The University of Professional Studies, Accra has organised a stakeholder engagement seminar aimed at sustaining and improving Ghana’s corporate governance system.
The one-day event brought together prominent personalities and stakeholders from the business, government, legal, and academic sectors, and provided a conducive platform for meaningful dialogue while fostering collaboration and knowledge sharing.
Lawyer Samuel Okudzeto, a Senior Partner at Sam Okudzeto Chambers, who delivered a keynote address, underscored the importance of effective governance in building investor confidence and promoting sustainable economic growth.
Speaking on the topic “Corporate Governance: The Ethos, the Significance, and the Delivery,” the renowned legal practitioner noted that corporate governance advocates the rule of law, responsibility, and diligent adherence to ethical standards.
He stressed that effective corporate governance also requires a strong independent board, the strength of character of the leaders, and independent minds that are committed to doing what is right at all times.
“For corporate governance to thrive, we need checks and balances, fairness, responsibility, disclosure, and accountability in the administration of businesses and organisations,” Mr Okudzeto said.
He further added that underpinning corporate governance practises are ethics, morality, discipline, and integrity, requiring for principle-centred leaders who are thoughtful and rigorous and do not take legal and ethical conduct for granted.
Mrs Jemima Oware, the Registrar of Companies, commended the management of UPSA for bringing together important stakeholders to discuss and strengthen corporate governance practises in Ghana.
She highlighted the critical role of corporate governance in promoting ethical practises such as accountability, transparency, fairness and responsibility within organisations.
“The effect of good corporate governance practises is that they ensure a company’s integrity, overall direction, risk management, and succession planning,” Mrs. Oware said.
“It [also] helps companies stay financially viable, fostering a strong [business] community as well as shareholder and investor relations and trust, attracting investment, and promoting economic growth.”
She believes the stakeholder engagement seminar has laid a robust foundation for a collaborative effort that will drive positive change in the corporate environment.
Director of IWES, Dr Mary Essiaw, noted that the stakeholder engagement seminar served as a significant step towards ensuring that Ghanaian businesses and organisations adhere to global best practises in corporate governance.
She said the impact of Ghana’s corporate governance system is anticipated to be far-reaching, enabling the nation to thrive in the global business arena while upholding the highest standards of integrity and responsibility.
The seminar was co-organised by the Institute of Professional Studies (IPS) and Institute of Works, Employment and Society.
It offered a platform for participants to explore strategies to enhance the governance framework, align it with international standards, and address challenges facing Ghanaian companies.