Ghana to get Corporate Governance Code in 12 months

The Institute of Directors Ghana (IoD) has commenced processes to develop a National Corporate Governance Code to promote good corporate governance in the public and private sectors.

Consequently, the Institute, on Wednesday, January 19, 2022, inaugurated an 18-Member Committee, drawn from diverse sectors, to facilitate the development of a National Corporate Governance Code in one year.

The project seeks to harmonise the existing different industry and sector-specific governance codes into a national code that would provide ease of compliance and reference to promote the culture of good corporate governance.

Speaking at a virtual inauguration ceremony on Wednesday, Mr Rockson Dogbegah, President of IoD, said the importance of corporate governance in building strong institutions, communities, economies as well as helping to avoid the collapse of businesses could not be overemphasised.

From time immemorial, corporate failures had had their roots in poor corporate governance, he said.

Mr Dogbegah said the Code would not only serve as a unified National Corporate Governance reference for good corporate governance for stakeholders in the country but would also seek to enhance Ghana’s global appeal as an investment destination.

“It will provide clarity, inclusiveness, harmony and synergy and boost investor interest and confidence as the harmonised code is expected to be in conformity with international best practices.”

Mr Dogbegah said the IoD had established a Project Directorate to ensure a successful execution of the project.

“We count on your professional expertise to achieving this national assignment. This is a voluntary service, and you must all consider it as a national service to Ghana,” he told the committee members.

Established in 1999, the IoD is a professional organisation committed to the professional practice of Corporate Directorship.

The Organisation exists to champion director professionalism and development through good corporate governance for the benefit of organisations, stakeholders, and the country at large.

Source: GNA

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