Results and Impact Blog
Connecting Expertise and Experience
We continue to be respected in our markets for standing by our customers and clients, and for upholding high standards of corporate governance and social responsibility. And we have been doing well. For the last nine years we have delivered record income and profits.
As a Bank with a conservative approach to capital funding and liquidity management and a stringent risk management framework, it is important for us to differentiate ourselves. Our values and commitment to the communities where we live and work sets us apart.
We believe that our ability to create sustained value for our shareholders is linked intrinsically to the health and prosperity of the communities in which we operate. As a bank, we seek to deploy our core banking skills, strong environmental and governance standards and community investment initiatives to have a positive impact on societies at the same time as creating business value. We take this opportunity seriously and it is captured in our brand promise ‘Here for good’.
To contribute to the wider debate around the social usefulness of banks, in 2010 we commissioned an independent study to understand our social and economic impact in Ghana. When we undertook the study, we knew that we were opening ourselves up to external critique and that the findings might not all be positive, but we saw it as an important and much needed exercise in order to illustrate the positive impact we have on economies.
The report reflected many things we knew already, such as the fact that international banks add value to economies in ways that go far beyond the provision of credit. We support Ghana’s economy by using our global footprint to enable trade and investment flows, by helping our clients to reach international environmental and social standards, by spurring innovation through the launch of new products, by improving access to finance and by providing world class employment opportunities and training.
The key findings of the study focused on the ripple effect on jobs and the economy that we create through our core business as a bank. In 2009, our operations and onshore financing in Ghana generated USD 400 million of value-added in the nation’s economy, equivalent to 2.6 per cent of gross domestic product.
We have a significant impact on employment in Ghana. We employ about 800 people in the country, but our operations generate a total of 15,400 jobs when the indirect employment effects are taken into account. In the same way, our clients employ 30,500 people directly as a result of our financing, but a total of 140,300 jobs are created when indirect effects of the financing are included. Relative to Ghana’s workforce, the total impact of our business – almost 156,000 jobs – amounted to 1.5 per cent in 2009.
The findings from the Ghana report demonstrate that our approach is having a positive impact. We continue to incorporate these into our overall approach to building a sustainable business.
For more information, see the links to the following studies:
The Social and Economic Impact of Standard Chartered: Ghana (http://www.standardchartered.com/sustainability/news/20101014/en/index.html)