The Institute of Directors-Ghana (IoD-Gh) has commended the Bank of Ghana (BoG) for taking significant steps to promote good corporate governance in the country.

It has also called for stronger collaboration between the institute and the bank to help promote proper governance of companies in the country.

During a courtesy by the institute on the management of BoG, the President of IoD-Gh, Mr Rockson Kwesi Dogbegah, eulogised the Governor of the central bank, Dr Ernest Addison, for providing transformational leadership in reforming the financial services sector.

He said the effort by BoG led by Dr Addison had led to a vibrant and resilient banking sector.

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Essence of visit

A statement from the institute said the visit was to commend the bank for its significant role in promoting the culture of good corporate governance in Ghana and to seek mutually beneficial relationships between BoG and the institute.

Speaking on the strategic projects of the IoD-Gh, Mr Dogbegah said the IoD-Gh is developing a charter aimed at setting standards for the practice of corporate governance in Ghana.

He indicated that the development of a national governance code was another key strategic project to be undertaken by the institute.

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Annual awards

He disclosed that the institute had established the ongoing annual corporate governance excellence awards as part of its strategic efforts to celebrate the achievements of outstanding individual personalities and corporate organisations that have represented excellence in leadership and corporate governance and have made significant contributions to the socioeconomic development of Ghana.

He added that the Institute, working in collaboration with key stakeholders, had championed the formation of the Ghana Association of Integrated Thinking and Reporting aimed at stimulating a strategic and sustainable way of value creation and reporting by organisations.


Importance

BoG Governor stated that corporate governance played an important role in the financial sector.

According to him, corporate governance breaches, overbearing shareholder behaviour and related-party transactional breaches as some of the factors that led to the failure of some banks in the financial sector and their consequent resolution.

He reiterated the need for the Ghanaian society to uphold good corporate governance practices and pledged the bank’s support for the work of the institute, especially as events in the banking sector have a rippling effect on the Ghanaian economic sector.


Participants

Present with at the meeting were the Vice President of IoD-Gh, Rev. (Mrs) Angela Carmen Appiah, the CEO of the institute, Mr Fred Aryeetey, and two council members, Mrs Belinda Dede Tandoh and Mr Kwame Amoako.

The team from BoG included the First Deputy Governor, Dr Maxwell Opoku-Afari, the Second Deputy Governor, Mrs Elsie Addo Awadzi, and Secretary of the bank, Ms Sandra Thompson.