The Chief Executive Officer of the Ghana CEO Network, Mr Ernest De-graft Egyir has called on the government to transition corporate governance code into law.

This, according to him, would compel businesses to adhere to good corporate governance, and ensure minimum standards are met.

Speaking at the launch of the 2nd Ghana SME and Young CEO Summit Forum yesterday in Accra, he said “The issue of corporate governance is alarming in this country currently. I think that one big way to go forward is perhaps making corporate governance a law instead of it being a best practice. Mostly because of attitude we ought to be compelled in a special way.”

A number of indigenous banks in the country have suffered setbacks due to their inability to meet the capital requirement set by Bank of Ghana.

UT and Capital bank were first to have got their licensed revoked, with the latest being the merging of five known banks in the country.

Mr. De-graft Egyir, however, believes the collapse is as a result of the failure in corporate governance.

According to him, Small and Medium Enterprises and young businesses are at risk with the rate at which financial institutions are collapsing.

“Our point is that if financial institutions are going down how much more the SMEs. SMEs contributes over 60% of the GDP. If they are adhering to the corporate governance code which in itself is not by law then obviously the issue of scaling up SMEs and young businesses is at risk,” he stressed.

On his part, the CEO of Unilever Ghana, Mr. Yeo Ziobeieton, who was the Special Guest at the launch, called on young entrepreneurs and leaders in the SMEs to adhere to good corporate governance.

He hinted “As a leader I deploy even more energy and intensity in reviewing weekly and monthly the governance performance indicators the same way I look at the growth and financial indicators for I know the economic and social values created by a company are sustainable and can only have the desired impact if done with the right governing system.”

Mr. Ziobeieton further called on all leaders in the SMEs to register and participate massively in the summit.

2nd Ghana CEO Summit

The 2nd Ghana SME and Young CEO Summit forum and expo would be held on November 26, in Accra.

This was announced by Mr. De-graft Egyir at the launch.

Explaining the theme ‘Corporate Leadership Governance and Technology: Strong Pillars for Business and Economic Growth’, he said it aims at equipping CEOs, entrepreneurs with the strategic leadership capabilities to direct in such an environment.

“Through key note speakers, lectures and discussions, participants would enhance their understanding of the impact of Corporate Governance. Leadership and digital technology on SME business,” he stressed

The summit is an essential gathering of CEOs, business leaders, stakeholders, and government representatives to engage in common current issues, and discuss related topics,”