ESG reporting must be real, not rhetoric – KPMG tells businesses
Ghanaian companies now have a clear and practical guide to improve their Environmental, Social and Governance (ESG) reporting, following expert insights shared at a webinar organised by the UK-Ghana Chamber of Commerce (UKGCC) and KPMG Ghana.
The session, themed “Making ESG Reporting Work for Your Business”, featured Bernard Owusu-Ansah, Manager in KPMG Ghana’s Governance, Risk and Compliance and ESG Services.
He stressed that effective ESG reporting begins with strategic alignment.
“Your ESG priorities must be tied directly to your core business drivers. When ESG goals are linked to performance indicators, especially KPIs for staff, they become real and actionable. This approach embeds sustainability into operational decision-making and leadership accountability, rather than treating it as a side initiative,” Mr. Owusu-Ansah said.
Choosing the Right Framework
A critical step in ESG reporting, Owusu-Ansah noted, is selecting the right framework. The International Sustainability Standards Board’s IFRS S1 and S2 are emerging as the preferred choice in Ghana, particularly after the Institute of Chartered Accountants Ghana (ICAG) adopted them for reporting entities.
Accurate ESG data, he explained, not only reflects an organisation’s impact but also strengthens its investment appeal.
“Comprehensive ESG reporting helps businesses build credible roadmaps for growth and demonstrate value to banks and investors,” he said.
Mr. Owusu-Ansah cautioned that transparency without accuracy undermines trust.
He stated that ESG reporting should be a shared responsibility across departments.
“Upskill teams, especially those responsible for material issues. That is how you create accountability and win with this,” Mr. Owusu-Ansah noted.
Communication: An Often-Forgotten Step
The webinar also highlighted the importance of communicating ESG results internally and externally.
Businesses should share sustainability outcomes with employees, investors, suppliers and other stakeholders through websites, media channels and integrated reports. For listed companies, incorporating ESG disclosures in financial filings is becoming best practice.
Avoiding Greenwashing
Mr. Owusu-Ansah warned against greenwashing, which involves misrepresenting sustainability performance through tactics such as delaying targets or using sustainability language without substance.
“With ESG reporting, the keywords are traceability and verification,” he said.
He emphasized that poor ESG practices can lower a company’s sustainability score, limiting access to financing or insurance.
Technology as an Enabler
While AI and automation can enhance ESG data analysis, he cautioned against adopting them too late in the process.
“Technology should deepen insight, not distract from the fundamentals. Use it from the strategy formulation phase,” Mr. Owusu-Ansah stressed.
Looking Ahead
Mr. Owusu-Ansah projected that ESG considerations will play an increasingly central role in Ghana’s economic development.
“Five to ten years from now, your social footprint will matter as much as your profit margin. Prepare today by doing the right thing,” he advised.
Moderated by KPMG Ghana’s Bernard Selikem Dzakpasu, the webinar also explored ESG’s role in government and trade, the difference between ESG and sustainability reporting, and criteria for high-quality reports. The event forms part of UKGCC and KPMG Ghana’s ongoing efforts to promote ESG literacy and responsible business transformation.
