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Mr Alan John Kwadwo Kyerematen, Minister of Trade and Industry, says Good Corporate Governance practices are necessary for the promotion of  Ghana’s socio-economic transformation. 

He said it was in the interest of government and the country to promote best practices in corporate governance nationally to help build strong institutions, industries, and an even stronger, inclusive, and more sustainable economy.

Mr Kyerematen said this in a speech read on his behalf by the Deputy Minister of Trade and Industry, Nana Ama Dokua Asiamah Adjei, at a sensitization forum on the “African Principles and Guidelines on Corporate Governance - Building a Framework for Competitiveness and Growth for the Private Sector in Ghana,” organised by the African Peer Review Mechanism (APRM). 

He said the financial reforms in Ghana undertaken by the Bank of Ghana, the Global Financial crises in 2007 and 2008 were due to corporate failures and poor corporate governance. 

Therefore, he said good Corporate Governance was important in building not only strong institutions, but communities, and economies and consequently helped to avoid the collapse of businesses.

He stated that as the country emerged from the current COVID-19 pandemic, it required a new emphasis on strengthening governance and sound management of corporate Ghana and public sector institutions to deliver the desired outcomes for all stakeholder groups.

Corporate governance standards continue to evolve globally with increasing emphasis on effective risk governance, promoting sustainable and social development goals, board effectiveness, strong internal controls, and incentive structures that support prudent management.

Mr Kyerematen said the new Companies Act of 2019 (Act 992) had elevated governance standards for companies while, similarly, the provisions of the Public Financial Management Act of 2016 (Act 921), the State Interests and Governance Authority Act of 2019 (Act 990) were serving as guides. 

All of those, he indicated, had raised the bar for the governance of public sector institutions, including State-Owned Enterprises to help promote transparency, accountability, and prudence in the management of State resources for the benefit of Ghanaians.