Ghanaian financial regulators sign climate finance roadmap

Ghana's primary financial regulators have signed a joint roadmap for sustainable finance to address climate-related risks that threaten the stability of the nation's financial system. The agreement was signed by the Bank of Ghana, the Securities and Exchange Commission (SEC), the National Insurance Commission (NIC), and the National Pensions Regulatory Authority (NPRA).

The roadmap aims to create a harmonized response across the banking, pension, securities, and insurance sectors, which the Bank of Ghana noted are closely interconnected. The framework was developed with technical and financial support from the Swiss State Secretariat for Economic Affairs (SECO) and the International Finance Corporation (IFC).

In a related regulatory move, the NIC has announced that Environmental, Social, and Governance (ESG) reporting will become mandatory for insurance companies starting in January 2027. This follows a voluntary period intended to allow firms to integrate sustainability principles into their operations. Companies that fail to meet these compulsory reporting requirements face potential regulatory sanctions.