Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has advised FirstBank to utilize Environmental, Social, and Governance (ESG) frameworks to attract green funding in support of their lending activities. 

He highlighted the allocation of US$1.26 billion by the Green Climate Fund (GCF) for climate action in emerging countries, suggesting that FirstBank pursue accreditation status with the GCF to access such funds. 

Dr. Addison also mentioned two exposure drafts issued by the BoG, focusing on Outsourcing Directive and Supervisory Framework on Business Model Analysis. These guidelines aim to streamline outsourced products and services of banks while managing inherent risks and ensuring the viability of banks' business models, in line with global standards set by the Basel Committee on Banking Supervision.

Speaking at the official name change ceremony from FBNBank Ghana to First Bank Ghana, Dr. Addison acknowledged the symbolic importance of names and the bank's commitment to aligning with its parent bank's brand. 

He noted the potential for brand confusion between FBNBank and First National Bank Ghana Limited (FNB), emphasizing the need for a clear and distinct identity for each institution. The BoG granted approval for the name change recognizing these challenges and the bank's efforts to implement a seamless rebranding strategy.

Dr. Addison reiterated the central bank's commitment to vigilant oversight of all financial institutions in Ghana. He expressed concerns about breaches of regulatory guidelines, emphasizing the importance of maintaining a safe and sound banking system free from financial crime. Despite recent sanctions imposed on some banks, he assured depositors of the BoG's dedication to enforcing compliance with regulatory requirements to build trust and confidence in the financial sector.

Highlighting the evolving landscape of the banking sector driven by advances in financial technology, Dr. Addison commended FirstBank for its contributions to financial inclusion through innovative fintech-driven services. He noted FirstBank's significant presence in mobile wallet balances, supporting various transactions and encouraged the bank to continue developing electronic-driven services tailored to the needs of the unbanked population.