Accra, Aug.02, GNA—The Institute of Directors-Ghana (IoD-Gh) says the Auditor-General’s report is an opportunity for collaboration amongst institutions to establish and sustain best practices to ensure better corporate outcomes.
A statement signed and issued by the Reverend (Mrs.) Angela Carmen Appiah, its President, said the Institute was, therefore, ready to collaborate with any and all stakeholders in both the public and private sectors to effectively address the challenging issues raised in the Auditor-General’s report.
“Our resolve is to continue playing an active role in improving the culture of good corporate governance, which will ultimately lead to the growth of our economy and the prosperity of Ghana. Together, we can build a stronger and more prosperous nation through ethical leadership and good corporate governance,” it said.
A recent report released by the Auditor-General uncovered GHS15.1 billion financial irregularities in public boards and corporations.
The audit finding, which has been widely carried by media houses across the country, highlights a recoverable amount of 99.69 percent, with the administrative portion being GHS47.3 million.
The Governing Council of the IoD-Gh said it was “very disheartening” to learn and observe that the yearly irregularities occurred as a result of poor oversight responsibility and nonexistent or weak internal controls.
It said as the leading advocate for good corporate governance and ethical leadership in Ghana, IoD-Gh was committed to upholding the highest standards of corporate governance in the country.
“It is our firm belief that building a strong foundation of ethical leadership is essential to fostering a culture of transparency, integrity, and accountability.
“We are, therefore, open to listening and engaging with relevant stakeholders to redress institutional gaps and weakness and support boards and committed individuals in adopting ethical best practices in corporate governance and leadership in Ghana.”
“As a professional body, we are committed to challenging the narratives about African leadership, promoting good corporate governance, and fostering ethical leadership across the country,” the statement said.
IoD-Gh’s mandate is to champion director professionalism through advocacy, training, and research in corporate governance to promote the culture of good governance in organisations and thereby improving the overall ethical conduct in the Ghanaian business community.
Over the last two decades, IoD-Gh has made significant inroads into the governance landscape of the country.
The statement said by experience, the Institute possessed the expertise and capacity to offer comprehensive solutions to address the challenges highlighted in the Auditor-General’s report.
It said the Institute fully understood the importance of robust oversight and effective control mechanisms to prevent the recurrent financial irregularities and ensure sustainable growth and development in both the public and private sectors.
The statement said the Institute also offered a wide range of bespoke services, including regular and customised training programmes, to equip directors (executive and non-executive), top executive management, and all corporate leaders with the knowledge, skills and attitudes necessary to make informed decisions and to uphold ethical standards.
“… We have valuable resources such as The National Corporate Governance Code and the Directors Handbook – The Best Practice Guide, among others, which provide practical guidance and solutions to prevent infractions and promote sound corporate governance practices within organisations, ” it said.
GNA