'Love of money is root of all evil and banks must fight that evil' - Association of Banks president

Kwamina Asomaning, president of the Ghana Association of Banks, advocates for better ethical training in banking. He emphasizes the need for mandatory programs to fight fraud and unethical behavior among bank staff.

Asomaning spoke on PM Express Business Edition on Joy News. He highlighted the reputational damage caused by financial misconduct in banks. “What we sell as banks is trust,” he stated.

He expressed embarrassment over breaching customer trust. “It’s a big shame when we put our hand in the cookie jar,” he added.

The banking sector relies on financial integrity, but temptations exist. Asomaning referenced a biblical saying about money being the root of evil. He noted that some colleagues struggle to control themselves around large sums.

To tackle this issue, Asomaning called for stronger ethics training beyond current programs. “We need to double down on training and sensitization,” he said.

He mentioned that the Chartered Institute of Bankers and National Banking College offer a free ethics module for banks. This aims to equip every staff member with a strong moral compass.

“It should be made mandatory,” Asomaning insisted. While banks have ethics programs, he believes more reminders are necessary due to daily pressures and temptations.

His comments come amid rising concerns about banking fraud in Ghana. Several insider-related misconduct cases have emerged recently. Industry stakeholders are calling for stricter compliance measures.

Asomaning believes ethics training should be central to these efforts. “This is not just about compliance,” he concluded. It’s also about protecting the industry’s reputation and maintaining public trust.