Banks must double down on ethics as temptations are too many – Kwamina Asomaning

Kwamina Asomaning, president of the Ghana Association of Banks, emphasizes the need for stronger ethical standards in banking.

He spoke on Joy News’ PM Express Business Edition on March 20. As Managing Director of Stanbic Bank Ghana, he called for ongoing ethics training. He warned that temptations in banking are too great for complacency.

“As banks, we sell trust,” Mr. Asomaning said. “It’s embarrassing when we breach that trust.” He noted that ethical lapses harm individual banks and erode public confidence in the financial sector.

Mr. Asomaning acknowledged that bank employees face significant moral challenges daily. “The love of money is the root of all evil,” he stated. He expressed concern about colleagues who struggle to resist temptation when faced with large sums.

To combat this issue, he urged a stronger focus on ethics training across the industry. Collaborative efforts with the National Banking College and the Chartered Institute of Bankers are underway to improve ethical discipline among professionals.

He mentioned a recent engagement with the Chartered Institute of Bankers. They offer a free module for ethics training to all bank staff, which should be mandatory.

While many banks have internal ethics programs, Mr. Asomaning believes more action is needed. “You can’t have too much ethics training,” he said. Daily pressures from customers and family members create excessive temptation.

His comments come amid rising concerns over financial misconduct in Ghana's banking sector. He urged banks to stay vigilant and proactive in reinforcing an ethical culture through training and accountability.

As the industry recovers from economic shocks, his message highlights that financial stability relies on maintaining public trust through strong ethical standards.