The Chief of Staff, Akosua Frema Osei-Opare has advised corporate and public executives across Africa to be innovative to adjust to the changing trends in the business environment.
According to her, that is the only way to sustain organisations in an unpredictable economic environment, especially on the back of the dreaded Covid-19.
In a keynote address delivered on her behalf by Dr Kwaku Afriyie, the Minister of Environment, Science, Technology and Innovation, at the 9th African Federation of the Institute of Internal Auditors (AFIIA) in Accra yesterday, Madam Osei-Opare said as net importers of manufactured goods, Africa must pull its weight along the journey of innovation.
"To steer clear of the fate of extinct species, lost civilisation or failed organisations, we have to innovate. Innovation is essential to sustainability and corporate executives have a critical role to play in promoting innovation within their organisations," she said.
She continued "encourage the culture of innovation within your organisations. Empower employee to share their ideas and allocate some resources to developing employee and provide for employees to learn and grow."
"Invest in research and development. In these difficult times, many of us may be questioning how possible it is to set aside resources for innovation. The irony is that if we do not spend time preparing for what lies ahead, and creating the future we want, we will always be in need. Be open to new technologies and ways of doing things, embrace digital transformation, automation and new opportunities," she said.
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To achieve this, the Chief of Staff said there would be the need to collaborate with sister organisations across the continent to share knowledge and resources.
The Director-General of the Institute of Internal Audit Agency, Dr Oduro Osae, in his part said outfit and the State Interests and Governance Authority have been collaborating to drive change in the public sector of Ghana and that same was yielding positive impacts.
Dr Osae said a unified Corporate Governance Code to guide Boards and Managements of public sector institutions for improved governance was being developed.
"We believe other countries can replicate this collaborative approach and we are willing to share our experiences."
Having signed into a US$3 billion IMF bailout programme with a commitment to implement a number of post-COVID-19 Programme of Economic Growth (PC-PEG), Ghana's strategy is to embark on an ambitious structural reform agenda aimed at reinvigorating Private Sector-led growth," he stated.
President of the IIA, Mrs Harriet Akua Karikari challenged participants to rethink our strategies, explore creative initiatives to improve governance, risk and control processes.
"This will ensure that we are better able to proactively identify, prepare, monitor and mitigate strategic risks as they evolve over time."
The forum, on the theme, 'Innovate to Sustain' had participants From Malawi, Congo, Zimbabwe, Nigeria, Zambia and Mozambique
