Ecobank promises leadership in waste-to-wealth creation

By Ebenezer Chike Adjei NJOKU [email protected]

Ecobank has pledged to remain a frontrunner in responsible waste disposal and conversion by promoting waste as a valuable resource.

The commitment forms part of the bank’s week-long celebration themed: ‘Promoting Sustainability Through Waste Transformation: The Ecobank Way,’ launched at its Head Office in Accra.

Setting the tone, Managing Director, Abena Osei-Poku, described the week-long event as a significant step towards a more sustainable future for the country.

She added that by promoting responsible waste management and fostering a collaborative environment, the bank is paving the way for a circular economy that benefits the environment, creates jobs, and empowers communities.

“This Sustainability Week is a call to action. It is our call to challenge the status quo, to embrace creative solutions, and to build a better and more sustainable future for Ghana. By working together, we can transform waste into a powerful engine for economic growth, job creation, and environmental protection.”

She, however, highlighted the gravity of the global waste crisis.

“Waste has become a global challenge today. Every year, the world generates a staggering 2.1 billion tons of municipal solid waste, with this number expected to balloon to 3.4 billion tons by 2050,” she said.

She further emphasised the specific situation on the continent, where that number translates to 250 million tons annually, with analysts concerned that the situation places an immense strain on infrastructure and the environment, while threatening the livelihood of future generations.

Other figures indicate that, closer home, the nation generates an estimated 1.7 million tons of waste each year, with improper management posing a significant public health risk.

Globally, the World Bank estimates that agricultural waste production is 4.5 times that of municipal solid waste.

However, amidst this challenge, Ecobank Ghana sees immense opportunity, Mrs. Osei-Poku stated.

“Waste transformation comes in handy as a burgeoning industry with the potential to create jobs, foster innovation, and contribute to a circular economy,” she noted.

The Ecobank MD further stated that her outfit’s  commitment to waste transformation is multifaceted.

The bank is actively financing businesses and projects that promote responsible waste management practices.

Mrs. Osei-Poku added that “waste collection and sorting facilities, composting initiatives and the development of innovative recycling technologies”.

The bank is also providing financing and suitable payment platforms for its customers in the waste management sector, she noted.

On her part, the Second Deputy Governor of the Bank of Ghana (BoG), Elsie Addo Awadzi commended Ecobank for being at the forefront of driving sustainability within the Ghanaian financial industry.

She commended banks in the country for their corporation with the adoption of the Sustainable Banking Principles and Sector Guidance Notes – introduced in 2019 – with Ecobank being one of the leaders during the process.

“As banks, we expect that you will take leadership in promoting a culture of sustainability that will help our economy become robust and resilient going forward,” she charged them.

Country Chief Risk Officer at Ecobank, Joana Mensah stated that, internally, Ecobank is implementing stricter waste segregation policies within its branches and offices. The bank is partnering with recycling companies and exploring ways to further reduce paper consumption.

Ecobank recognises that true transformation requires collaboration, she added.

“This Sustainability Week Celebration is a call to action. It is our springboard for continued progress. We are committed to continuous improvement, pushing the boundaries of innovation and collaboration to create a lasting positive impact,” she remarked.

The bank, she further disclosed, is hosting discussions with industry experts, government officials, and entrepreneurs to explore innovative solutions and forge partnerships. The goal is to create a dynamic ecosystem where businesses, policymakers, and communities work together to turn waste into a resource.

The bank is not only financing sustainable practices but also incorporating them into its operations. Its transition to solar energy has resulted in a significant reduction in energy costs and carbon emissions, which translates to an average of 90,000 kilogrammes of carbon emissions saved, equivalent to planting 2,313 trees, she revealed.

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