The Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi, has reaffirmed Ghana’s commitment to advancing sustainable finance and climate-aligned financial systems during a plenary meeting of the Network for Greening the Financial System (NGFS).
Speaking at the high-level gathering of central banks and financial regulators, Awadzi highlighted the growing importance of integrating climate considerations into financial decision-making, noting that sustainable finance has become critical for safeguarding financial stability and supporting long-term economic development.
According to her, climate change presents significant risks to economies and financial systems, particularly in developing countries where climate-related shocks can severely affect agriculture, infrastructure, and livelihoods.
Awadzi emphasised that central banks and financial regulators must play a proactive role in ensuring that financial institutions recognise and manage climate-related risks while also mobilising capital for environmentally sustainable investments.
She noted that the Bank of Ghana has been taking concrete steps to incorporate sustainability principles into its regulatory framework, including encouraging financial institutions to adopt environmental, social and governance (ESG) standards.
“The transition to a greener economy requires strong collaboration between regulators, financial institutions, governments and development partners,” she said, stressing that sustainable finance can help unlock funding for climate resilience, renewable energy, and environmentally responsible projects.
Awadzi further indicated that Ghana’s financial sector is increasingly recognising the need to support investments that contribute to climate adaptation and mitigation, particularly in areas such as clean energy, climate-smart agriculture, and sustainable infrastructure.
She also called for greater international cooperation and knowledge sharing among central banks and regulators to strengthen global responses to climate-related financial risks.
The Network for Greening the Financial System is a global coalition of central banks and financial supervisors working to enhance the role of the financial system in managing climate and environmental risks while supporting the transition to a sustainable economy.
Participants at the NGFS plenary discussed strategies for strengthening climate risk management in the financial sector, improving data and reporting standards, and mobilising investment to support the global transition to low-carbon and climate-resilient economies.
Awadzi’s participation reflects Ghana’s increasing engagement in international efforts aimed at aligning financial systems with sustainable development and climate goals.
