IFC Brings Development Partners Together to Push ESG Agenda in Ghana's Private Sector

The International Finance Corporation (IFC), part of the World Bank Group, has brought together major development organisations working in Ghana to coordinate efforts on environmental, social and governance (ESG) standards. The ESG Roundtable for Development Partners included representatives from the World Bank Group, GIZ, KfW, the United Nations Development Programme (UNDP), the Swiss State Secretariat for Economic Affairs (SECO), and other institutions focused on strengthening sustainable business practices across the country.

IFC Senior Country Officer Yewande Giwa told participants that ESG considerations are now central to business competitiveness and investment readiness. "Environmental, social and governance considerations are becoming ever more important," she said, noting that for IFC, ESG is not a separate agenda but integral to private sector development work. She highlighted how IFC's frameworks help businesses improve performance, strengthen transparency, manage risks and deliver better development outcomes.

The roundtable aimed to create a practical platform for organisations to share knowledge and align their efforts. "We all have the same goal, but we are implementing different activities," Giwa explained. "There is a clear opportunity for coordination and stronger collaboration so that together we can make a greater impact."

Discussions emphasised that environmental, social and governance risks are increasingly business risks that affect profitability, reputation and continuity. IFC's Integrated ESG Programme is supporting private firms to adopt international best practices whilst working with the Bank of Ghana to strengthen implementation of the Ghana Sustainable Banking Principles, helping financial institutions integrate environmental and social risk management into their operations.

Magdalena Wüst, Deputy Head of Cooperation at the Swiss Embassy, stressed that sustainable finance requires strong partnerships. SECO has worked with IFC in Ghana for over a decade on environmental and social risk management, regulatory reforms and capacity building for financial institutions implementing sustainable banking standards. Participants committed to deepening coordination and strengthening collective action on ESG challenges in Ghana.