The Executive Director of the Economic and Organised Crimes Office (EOCO),
Mr K. K. Amoah, has advised board of directors and management executives of financial institutions to perform their duties diligently to avoid being hauled before the anti-graft body over financial malfeasance .
He gave the advice at the closing ceremony of a corporate governance training programme for top management executives in Accra.
The five-day programme was
The five-day training programme was to afford participants the opportunity to apprise themselves of the guidelines meant to help tidy bank operations, introduce and sustain transparency and, generally, strengthen confidence in the sector.
Beyond the normal nine or 12-member boards, the directives require that 11 other management executives of institutions regulated by the Banks and Specialised Deposit-Taking Institutions Act 2016 (Act 930) need to be conversant with corporate governance principles.
A banking consultant with the MFC and one of the facilitators, Nana Otuo Acheampong, said 150 people attended the training, which equipped participants with the principles of good corporate governance.
He urged bank staff in management positions to put proper corporate governance structures in place to ensure transparency in all aspects of their dealings.
“You should ask and be sure of what you are signing because when something happens, all those who signed are party to that act,” he said.
The Second Deputy Governor of BoG, who closed the session, said the new corporate governance directives from the central bank
She said the new directives would put in place the right structures that would ensure good corporate governance to help banks grow and thrive.
Importance of training
One participant and board member of UMB Bank,
“The BoG Corporate Governance Act is there and we have all read but when you have a third party who is talking to you and ensuring the practical side of it, it becomes more refreshing,” he stated.
Following the collapse of the UT and Capital banks in August last year, corporate governance practices have taken
Consequently, the BoG introduced the corporate governance directives in March this year to serve as a framework for financial institutions regulated by BSDI Act.