ESG Reporting in Ghana

In recent years, Ghana has made significant progress in promoting sustainable business practices among its financial institutions and publicly listed companies. Key contributions include the Bank of Ghana's introduction of the Sustainable Banking Principles (SBP) in November 2019, the Ghana Stock Exchange's launch of the ESG Disclosure Guidelines in 2022, and the Institute of Chartered Accountants, Ghana (ICAG), announcing a phased roadmap for adopting the IFRS Sustainability Disclosure Standards (S1 and S2). These initiatives mark significant steps toward enhancing sustainability reporting practices in Ghana.

KPMG conducted this survey to assess the current state of ESG reporting among entities listed on the Ghana Stock Exchange (GSE) at a time when sustainability practices are becoming critical to corporate governance and investor decision-making. Our analysis focused on 31 entities listed on the Ghana Stock Exchange from various industries, categorized using KPMG’s industry taxonomy. KPMG reviewed corporate reports published between 2022 and 2023, focusing solely on publicly available information. No direct submissions were made by companies to KPMG, and our analysis does not constitute an assurance or assessment of the quality of the published sustainability reports.

We launched this survey to assess the current state of ESG reporting among entities listed on the Ghana Stock Exchange (GSE) at a time when sustainability practices are becoming critical to corporate governance and investor decision-making. With the increasing global focus on ESG and the introduction of the GSE ESG Disclosure Guidelines, the survey aims to evaluate how well listed companies are aligning with ESG practices. It also seeks to measure the extent to which listed entities are prepared to meet both regulatory requirements and rising stakeholder expectations for transparency, accountability, and sustainable growth.

In addition to providing an overview of current reporting practices, the survey highlights key industry trends, particularly in reporting on the Sustainable Development Goals (SDGs) and climate-related risks, while uncovering gaps in compliance and materiality assessments. These insights are crucial for supporting companies as they navigate the evolving ESG environment, ensuring that they can meet the demands of investors, regulators, and consumers who increasingly prioritise sustainability.