Banking & Finance

CBG signs on to UN Global Compact to strengthen sustainable business practices

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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 the advancement of the Sustainable Development Goals (SDGs).

By signing on to the world’s largest corporate sustainability initiative, CBG aligns itself with a global network of Businesses and Organizations committed to upholding ten (10) universally accepted principles in the areas of human rights, labor, the environment, and anti-corruption.

These principles serve as a guidepost for Organizations 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, the Managing Director of CBG, Mr. 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 cognizant of the impact of the decisions we make now and the years to come. As a member of the UN Global Compact, CBG joins like-minded corporate organizations to accelerate the world’s progress towards 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 it operates in. Our core values as a Bank, and our operating philosophy, reflect aspects of the universal principles underpinning the UN Global Compact. What is required is a deliberate and conscious effort to ensure that 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 of the UN Global Compact Network Ghana, Mr. 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 that 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 the world. CBG has become another piece in the dream of the late global statesman”.

On his part, the CEO of the Ghana Associationof BanksJohn Awuah, commended CBG for promoting sustainability in banking.

“On behalf of the association, I commend you for choosing sustainability and humanity as the center of all your business. I hope this will propel more banking institutions to boldly join the community of business leaders and organizations that have decided to put profitability and humanity in the same sentence”.

Madam Otsiwah Ofei-Addo (Director, Wholesale Financing, Credit Origination) on behalf of the Development Bank Ghana (DBG) congratulated CBG for the vision, leadership and commitment to uphold the highest standard of corporate citizenship by signing on to the UN Global Compact.

Also present at the ceremony was Hon. Bright Baligi, MP for Lambussie Constituency and Member of the Board of CBG, Madam Nana Ama Poku, Deputy Managing Director, Corporate Resources (CBG) and Mr. 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 mobilize 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 granted universal banking license in 2018 by the Bank of Ghana under the Specialized Deposit Taking Institution Act 2016 (Act 930).  CBG has 114 branches in 13 out of the 16 regions of Ghana with strong government support, large SME client network and a pool of diverse talent.

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