Dr. Mohammed Amin Adam launching the book
Minister of Finance, Dr. Mohammed Amin Adam has called on members of boards and heads of institutions particularly State Owned Enterprises (SOE’s), to complement the work of the government with effective boardroom decisions in order to improve development outcomes.
The Minister who made the call at the maiden Boardroom Governance Summit held yesterday in Accra said given the role corporate governance plays in shaping the future of organisations, the government since 2017 adopted the Corporate Governance Action plan to enhance best practices.
The plan, according to him, was also aimed at enhancing the corporate governance practices of individual SOEs to improve the legal and regulatory framework, strengthen the state ownership role, and enhance transparency and disclosure among others.
He, therefore, urged board members of institutions to work with key stakeholders such as civil society, the private sector, and development partners to ensure that, “good governance agenda are embedded across the public sector”.
Convener of the Boardroom Governance Summit, Prof. Douglas Boateng, described governance as doing what is right and not just a set of rules which required accountability, transparency and unwavering commitment to be ethical and socially responsible leadership.
He indicated that leaders have the unique privilege and responsibility to guide organisations toward a future where financial gains coexist with social impact to create a legacy that resonates through generations.
Prof. Boateng who is also an international chartered director and industrialist cited countries such as US, Vietnam, Malaysia, Singapore, South Korea where good corporate governance practices have transformed them into industrial nations.
He added that Ghana, like many other developing countries, could equally become industrialised through effective boardrooms.
Acting Director General of the State Interests and Governance Authority (SIGA), John Boadu said director’s accountability is increasingly taking the centre stage in national and international discourse considering the important roles directors of boards and members play in ensuring the effectiveness of institutions towards the attainment of their respective mandate devoid of conflict of directors’ personal interest.
Minister of Public Enterprises, Joseph Cudjoe, for his part said delinking board room issues from economic growth may not augur well for the advancement of any economy.
Book Launch
Dr. Amin Adam also launched a book authored by Prof. Douglas Boateng titled, “Practical Perspectives On Boardroom Governance”.
He indicated that boardrooms should therefore do well by performing in terms of market strategies good corporate decisions, compliance in order not to violate what is required of board members citing the examples of banks and some state institutions in the country.
The summit held under the theme, “Director, Accountability, Governance and sustainable development” also brought together Board members of State Owned Enterprises and private organisations, heads of institutions, directors, and public servants, among others.
By Ebenezer K. Amponsah