IoD-Gh raises concerns over annual financial irregularities in SOEs
The 2022 Auditor General Report has laid bare a concerning pattern of irregularities in state-owned bodies, with a total of ¢15.059 billion flagged among Public Boards, Corporations, and other Statutory Institutions.
These findings include $1.477 billion converted to ¢8.5760 per US$1 and £61,748 converted to ¢10.3118 per £1, both as of December 31, 2022.
The Institute of Directors Ghana (IoD-Gh) has responded to these findings through a statement endorsed by its President, Rev. (Mrs.) Angela Carmen Appiah. In the statement, IoD-Gh underscores its unwavering commitment to maintaining the highest standards of corporate governance in Ghana.
IoD-Gh, as a professional body, asserts its dedication to reshaping perceptions about African leadership, fostering good corporate governance, and promoting ethical leadership across the nation.
Though dismayed by the Auditor General’s report, IoD-Gh sees this as an opportunity for productive collaboration to establish and uphold best practices that can lead to improved corporate outcomes.
IoD-Gh pledges to play an active role in enhancing the culture of good corporate governance, a crucial step towards economic growth and Ghana’s prosperity. The Institute is open to partnering with stakeholders in both public and private sectors to address the concerns raised by the Auditor-General.
IoD-Gh’s mission centers on advancing director professionalism via advocacy, training, and research in corporate governance. Their goal is to cultivate a climate of good governance within organizations, elevating ethical behavior within the Ghanaian business community.
Having made significant strides in the governance landscape over the past two decades, IoD-Gh emphasizes its capacity to offer comprehensive solutions for the challenges pinpointed by the Auditor-General’s report.
IoD-Gh firmly believes in robust oversight and effective control mechanisms to curb financial irregularities and foster sustainable growth. The Institute stresses the importance of building a foundation of ethical leadership, essential for nurturing transparency, integrity, and accountability. IoD-Gh extends a hand to engage with relevant stakeholders in addressing institutional gaps and bolstering ethical best practices in corporate governance and leadership.
IoD-Gh’s track record in equipping business and public sector leaders with the tools to champion international best practices stands as evidence of their effective approach.
