Regulatory Alerts2024-11-08
Explanatory Notes for Revised Climate-Related Financial Risk Directive
The Bank of Ghana has issued revised Climate-Related Financial Risk Directive explanatory notes to establish a comprehensive framework for Regulated Financial Institutions to manage, disclose, and integrate climate risks into their operations. The updated directive extends transitional compliance deadlines to December 2025 for banks and December 2026 for specialized deposit-taking institutions, while mandating the adoption of double materiality and enhanced anti-money laundering measures to mitigate environmental crime financing. These revisions align Ghana’s financial sector with national Nationally Determined Contributions and global climate mitigation goals, ensuring institutional resilience against severe climate events and operational disruptions.