The Chief Executive Officer of the Ghana Export-Import Bank (Ghana EXIM Bank), Sylvester Adinam Mensah, has described the bank’s formal commitment to the United Nations Global Compact as a major milestone that will strengthen its global credibility and deepen its focus on sustainable financing.
Speaking on the sidelines of the signing ceremony in Accra on Thursday, July 2, Mr Mensah said the decision to join the world’s largest corporate sustainability initiative reflects a deliberate effort to embed environmental, social and governance (ESG) principles across all aspects of the bank’s operations.
He explained that the UN Global Compact brings together governments, businesses and institutions committed to advancing sustainable development through responsible business practices, with financial institutions playing a key role in promoting sustainability across the global economy.
“The whole idea of the UN Global Compact is having a community of institutions and countries committed to sustainability,” Mr Mensah said.
“We are talking about protecting the environment across the globe, and there is a need for institutions to demonstrate genuine commitment to sustainability.”
He noted that Ghana EXIM Bank’s membership of the initiative strengthens its position as a credible development finance institution operating in line with internationally recognised sustainability standards.
According to him, by adopting the ten principles of the UN Global Compact, the bank has taken on greater responsibility to ensure that sustainability is embedded in all aspects of its financial operations and investment decisions.
“Today we have embraced the ten principles espoused by the UN Global Compact, which makes Ghana EXIM Bank a more credible financial institution globally. It also places a high responsibility on us to ensure that all our businesses are compliant, so that sustainability becomes integrated into all our financial dealings,” he said.
Mr Mensah added that the development would further enhance the bank’s reputation among development finance institutions (DFIs), international financial organisations and strategic investment partners.
“It increases our credibility with other DFIs and financial institutions, and I believe that is a major step forward,” he said.
He stressed that joining the UN Global Compact was not achieved overnight but was the result of a rigorous process that began about a year ago.
He explained that institutions must meet a range of governance and sustainability requirements before they can be accepted as formal signatories.
“This is a process we began about a year ago. We did not just begin today. To join the UN Global Compact requires fulfilling some basic expectations,” Mr Mensah noted.
As part of its preparations, Ghana EXIM Bank has established a dedicated Sustainability and Strategic Impact Department to coordinate and oversee the implementation of environmental and sustainability policies across its operations.
The bank has also developed comprehensive sustainability guidelines to shape its lending decisions and institutional practices.
“We have set up a whole department for sustainability and strategic impact, and that is a beginning. Beyond that, we have also developed policies regarding sustainability,” he explained.
Mr Mensah said sustainability considerations have now been fully integrated into the bank’s credit assessment process, ensuring that businesses seeking funding demonstrate responsible environmental practices.
He added that project evaluations now go beyond financial viability to include environmental sustainability and long-term ecological impact.
“We have dovetailed the whole concept of sustainability into our credit processes and ensure that organisations and institutions we support meet minimum sustainability standards,” he said.
According to him, project inspections now assess not only the technical and commercial feasibility of proposals, but also applicants’ commitment to environmental protection and sustainable resource management.
When organisations apply for credit, Ghana EXIM Bank conducts thorough assessments of their proposed projects, including site inspections and reviews of operational plans to ensure alignment with sustainability standards.
According to the bank, the evaluation process is designed to understand how applicants integrate environmental responsibility into their operations, including the use of green energy and other eco-friendly practices.
“We want to understand their concept of sustainability. We want to know what measures they have introduced, including green energy initiatives and other environmentally responsible practices, to ensure they appreciate the need to conserve the environment,” he explained.
Mr Mensah said the bank’s commitment to sustainability goes beyond its internal operations, extending to the businesses it finances. He added that Ghana EXIM Bank is actively encouraging its clients to adopt stronger environmental standards as part of their corporate practices.
He noted that with growing global emphasis on climate resilience, responsible investment and sustainable development, the bank’s membership of the UN Global Compact is expected to strengthen its position within international development finance while also supporting Ghana’s broader sustainability agenda.