The Institute of Directors is set to push for a mandatory training of directors for both public and private institutions.
This follows the poor corporate governance practices in both private and public institutions which account for the high corruption and financial misappropriation especially in the financial sector.
The Bank of Ghana has also attributed the collapse of the defunct UT and Capital banks to poor corporate governance.
It has therefore directed that effective January 1, 2019, directors 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 an advocacy to ensure the mandatory training of directors of both the public and private sector.
Speaking at their 12th Annual General Meeting, President of the institute, Rockson Dogbegah said “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.”
He also indicated that they are going to legislate the training as a key requirement for directors.
Mr. Dogbegah expressed further that, the issue about laxity of most directors in the country requires that they be properly trained before giving the nod to work in that capacity.
“The Institute of Directors is also seeking to establish a corporate governance index to measure the strength of corporate governance practices in Ghana and implement the IoD-GH award scheme to promote good corporate governance across corporations”, he said.
Mr. Dogbegah added that, his outfit will lead a process to incorporate corporate governance studies in the Ghanaian educational curricula at various levels of education as a form of awareness creation on responsible management.
By Nana Oye Ankrah/citibusinessnews