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Business News of Wednesday, 26 February 2020

Source: goldstreetbusiness.com

Expert proposes code for corporate governance


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Justice Awuku-Sao, a corporate governance expert, has called for the creation of a national code to guide the operations of corporate executives.

Mr. Awuku-Sao, who is currently the Vice President of the Chartered Institute of Supply Chain Management, said a national code would improve on Ghana’s corporate governance standards.

Ghana ranked 12out of 15 African countries in a KPMG and ACCA study on corporate governance requirements across global markets.

The study focused on 81 key elements of the Organization for Economic Co-operation and Development (OECD) Principles and leading corporate governance practices.

Mr. Awuku-Sao, who spoke with the media on the sidelines of the launch of his book, “Corporate Governance for Banks & Specialized Deposit-Taking Institution,” in Accra, said the country could do better provided there was a code of conduct for corporate executives.

He said his book sought to address the challenges of poor corporate governance within the banking sector by analyzing the financial sector and giving suggestions to board of directors.

It also discusses the principles and practice of corporate governance using various case studies. Furthermore, it highlights women on the board and also shares international best practices.

Head of Banking Supervision at the Bank of Ghana (BoG), Osei Gyisi, in a speech, said corporate governance was about following the procedures, system and processes in work performed.

He noted that any attempt to deviate from simple procedures could lead to serious challenges, adding that managers of the economy must do so in a transparent and accountable manner.

He said for instance, the BoG was working towards making the training of directors compulsory.

“They must acquire certificate and directions from institution accredited by the BoG,” he said.

Present at the launch was Micheal Mensah Baah, Chief Operating Officer of Barclays Bank, Benjamin Kwabla Amenumey, Chief Executive Officer of UMB Bank, and other banking executives.

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