Frank Annoh-Dompreh
Majority Chief Whip, Frank Annoh-Dompreh, has called for a legislation to be enacted to regulate activities of Corporate Social Responsibility (CSR).
He contended that CSR legislation provides a standardized framework that defines what is expected of companies in terms of social responsibility, ensuring that all companies, regardless of size or sector, are held accountable for their relative impact on society and the environment.
He believes with CSR legislation, the rights and interests of stakeholders such as employees, consumers, local communities, and the environment will be protected.
Making a statement on the floor of Parliament yesterday, Mr. Anno-Dompreh, who is also the NPP for Nsawam-Adoagyiri, said this is particularly relevant in sectors where operations can have significant social or environmental impacts.
He stated that CSR laws will promote sustainable business practices, and added that they encourage companies to consider the long-term implications of their actions and to balance profit-making with societal and environmental considerations.
The MP noted that CSR regulations based on how they are crafted require companies to share useful information about their social and environmental practices.
For him, this transparency can help build trust with consumers, investors, and the broader public, pointing out that by requiring all businesses to adhere to certain CSR standards, the legislation can help to level the playing field on assessing organizations’ CSR contributions.
“This can prevent companies from gaining a competitive advantage by neglecting their social responsibilities,” he said.
He added, “CSR legislation can align corporate activities with national development goals or global initiatives such as the United Nations’ Sustainable Development Goals (SDGs).”
He contended that this could facilitate collective action towards addressing major societal and environmental challenges.
“Undoubtedly, legislation on CSR will have significant implications for a country like Ghana where the major industries such as mining, oil & gas have substantial impacts on local communities and the environment.
“Legislation can ensure that companies conduct their operations responsibly, minimizing harm to local communities and the environment. In Ghana, where sectors such as mining and petroleum can have significant environmental impacts, legislation can help prevent degradation and protect biodiversity,” he said.
By Ernest Kofi Adu, Parliament House