The Institute of Human Resource Management Practitioners, Ghana, led by its Executive Director, Mr. Ebenezer Agbettor and accompanied by Mr. Yen Sapark (Advisory & Research Manager) participated in the Institute of Directors’ 2018 Week Public-Private Dialogue Forum and National Corporate Governance Conference. The Conference which formed part of this year’s Directors’ Week celebration organized by the Institute of Directors Ghana, climaxed the celebration.
The maiden Corporate Governance Conference which had as its theme ‘’Stimulating the Culture of Good Corporate Governance and Leadership’’ was held on 22nd November 2018 at the Best Western Premier Accra Airport Hotel.
The rationale for the Corporate Governance Conference as stated by the IoD-Gh was thus to ‘’stimulate and sustain the culture of good corporate governance and effective leadership in our socio-economic dynamics in response to the decline of good corporate governance in the country.’’ It is in this regard that the IoD-Gh sought the partnership of international and local organizations such as the IHRMP Ghana as strategic development partners to achieve its goals.
The IHRMP Ghana in participating also seized the occasion to deepen its collaboration and network with other partner organizations.
The Conference itself witnessed three key presentations by three presenters namely:
- Ghana’s Financial Sector: A Critical Assessment and Strategic Direction
- Stimulating the Culture of Good Corporate Governance and Leadership: The Ghanaian Situation and Global Perspectives
- The Roles Responsibilities and Legal Obligations of a Director
Speaking on the 1st topic on Ghana’s Financial Sector, the Governor of the Bank of Ghana, Dr. Ernest Kwamina Yedu Addison in a speech read on his behalf by Advisor to the Governor, Mrs. Grace Akrofi, pointed out that violations of standard corporate governance roles among others were accountable for the unfortunate situations of the failed banks in Ghana. As part of the corrective measures, the Governor pointed out that the Bank of Ghana had since February 2018 issued the Banking Business – Corporate Governance Directive for Banks and Specialised Deposit-Taking Institutions regulated under the Banks and Specialised Deposit-Taking Institutions Act 2016 (Act 930). He added that the Bank of Ghana had also issued directives on fit and proper test guidelines for top management of banks and assured of continuing reforms to maintain the stability and integrity of the financial sector.
On his part, Mr. David Ofosu-Dorte, a Business Law Specialist and Founder of the renowned AB & David Law Affiliates in his keynote address touched on ‘’Stimulating the Culture of Good Corporate Governance and Leadership: The Ghanaian Situation and Global Perspectives.’’
Touching on the Ghanaian situation, Mr. David Ofosu-Dorte challenged participants that in promoting good corporate governance, there was the need for a departure from the narrow definition of corporate governance to even cover the Chieftaincy institution and family settings as corporate governance is not limited only to the formal setting or banks. He cautioned that State-Owned-Enterprises especially Utility Companies could be the next to face similar crisis with the failed banks if corporate governance systems are not improved upon.
Touching on global perspectives in stimulating Ghanaians on promotion of good corporate governance he asked the Institute of Directors to be at the forefront in advocating for change as he posed these questions:
- What extent are Ghanaian Corporate Governance System ready for the new digital world?
- What Governance System do we put in place in the face of changing technology and the beginning of non-human competitors such as Artificial Intelligence?
The 3rd Presenter, a Corporate Governance Consultant, Mrs. Marian Barnor speaking on ‘’The roles responsibilities and legal obligations of a Director’’ stated that today’s corporate setting has no place for dummy directors as a director has a duty of care, loyalty – to act in good faith, act for proper purpose among others. She further asked directors and corporate leaders to re-define corporate governance by going beyond behaviours and practices to ones that demonstrate ethics, integrity, accountability, honesty, competency among others.
Concluding with a Dialogue Forum, participants unanimously called for the development of National Codes for Good Corporate Governance in Ghana.