Accra: Consolidated Bank Ghana (CBG) is realigning its financing strategy to mobilize capital for Ghana's productive sectors and bolster sustainable economic growth. The bank's new approach aims to integrate flexible financing solutions with environmental, social, and governance (ESG) standards to enhance business resilience and long-term sustainability.
According to Ghana News Agency, Mrs. Florence Adei Ohene, Deputy Managing Director of CBG, shared these insights during a green finance forum organized by the UN Global Compact Network Ghana in Accra. She emphasized the critical role of the financial sector in aiding businesses and customers to transition toward sustainable development goals while ensuring that financing decisions yield sound commercial returns.
Mrs. Ohene stated that CBG is investing in renewable energy and climate-smart agricultural solutions to foster job creation, build resilient businesses, and contribute to Ghana's climate and development objectives. She highlighted the importance of disciplined financing, strong governance, and effective risk management in supporting emerging green sectors. Businesses were urged to develop viable projects capable of attracting funding from financial institutions.
CBG evaluates potential green projects based on individual merits, considering factors such as customers' capacity, cash flow prospects, future viability, technical feasibility, and alignment with ESG standards. These assessments are benchmarked against local and international sustainability standards to ensure structural soundness and compliance.
Mrs. Ohene mentioned that CBG is collaborating with the government, industry players, and other financial institutions to improve project viability. This is achieved by combining technical expertise with blended finance opportunities. The collaboration aims to lower the cost of financing through guarantees and knowledge-sharing platforms. Beyond finance, CBG assists customers in understanding ESG requirements and emissions accounting to prepare them for sustainable investment.
The forum included an exhibition that brought together businesses, financial institutions, small and medium-sized enterprises (SMEs), and green enterprises to strengthen the links between capital, compliance, and commercial opportunities. Mr. Zia Choudhury, UN Resident Coordinator in Ghana, underscored the necessity of private capital to support Ghana's industrial transition, noting that public budgets and Overseas Development Assistance (ODA) alone would not suffice.
He applauded the Bank of Ghana's sustainable finance roadmap and the Ministry of Finance's green finance taxonomy as significant steps toward providing clarity and a common language for businesses, banks, and investors. Choudhury affirmed that the UN system, comprising more than 30 agencies in Ghana, is prepared to support capacity building and facilitate partnerships among the government, private sector, and financial institutions.