Here are some highlights from my keynote in Accra, Ghana, where I presented on “The Evolution of ESG Reporting: Global Trends in Trust, Transparency & Transformation” at the TSL Sustainability ESG & Sustainability Reporting Summit.
In Africa, sustainability reporting remains uneven:
🇿🇦 In South Africa, 100% of the largest 100 companies reported on ESG in 2024
[KPMG survey], incentivised by the King Codes on Corporate Government and the Companies Amendment Bill 2023
🇳🇬 In Nigeria, 77% of the largest 100 companies reported on ESG in 2024 [KPMG
survey], incentivised by IFRS Sustainability Disclosure Standards, which requires mandatory reporting after 2027
🇬🇭 In Ghana, 31% of the largest 100 companies reported on ESG in 2024 [KPMG
survey], incentivised by the Ghana Stock Exchange's ESG Disclosure Guidance Manual
In Africa and the Middle East (MENA):
🌍 There is the Gaborone Declaration for Sustainability in Africa for natural capital
accounting, and Pan-African Resource Reporting Code (PARC) for the mining and minerals industry.
🌍 GRI is the most popular framework, cited by 64% of those surveyed by KPMG, followed by Stock Exchanges (62%) and SASB standards (28%). 🌍 61% of experts surveyed believing that there is significant ESG backlash
[Globescan, ERM, Volans survey].
These are my 8 takeaway messages:
- 📊 Embrace Reporting Principles & Integrate Reporting [GRI, IIRC]
- 📊 Adopt Double Materiality [CSRD]
- 📊 Get Materiality Insights from Sector Guidelines [GRI, SASB]
- 📊 Keep the Investors in Mind [CDP, TCFD, TNFD, TISFD]
- 📊 Always Have a Systems View [Future-Fit, EU Taxonomy]
- 📊 Lead with Strategy Not Standards
- 📊 Manage Risks, Unlock Rewards
📊 The Value is in the Value Chain
I also chaired a panel on "Adapting Global ESG Standards to Local Contexts in Developing Economies" with shared insights by panelists Indira Kartallozi (Partner at Kaleidoscope Futures and Director of Sustainability Leadership Kosova), Angel Mgawe (Director of ESG & Sustainability at Reef, Mina Pokuaa Agyemang (Participant Engagement & Outreach Manager for UN Global Compact Network Ghana) and Richard Ansong (Partner and head of ESG at PwC Ghana).
We also had excellent presentations by Angelique Dickson (President of the Inogen Alliance) and Emmanuel Zinsu (Head of ESG at HPC AG). Special thanks to our excellent host Dr. Ing. Shelter Lotsu (Founder & CEO of TSL Sustainability).
For the poetically inclined, I ended my keynote with a poem called "Think on Business", which concludes:
- You may think on business and take heart
- For a better way is ours to chart
- We all have our roles, we play our part
- But there’s no time to lose, so make a start