BoG admitted to the Network for the Greening of the Financial System

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Economic news for Friday, December 17, 2021

Source: classfmonline.com

Headquarters of the Bank of Ghana

The Bank of Ghana (BoG) was admitted as a full member of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) effective December 14, 2021.

The NGFS is a group of central banks and financial sector supervisors from around the world established in 2017 to help strengthen the global response required to meet the goals of the Paris Agreement and to strengthen the role of the financial system in managing risk and capital mobilization for green and low-carbon investments in the broader context of environmentally sustainable development.

To this end, the Network defines and promotes best practices to be implemented within and outside NGFS members and conducts or commissions analytical work on green finance.

As of December 14, 2021, Ghana is one of 105 NGFS member institutions, including 7 other central banks / supervisors in Africa (BCEAO, Egypt, Mauritius, Morocco, Tunisia, Seychelles and South Africa), according to a statement. of the central bank.

Communicating its decision to accede to the BoG’s request to join its members, the regulator said, “NGFS has recognized the BoG’s commitment to address climate-related financial risk in the banking system, and in particular, the involvement of the BoG in the Sustainable Banking and Finance Network, such as the publication of the Bank of Ghana’s Sustainable Banking Principles and Sector Guidance Notes in November 2019, all of which will be of great value in supporting the work of the NGFS ”.

The Bank of Ghana said that it sees “its membership in the NGFS as a strategic opportunity to improve its work in helping to promote a more sustainable and resilient financial system and economy in Ghana and looks forward to working with others. members to promote global efforts in this direction. concerning.”

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Don F. Davis