Ghana: IoD Commends President for Interventions in Improving Corporate Governance

The Institute of Directors Ghana (IoD) has commended the President Nana Akufo-Addo for the numerous interventions being put in place by his administration aimed at improving the corporate governance landscape in Ghana.

The IoD cited the accenting to the establishment of the State Interests and Governance Authority Bill and the passage of the Companies Bill 2019 as examples of moves by the government to promote good corporate governance.

"The Institute of Directors Ghana wishes to pledge its support to your efforts by availing its services to complimenting the government's effort in promoting the culture of good corporate governance in Ghana through training, policy improvements, advocacy, research and advisory services," a statement issued by the IoD in Accra yesterday said.

The statement was issued after the IoD council led by its president Mr Rockson Dogbegah, paid a courtesy call on the President at the Jubilee House in Accra on Tuesday.

Other members of the delegation are members of the council of IoD and representatives of the African Corporate Governance Network and the International Finance Corporation.

Mr Dogbegah addressing the President said "We wish to inform you that we have a register of trained and certified directors who undergo continuous and professional development on an annual basis which we can avail to your high office for the selection and appointment of credible and competent directors who could serve on statutory boards."

He requested that the Institute was given the opportunity to recommend directors from its register to serve on the governing board of the newly created State Interests and Governance Authority Board and all other strategic public entity boards in the country.

'Whiles we acknowledge your unflinching support to improving the governance landscape in Ghana, we wish to respectfully draw your attention to some policy issues which need an equal urgent attention," he said.

Mr Dogbegah suggested that the IoD felt there was the need to legislate compulsory training in leadership and corporate governance for people who serve on public corporate boards.

This he said would enhance the quality of outputs of these boards which would lead to achieving the desired results from public boards.

"There is the need for a national dialogue on the survival of Small Medium Enterprises which the Institute is prepared to lead. We are currently developing a mentoring certification scheme to certify mentors to provide the appropriate mentoring to cure the anomaly," he said.

According to the statement the President in response lauded the activities of the IoD towards improving corporate governance in Ghana.

In reference to the issues about SMEs the President is quoted by the President as saying "This is a very critical concern for government and it will throw its weight behind the efforts of the Institute of Directors Ghana to lead the agenda. The SMEs form about 90 per cent of the private sector but unfortunately its only a few that are able to sustain its operations. This is a call in the right direction. And this is what informed government to create the Business Development Ministry to promote this agenda."

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