Dr. Dan Ofori, a Lecturer at the University of Ghana Business School on Wednesday observed that many corporate institutions in the country lack understanding of the concept of Corporate Social Responsibility (CSR).
He said, consequently, these companies were largely involved in philanthropic activities which they wrongly classified as CSR.
Dr. Ofori made that observation at a stakeholders� consultative meeting in Ho aimed at developing a CSR policy for the country.
The meeting was under the auspices of Ministry of Trade and Industry (MOTI) with support from the German Development Organization (GIZ-Ghana).
�CSR is how businesses related to society, how well businesses behave as good citizens and not giving money and products to the vulnerable,� Dr. Ofori stated.
He attributed the current situation to the absence of a national policy on CSR and was hopeful the policy would address the gap.
He said �strategic CSR� benefited the workers as well as the companies, �paying your workers well is part of �strategic CSR.�
Dr. Ofori said a national CSR policy would promote the contribution of businesses to socio-economic development of the country.
He said it would also ensure that CSR practices meet international standards and enhanced the attractiveness of the private sector in the country.
Mr. Joseph Afotey Agbo, Volta Regional Minister in a speech read on his behalf said it was important for companies to work at improving their impacts on society.
He said they should see addressing the wider social and environmental challenges of their communities as a priority
Mr. Lambert Kwakudua, Volta Regional Officer of MOTI said a CSR policy for Ghana was vital in view of the discovery of oil and gas in commercial quantities and the increasing number of extractive companies in the country.
Some participants who spoke to the Ghana News Agency said a national CSR policy was long overdue and urged experts working on it to expedite its formation.
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