The Institute of Directors is insisting on a mandatory training of directors for both public and private institutions.
This follows the poor corporate governance practices in both private and public institutions accounting for the high corruption and financial misappropriation especially in the financial sector.
The Bank of Ghana attributed the collapse of some 7 banks to poor corporate governance.
It therefore directed that effective January 1, 2019; directors would among other things undertake a corporate governance training programme at the National Banking College as a way to ensure effective management of financial institutions.
The Institute of Directors therefore says it will lead the advocacy to ensure the mandatory training of directors of both the public and private sectors.
Speaking at the media launch of the Institute’s week, its president, Rockson Dogbegah says the institute has begun engaging stakeholders on the modalities.
“We have a situation in this country where everybody gets up and gets onto a board without the requisite skills and knowledge. Board business is a serious business and you cannot play that role meaningfully if you don’t have the needed capacity.”
A fellow at the institute, Professor Bright Kobla Ahetor, underscored the need for competent individuals to be appointed unto boards, to take tough decisions.
The board room is a place where tough decisions are taken in the interest of the larger population. It should not be a compensation or for political offers. Once we are able to do this, then there can be some sanity in the system.
The celebration of the directors’ week is the maiden edition. The event which will be characterized by stakeholder engagements and forums, is themed “stimulating the culture of good corporate governance and leadership”.
By Grace Asare | 3news.com | Ghana