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General News of Thursday, 21 February 2019


Institute of Directors to promote sound corporate governance practices among businesses

Institute of Directors Ghana (IoD) has rolled out strategic initiatives to stimulate and sustain the culture of corporate governance in the country.

The move which resulted in a platform for sharing ideas on how to leverage corporate governance for private sector growth also addressed the decline in cooperate leadership in various institutions across different sectors

Advocacy for legislation, certification and licencing of directors, instituting a corporate governance index, working with other bodies such as the National Commission for Civic Education to inculcate best practices within organisations were some ideas outlined to address the decline in corporate governance and leadership in Ghana.

Chief Executive Officer for Institute of Directors, Angela Carmen Appiah bemoaned the lack of appreciation for the essence of corporate governance in the country.

She observed that bad corporate governance practices are gravely hurting businesses and the economy at large.

In this regard, she asked that boards of various institutions remain proactive, accountable, be able to govern a company as well as organise training sessions for incoming members if the need be.

She further charged all stakeholders to retain a high level of Integrity in running their businesses as it would help build trust among business partners and other relevant actors in the economic system.

A member of council for the Institute of Directors, Prof Aheto also cited the disregard for procedures in many firms’ especially indigenous ones where owners, their wives and family members dipped their hands to company coffers without recourse to best practices.

Recounting the recent turmoil in the banking sector, he said although the spotlight of bad corporate governance has been on the financial sector, many other sectors have similar structural deficiencies that require urgent attention.