How Stanbic Bank is championing sustainable practices in extractives industry

By Lorraine MAC-PODS

As the conversation around sustainability gains momentum globally, Ghana’s extractive sector is at a defining crossroad.

Mining has long stood as one of the country’s strongest economic pillars, driving revenue generation, employment, and foreign exchange earnings. Yet, its environmental footprint and social impact demand a collective rethink of what responsible mining should look like.

It is within this context that Stanbic Bank Ghana joined the Ghana Sustainable Banking Principles (GSBP) Deep Dive on the Extractive Industry, a two-day session organized by the Bank of Ghana, in partnership with the International Finance Corporation (IFC), the Ghana Association of Banks, and the Environmental Protection Agency (EPA). The event convened key stakeholders to explore how finance can become a catalyst for sustainable transformation in the extractive sector.

As Head of Mining at Stanbic Bank Ghana, my motivation to participate was clear. The extractive sector is a major contributor to Ghana’s economy, but it also carries some of the most complex sustainability challenges. The Deep Dive offered a platform for regulators, banks, and industry players to align on how finance can enable a just, responsible, and sustainable mining future for Ghana.

Why sustainable mining matters now

Mining contributes nearly half of Ghana’s foreign exchange earnings and supports thousands of jobs. However, the sector’s ecological footprint, from land degradation to water pollution, has become increasingly troubling.

With global investors and regulators now demanding stronger Environmental, Social and Governance (ESG) compliance, sustainability has moved from being a corporate buzzword to a business imperative.

Sustainability is no longer optional; it is the key to long-term industry competitiveness and community acceptance. Responsible mining ensures that while we extract value from the ground, we also preserve the environment and empower communities for generations to come.

A recurring theme in Stanbic’s sustainability philosophy is collaboration. The Bank believes that meaningful change in the extractive sector requires shared responsibility between financiers, regulators, and operators.

Sustainable change happens when banks, regulators, and mining firms work together, over and above the deployment of capital for profit, but also for purpose. When financiers align with responsible mining practices, every cedi invested contributes to environmental protection, community wellbeing, and economic resilience.

This idea of ‘finance meeting sustainability’ is at the heart of Stanbic’s role in Ghana’s mining ecosystem. The Bank is not only a financier but a partner helping clients navigate the evolving expectations of global ESG standards.

Embedding ESG in banking

At Stanbic Bank, sustainability is embedded into the very fabric of credit decision-making. The Bank’s ESG-driven due diligence process ensures that lending considers not just profitability but environmental and social impact.

We assess clients not only on their financial health but also on their environmental and social practices. Our teams continuously monitor sustainability performance and engage clients on improvement plans where needed.

Stanbic’s approach combines ESG integration, capacity building, sustainability-linked financing, and land restoration partnerships; four pillars that translate sustainability from principle into practice.

Responsible banks continue to work closely with mining clients to align their operations with sustainability standards, such as the IFC Performance Standards and Ghana’s national ESG frameworks. Through this support, we are guiding clients through environmental impact assessments, ESG benchmarking, and the structuring of financing tied to measurable sustainability outcomes.

Our role is not just to fund operations but to ensure those operations create shared value for the company, the community, and the country.

Partnerships that drive change

No single institution can deliver sustainability alone, which is why Stanbic’s collaboration with the Bank of Ghana, IFC, and EPA has been critical in creating a strong ecosystem for responsible mining.

Each partner brings unique expertise – the BoG provides regulatory direction, IFC offers global best practices and funding models, and the EPA ensures environmental compliance. Together, we are building a system where sustainability is both a business and a national priority.

As part of the Standard Bank Group, Stanbic leverages regional and global experience in sustainable finance to design practical, locally relevant solutions that help clients thrive responsibly.

Our strength lies in connecting finance with development and we are helping shape Ghana’s mining industry into one that balances economic ambition with environmental and social stewardship. That is how to drive Ghana’s growth sustainably.

Sustainable mining is as much an environmental necessity as it is the foundation of a resilient and inclusive economy. By integrating sustainability into finance, the Bank is enabling Ghana’s mining industry to evolve into a model that values progress as much as profit.

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