606947 - Integrated ESG Ghana for Ghana

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Summary of Advisory Services Project Information

Project Number

606947

Primary Business Area

Environment, Social and Governance

Disclosure Date

May 2, 2023

Country

Ghana

Region

Africa

IFC Approval Date

Feb 21, 2023

Status

Active

Estimated Total Budget

$994,538.00
(Project budget includes all project-funded activities)

Last Updated Date

May 12, 2023

Project Estimated Start Date

Mar 1, 2023

Project Estimated End Date

Project Estimated End Date Pending

Project Description

PROJECT BACKGROUND: The IESG Ghana project builds on the ESRM Ghana (601436) and CG Ghana (600667) projects which worked with the banking sector to increase the uptake of E&S and CG risk management practices. A key outcome of both projects were the development and adoption by BOG, of the SBPs (2019) and the CG Directive 2018. Both frameworks require ESG best practices and reporting from the banking sector. Components and activities will include: COMPONENT 1: Regulatory Level The component will aim to strengthen the regulator’s implementation of ESG risk supervision and deepen its strategy related to climate risk and financing of sustainability. COMPONENT 2: Market Level This component will create local capacity for the effective implementation of ESG best practices amongst the banks and the real sector businesses. COMPONENT 3: Firm level The project will offer client support to select firms to address ESG gaps, and strengthen the ESG risk frameworks and capacity of their businesses.

Development Results

The aim of the project is to support the development of a range of regulatory and market mechanisms in Ghana leading to the adoption and implementation of better ESG standards and improved ESG performance of targeted firms for demonstration effect. The project will focus on ESG risk management & governance to support sustainability. The project objectives include: Objective 1 (Regulatory Level): Support the integration of ESG standards into national frameworks within the banking sector The project will provide support to the Bank of Ghana (BOG) in developing in first instance, a roadmap for the SBPs, in second instance, strengthen the regulator to effectively implement the Sustainable Banking Principles, which are at early stages of implementation, and, in third instance, support the adoption of interpretation notes on the SBPs for other financial institutions. Objective 2 (Market Level): Building ESG market demand and local capacity. The project will build the capacity of at least three local partners to provide ESG trainings to FIs & local firms. The training capacity will focus on ESG risk management & governance of E&S. Objective 3 (Firm Level): Improve the ESG performance of select FIs & real-sector firms Through in-depth advisory services, the project will assist select FIs and corporates to integrate E&S risk management in their operations and in improving their corporate governance, integrating E&S considerations.

Indicator	Cumulative
Number of entities reached by our partners that implemented recommended changes	0
Number of entities that implemented recommended changes	0
Number of recommended laws/regulations/amendments/codes enacted or government policies adopted	0
Sales revenue (US$)	0
Value of financing facilitated (US$)	0
Number of workshops, training events, seminars, conferences, etc. conducted with/by partners	null
Number of entities trained by partners	null
Number of trainers trained	null
Number of entities receiving advisory services	null
Number of entities receiving in-depth advisory services	null
Number of individuals trained by project-trained people and/or institutions	null
Number of new laws/regulations/amendments/codes/government policies drafted, or contributed to the drafting	null
Number of participants in workshops, training events, seminars, conferences, etc.	null
Number of participants providing feedback on satisfaction	null
Number of participants reporting satisfied or very satisfied with workshops, trainings, seminars, conferences, etc.	null
Number of women trained by project-trained people and/or institutions	null
Number of reports (assessments, surveys, manuals, Phase I/strategic option reports, research, analytical, evaluations, etc.) completed	null
Number of women participants in workshops, training events, seminars, conferences, etc.	null
Number of workshops, training events, seminars, conferences, etc.	null

E&S Risks / Impacts and Mitigation

Performance Standard	Description and Potential Impact	Mitigation
PS 1. Assessment and Management of Environmental and Social Risks and Impacts	The project poses limited E&S risks as no investment is directly funded. The Integrated ESG Ghana project for FIs will support the regulatory environment on ESG risk management in Ghana, and promote ESG best practices in the financial and real sector. The program will promote the application of ESG best practices including - IFC performance standards, and applicable national environmental and social laws in the country of operation. As the project involves no investment, there will be no support high risk impacts that may include: (a) involuntary resettlement (b) potential adverse impacts on Indigenous Peoples (c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage or (d) significant occupational health and safety risks. In addition, the project will not be involved in coal mining, coal-related activities and upstream oil and gas activities .	The project will contribute to enhancing ESG best practices in the local sector (financial and MSMEs).

This Summary of Advisory Services Project Information (ASPI) is prepared by IFC to disclose a factual summary of the main elements of this advisory services project. It may also include findings and recommendations related to environmental and social considerations regarding this project. The purpose of the ASPI is to enhance the transparency of IFC's activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the client. IFC considers that this ASPI is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein.
It is distributed within sixty days of project's approval and may be updated periodically afterwards. Total budget and start dates are estimates only. The following ASPI is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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