Second Deputy Governor of the Central Bank, Elsie Addo Awadzi, has expressed her support for plans by the Institute of Directors Ghana (IoD-Gh) to formulate a National Corporate Governance Code.
According to her, the formulation of the national code by IoD-Gh will among other things build on directors’ duties, responsibilities and liabilities, especially under the new Companies Act 2019 (Act 992).
“I strongly endorse the IoD-Gh’s plans to spearhead the development of a National Corporate Governance Code. This will build on the enhanced director’s duties, responsibilities, and liabilities under the new Companies Act 2019 (Act 992) and, the Corporate Insolvency and Restructuring Act (Act 1015) as well as sector-specific Corporate Governance requirements such as those published by the Bank of Ghana, Securities and Commission and the Ghana Stock Exchange,” she said.
“It will also build on the principles of environmental and social governance enshrined in the Ghana Sustainable Principles launched by the Bank of Ghana, the Ghana Association of Bankers and the Environmental Protection Agency in November 2019, and the Extractive Industries Transparency Code adopted by the Ghana Extractive Industries Transparency Initiative,” she averred.
The National Corporate Governance Code when fully developed, according to the President of IoD-Gh, Rockson Dogbegah, will provide organizations in the country a single source code of good corporate governance practices and also avert potential corporate failures.
Speaking further, the Second Deputy Governor encouraged IoD-Gh to continue to develop strategic partnerships with key stakeholders in Ghana and beyond to augment its resources and capacity so as to accelerate its impact on the local corporate governance landscape.
“Much has been achieved, but a lot more remains to be done to deeply entrench good corporate governance in our way of doing business in Ghana for the common good common good,” she noted.
Mrs Elsie Addo Awadzi, was on Thursday, November 26, 2020, inducted as a Honorary Fellow of the Institute, during an awards ceremony organized by the IoD-Gh.