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Explanatory Notes for Revised Climate-Related Financial Risk Directive
Pursuant to Section 92(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), section 84 (1) of the Development Finance Institution Act, 2020 (Act 1032) and section 44(1) of the Non-Bank Financial Institution (NBFI) Act, 2008 (Act 774), the Bank of Ghana (BOG) has issued the Climate-Related Financial Risk Directive in November 2024 following consultation with the banking industry (herein called “the industry”), key stakeholders including the IFC and Network for Greening the Financial System (NGFS) as well as the IMF Resident Advisor.