He believes financial institutions adhering to the codes of the profession is a panacea to boost the apparent dwindling confidence in Ghana’s financial industry.

“The lack of ethical standards within the banking sector puts all stakeholders at risk, especially shareholders and depositors, and ultimately destabilizes the entire financial sector with spillovers of the economy”, the Governor said.

Dr. Addison was speaking at the 60th Anniversary celebration of the Chartered Insititute of Bankers.

The event was under the theme “, Redefining professionalism in banking through ethics.” There, he made a strong case for a paradigm shift to ensure a more resilient sector.

“By redefining professionalism in banking through ethics, financial institutions can regain the trust of customers, investors, and the public. This will not only enhance credibility but also contribute to a more stable and resilient financial system that serves the best interests of society.

The Governor reaffirmed the Central Bank’s commitment to extend support to the Banks through a raft of adequate measures.

Dr. Addison suggested to the banking firms among others that their overarching ethical sustainability can be achieved through prioritizing ethical leadership at all levels, investing in ethics training and education for all employees, developing clear and comprehensive codes of conduct, establishing robust whistle-blower protection and promoting transparency in financial transactions and decision-making processes.

The rest include incorporating sustainability and responsible banking principles into their operations, strictly adhering to regulatory requirements, rewarding ethical behavior, regularly evaluating and updating ethical frameworks and practices as well as considering the interests of all stakeholders.