the Ministry of Finance, presented by its representative.
The relationship between Fair Finance and the Sustainable Development Goals (SDGs).
Strategies to combat illegal mining, enhance technical support, and promote adherence to ESG principles among financial institutions.

Participants, particularly from regulatory bodies like the Bank of Ghana and the EPA, reiterated their commitment to supporting Fair Finance initiatives. The EPA stressed the importance of transparency and adherence to environmental standards. Meanwhile, civil society organizations expressed strong interest in enhanced access to data and collaboration with regulators, which they see as crucial for achieving FFGC’s goals.

Conclusions

This inaugural meeting successfully set the stage for FFGC's mission to create a more transparent, ethical, and sustainable financial landscape in Ghana. Through cross-sector collaboration, policy assessments, and public engagement, FFGC aims to drive transformative change in responsible finance practices across the country.