First Deputy Governor of the Bank of Ghana (BoG), Dr Maxwell Afari-Opoku, has averred that corporate governance structures in the banking sector have registered an appreciable level of improvement since the banking sector clean-up exercise.
The registered improvement in the corporate governance structures of banks and specialised-deposit-taking institutions (SDIs) the First Deputy Governor points out, is due to the issuance of series of corporate governance directives for implementation by banks and SDIs.
“In recent past, weak corporate governance among others was identified as one of the challenges that nearly brought the banking sector in Ghana to its knees. BoG took decisive steps to clean the sector by resolving the insolvent ones and strengthening the corporate governance structures of those that emerged strong after the exercise.”
“In that regard the BoG issued a series of governance directives to institutions for its implementation.”
“An appreciable improvement in corporate governance structures has been registered in the banking sector since the issuance of these directives,” averred Dr Afari-Opoku.
The First Deputy Governor made the above assertions speaking at the maiden virtual edition of a monthly seminar series to be held jointly by the African Corporate Governance Network (ACGN) and the Institute of Directors-Ghana (IoD-Gh).
The theme for the maiden edition was Transformational Leadership: Unlocking Success without a Leader.
Speaking further at the virtual event, Dr Afari-Opoku intimated that transformational leadership is what is necessary to reset African economies during and after the pandemic.
Adding the current environment occasioned by the pandemic is characterized by uncertainty, global turbulence and organisational instability, which further calls for transformational leadership to prevail at all levels as African economies strive to build back better.
The First Deputy Governor further expressed hope that the IoD-Gh and ACGN will sustain the monthly seminar series as it will help broaden compliance with corporate governance standards which is pivotal to the transformation agenda of the Ghanaian economy and the continent at large.
“We at BoG will like to associate ourselves with the activities of IoD-Gh and its monthly series as they hold the promise to fast track delivery of capacity building for directors.”
“We will continue to support such capacity building initiatives so as to build robust and resilient institutions not only in the financial sector but also in all other sectors of the Ghanaian economy,” stated Dr Afari-Opoku.
The African Corporate Governance Network (ACGN) is a collaborative network of director membership organisations that promote effective corporate governance on the African continent.
It has 19 members and 9 affiliate members from 19 African countries representing over 20,500 senior executives and directors across the continent.