Chartered Institute of Bankers, Ghana, through this NBEC initiative, is taking a pivotal step towards embedding a robust ethical culture within the Ghanaian banking landscape. This is not just a quiz competition; it is an investment in Ghana’s economic future.
On Thursday, May 29, 2025, at the CIB Ghana Auditorium in Accra, a groundbreaking initiative, the National Banking and Ethics Challenge, will bring together five of Ghana’s esteemed universities – the University of Ghana, UPSA, Academic City University, Pentecost University, and Wisconsin International University for a compelling quiz competition.
This event is not merely a contest of knowledge; it is a strategic investment in the future, designed to cultivate ethical standards, deepen banking knowledge, and ultimately strengthen public trust and resilience within financial sector.
The urgency of this initiative cannot be overstated. The Bank of Ghana’s 2024 fraud report serves as a stark reminder of the vulnerabilities within our financial system, largely attributable to unethical practices.
The report highlights a concerning rise in reported fraud cases and significant financial losses, with incidents such as cash theft/suppression, SIM swap fraud, cyber fraud, document forgery, and credit fraud being prominent.
Critically, staff involvement in fraud remains a significant concern, underscoring the pressing need for enhanced ethical conduct from within the banking institutions themselves.
These breaches of trust not only result in financial losses but also inflict severe reputational damage on individual institutions and the banking industry, eroding the public confidence that is the very currency in banking.
Ethics, in the banking industry, is not a mere add-on. Ethics is the fundamental pillar upon which sustainable growth and public confidence are built. A banking sector without a strong ethical foundation is susceptible to instability. We must learn from the financial sector reforms between 2017-2019.
Ethical practices ensure transparency, accountability, and fair dealing, which are crucial for attracting and retaining customers, maintaining investor confidence, and fostering a stable financial ecosystem and resilience.
The absence of ethical standards can lead to systemic risks, threatening not just the financial well-being of individuals and businesses, but also the broader economic stability of the nation.
This is precisely where the National Banking and Ethics Challenge comes in as a beacon of hope and a catalyst for change. The quiz competition is strategically designed to:
- Promote ethical awareness: By engaging future banking professionals in a rigorous academic setting focused on ethics, the challenge will instil a deep understanding of ethical principles and their practical applications in banking industry. It will also help bankers address ethical dilemmas.
- Strengthen banking knowledge: The competition will help participants to delve deeper into banking solutions, regulations, best practices, and the intricate financial landscape, equipping them with the comprehensive knowledge and understanding how the financial system works.
- Drive financial and digital literacy: The challenge is designed to help participants, especially university students gain valuable financial and digital skills especially as they relate to banking. This way, CIB Ghana is, through this competition, shaping the mindset of Ghana’s next generation of bankers.
- Enhance public trust: This challenge demonstrates our commitment to public financial education. We are committed to quality education (UN SDG4) and CIB Ghana’s mandate to promote banking education and regulate the practice of the banking profession.
- Build resilience: Building resilience in Ghana’s financial system is an imperative for economic development and growth. Greater customer education and a workforce grounded in strong ethical principles are essential to identifying, mitigating, and preventing fraudulent activities in the financial system. This challenge is designed to strengthen the overall resilience of the banking industry against internal and external threats.
Therefore, call to Corporate Ghana to wholeheartedly support the National Banking and Ethics Challenge. Your support, whether through sponsorships, partnerships, or endorsements, will directly contribute to:
- Nurturing future ethical leaders: Investing in these bright young minds today ensures a more responsible and integrity-driven banking workforce tomorrow.
- Safeguarding the financial sector: By strengthening ethical foundations, we collectively protect the stability and reputation of Ghana’s banking industry.
- Building a stronger economy: A trusted and resilient banking sector is indispensable for sustainable economic growth and prosperity for citizens.
The National Banking and Ethics Challenge is more than just a quiz; it is a testament to the commitment of Chartered Institute of Bankers, Ghana to promoting ethical excellence. It is proactive response to the challenges highlighted by the Bank of Ghana’s fraud reports.
Let us unite to empower the next generation of bankers with the knowledge, skills, and unwavering ethical compass needed to build a banking industry that truly serves the nation with integrity and trust. We look forward to seeing the future of banking shine brightly on May 29, 2025.