Governor touts importance of Corporate Governance in building businesses

The importance of good corporate governance in building strong institutions, communities, and economies, and helping to avoid the collapse of businesses cannot be overemphasized, Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has said.

“From time immemorial, corporate failures had had their roots in poor corporate governance,” Dr Addison stated this.

In a speech read on his behalf by the Second Deputy Governor, Mrs Elsie Addo Awadzi, during the launch of the Corporate Governance Code by the Institute of Directors (IoD) Ghana, he said the global financial crisis of 2007/08, mass corporate failures in Ghana’s banking and securities sectors in the last few years where we saw the demise of 420 institutions licensed by the Bank of Ghana, and several fund management companies licensed by the Securities and Exchange Commission, with colossal losses to depositors, investors, other creditors, clients, employees, suppliers, shareholders, and other stakeholders including the Ghanaian tax payer, were as a result of poor corporate governance.

Source: Ghanaian Times