Corporate governance breaches led to failure of some banks – Governor

The Governor of the Bank of Ghana, Dr. Ernest Addison, has stated that corporate governance plays an important role in the financial sector.

He identified 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 has a rippling effect on the Ghanaian
economic sector.

He said these when the Institute of Directors-Ghana (IoD-Gh), led by its President, Mr. Rockson Kwesi Dogbegah, on Tuesday, 22nd June 2021, paid a courtesy call on him and the Management of the Bank.

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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 the Bank and the Institute.

In his remarks, the President of the Institute of Directors-Ghana, Mr. Rockson Kwesi Dogbegah, eulogised the Governor of the Bank of Ghana, Dr. Ernest Addison, for providing transformational leadership in reforming the financial services sector, which has led to a vibrant and resilient banking sector.

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.

He spoke about the Institute having established the ongoing annual Corporate Governance Excellence Awards; as part of its strategic efforts to celebrate the achievements of outstanding individual personalities and corporate organizations that have represented excellence in leadership, corporate governance, and have made significant contributions to the socioeconomic development of Ghana.

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

Present with the President of the Institute of Directors-Ghana at the meeting were the Vice President, Rev. (Mrs.) Angela Carmen Appiah, the CEO, Mr. Fred Aryeetey, and Mrs. Belinda Dede Tandoh and Mr. Kwame Amoako, Esq., Council
Members.

In the Governor’s team were the First Deputy Governor, Dr. Maxwell OpokuAfari, Second Deputy Governor, Mrs. Elsie Addo Awadzi and The Bank’s Secretary, Ms. Sandra Thompson.

Source: 3news