The President of the Institute of Directors Ghana (IoD-GH), Rockson Kwesi Dogbegah, has called for the promulgation of a law to regulate corporate governance practice in the country.
Mr Dogbegah, who made the call at the launch of the IoD-Ghana Director's Week celebration for the year 2018, said the law had become necessary to sanitise the corporate governance space in the country to ensure value for money.
This year's IoD-Ghana Directors' Week celebration scheduled for November 14 to 22, this year, is on the theme, 'Stimulating the culture of good corporate governance and leadership.'
Mr Dogbegah explained that corporate governance was a "serious business" and there was the need for a law to regulate the sector to address the growing corporate governance failures and breaches in the country.
The President of IoD-GH said the corporate governance law would introduce a licensing regime in which members of boards would be licensed and a Director Certification and Training programme, and make it mandatory for board members both in public and private sectors to undergo training, and are certified before they were appointed onto boards.
The training and certification, he said, would ensure people's capacities were build to serve on boards to mitigate risks associated with managing a company or an organisation.
According to Mr Dogbegah, countries like South Africa and India had corporate governance laws and Ghana could develop same.
"IoD-Ghana is engaging with stakeholders and building consensus on the need for a corporate governance law and stakeholders must buy in the idea for the need for a law to regulate corporate governance," he said.
Highlighting on the week-long celebration, Mr Dogbegah said IoD-Ghana would facilitate the formation of corporate governance clubs in schools and hold corporate governance awards.
He said his outfit was working to ensure that corporate governance was taught at all tertiary institutions in the country.
"Chairman and chief executive officers forum will be established to ensure that good corporate governance is taken serious and is engrained in our socio-economic development agenda," he said.
A Fellow of IoD-GH, Prof Bright Kobla Aheto, expressed concern about the growing corporate governance mishaps, leading to the collapses of some organisations.
He said the essence of board of directors was to ensure that goals and objectives of an organisation are attained under the leadership of the board, adding that board meeting should be forum to jaw-jaw on issues not succumb to the wishes and caprices of the chairperson of the board.
Prof Aheto entreated the media to lead the crusade for good corporate governance practices to build strong and vibrant organisations and businesses in the country.