IOD-GH, ACGN trigger Transformational Leadership agenda
The First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari has argued that transformational leaders are in critical need in a post Covid-19 era to enable organisations thrive.
According to him, in spite of the adverse socio-economic consequences of the COVID-19 pandemic, it is important to appreciate and take full advantage of some of the new ideas that have emerged as part of the new normal post-COVID.
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This he believes takes transformational leaders to identify and pursue.
The First Deputy Governor of the Bank of Ghana made the remarks as part of his solidarity message to directors from various organizations across the African continent at the launch of a maiden monthly e-seminar series on the theme, “Transformational Leadership.”
The e-seminar has been organised by the African Corporate Governance Network (ACGN) in collaboration with the Institute of Directors, Ghana (IOD-GH).
"This maiden e-seminar is ample evidence that African Corporate Governance Network and Institute of Directors, Ghana, are working together to ride on the new normal to fast-track the capacity building of members", he observed.
He said but for transformational leadership, weak corporate governance was identified as one of the challenges that nearly brought the banking system in Ghana to its knees.
"The Bank of Ghana took decisive steps to clean-up the banking and specialised deposit-taking institutions sectors by dissolving insolvent ones and strengthening the corporate governance structures of those that emerged strong after the exercise. In this regard, the Bank of Ghana issued a series of governance directives for institutions under its jurisdiction. Appreciable improvement in corporate governance structures has been registered in the banking and specialised deposit taking institutions sectors since the issuance of these directives”, he said.
He also noted that the current environment, post the covid-19 pandemic, is characterized by uncertainty, global turbulence, and organizational instability and the only way out is transformational leadership to prevail at all levels as we strive to rebound better out of this pandemic.
Addressing participants, the President of the Institute of Directors Ghana, Rockson Dogbegah said one of the biggest challenges in Africa is about complaining, looking up to others for support, fear and lacking the appropriate, effective and ethical leadership to effect change.
"The theme for this seminar was strategically chosen to kick our minds to start thinking about how we can achieve transformation sustainably", he said.
He said in the past two years, the IOD-Gh has demonstrated this interest by hosting four major events, including two international conferences which includes a visit by the ACGN Chair to meet the President of the Republic of Ghana.
"We believe this is a good demonstration of a strong desire by Ghana to see the turnaround of ACGN, which has been plagued with growth deficiencies since its formation in 2013", but which he said requires a major radical transformation.
Mr. Dogbegah charged participating directors not to see the attainment of transformation on the African continent as a mirage, saying transformation is achievable if "we believe in ourselves and subject our minds to a serious overhaul, reduce the amount of time we spend talking and complaining and plough back the talking time into action."
He added that there is the need for members of the ACGN and as champions of Corporate Governance on the continent, to stimulate their minds to provide the appropriate leadership to ensure “we achieve our goals”.
For his part, the Chairman of the ACGN, Meshake Jerome said the organisation is focused on ensuring transformational agenda on the continent and charged the directors to strive for excellence.
Renowned corporate researcher, Prof Kwaku Atuahene-Gima took participants through what it takes to be a transformational leader.