We’ll partner stakeholders to facilitate good governance — Speaker
Parliament will continue to partner stakeholders, including the Institute of Directors-Ghana (IoD-Ghana), to enact laws to facilitate good governance practices for accelerated development of the country, the Speaker of Parliament, Alban Bagbin, has said.
The Speaker also said that there was the need to create more innovative approaches and systems that would position the industry in a manner that it would drive growth.
Mr Bagbin said this in an address read on his behalf at the IoD-Ghana stakeholders' engagement in Accra yesterday, where 22 new members, (16 full and six associate members) were inducted into the institute.
The Sixth IoD-Ghana Excellence Awards was also launched to reward excellence in corporate governance.
Mr Bagbin said more efforts were needed to create the right environment to promote good corporate governance for industries to thrive.
“Having cut my umbilical cord in industry and spending a great deal of my working life seeking to promote the development of the country through the making and implementation of laws, I cannot help but underscore the important role industry plays in the production of goods and services to sustain life and also help grow the economies of nations,” he said.
Directors, the Speaker added, were a fulcrum in the crafting of vision, mission and goals of every organisation, and that the launch of the corporate governance code project was, therefore, an initiative that needed the support of all citizens.
Mr Bagbin further said that while the code was a necessary condition to foster a climate of ethical and quality leadership to guide sound business decisions, the launch of the excellence awards provided another boost to adopt best corporate practices to promote good governance and industrial excellence in the country.
The Chairman of the technical committee of the corporate governance code, Prof. Collins Ntim, also said that the code which would guide the operations of businesses and organisations would be updated every three years to reflect changing trends.
He said it would also be amended as and when it became necessary, adding that the institute would engage with the Ministry of Education on how the code could be made part of the school curriculum.
“We want to reach out right from the primary school all the way to tertiary institutions because it is not going to be limited to just rules and regulations, but also about behaviours,” the chairman said.
The President of IoD-Ghana, Rev. Angela Carmen Appiah, said the organisation had made significant inroads in the governance landscape of the country over the years.
Established in 1999, she said the institute had journeyed through changing times, adding “we have metamorphosed from a seemingly elitist group to a very open fraternity of directors”.
“As a governance institute, we play a very critical role in shaping the national economy and also influencing policy towards development and sustainable goals,” the president said.