Board Chair of the United Bank of Africa (UBA) Ghana, Kweku Awotwi, has emphasised the importance of adopting a comprehensive approach to crisis management for both business leaders and policymakers.
He said that the world is at a critical juncture where nations and the global business landscape are continually being tested by unforeseen challenges and uncertainties.
Hence, he stressed that it is incumbent on leaders to have a well-rounded strategy in place in order to effectively navigate these turbulent times.
Mr Awotwi made these remarks at a public lecture organised by the UPSA Faculty of Management Studies (FMS) on Thursday, October 26.
Speaking on the theme ‘Governing in times of crisis: Navigating the Challenges,” Mr. Awotwi, a former CEO of the Volta River Authority, mentioned that effective governance is not merely about following established norms but involves independent thinking by duty bearers.
He therefore underscored the importance of having the right people who not only understand the complexities of crises but can also turn the tides in favour of positive change.
Mr Awotwi stated that leaders at the national and organisational levels must learn to conduct accurate diagnosis of the situation at hand in managing crises.
This, he said, requires a comprehensive understanding of the underlying issues, their causes, and their potential consequences, stating that accurate problem identification is the foundation of an effective response.
“In times of crisis, [Standard Operating Procedures] become very important,” he said. “if you [follow] them well, you can address the crisis, [but] if you don’t, you will be overwhelmed.”
He called for continuous engagements with key stakeholders in times of crisis, pointing out that this requires the development and implementation of a communication strategy that reassures stakeholders and instils confidence in them.
Dean of the Faculty of Management Studies, Prof Fidelis Quansah, said good governance remains pivotal to human survival and sustenance, hence the need to be deliberate about it.
She added that it is the responsibility of institutions to prepare themselves to navigate challenges through effective governance.
Prof Quansah said the lecture has therefore provided a platform for “intellectually stimulating and practical industry-relevant and solution-oriented discourse that is aimed at triggering transformation in governance practices in the country and beyond.”
The chairman for the occasion, Richard Osei Owusu, who is a member of the Advisory Board of the UPSA Enterprise and Innovation Centre (UEIC), commended the faculty for the laudable initiative while describing the theme for the lecture as apt for the times the country finds itself in.
The public lecture was attended by deans, heads of departments, faculty members, staff, and students of UPSA.
The FMS lecture series is one of several initiatives by the Faculty of Management Studies intended to provide a platform for both students and faculty to tap into the rich knowledge of industry leaders while fostering strong synergies between academia and industry.
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