Corporate Governance in Ghana
The Ghanaian corporate governance space is in a burgeoning state. The passage of the new Corporate Governance Code, which specifies mandatory rules on corporate governance issues, is particularly significant in ensuring that minimum standards are met by companies in line with widely recognised international practices. With the failure of a number of Ghanaian indigenous banks, the shutdown and revocation of licences by regulators of some microfinance institutions and the hostile takeover of the country’s premier mortgage finance institution by a Caribbean banking conglomerate, interest in the adoption of policies that protect wider stakeholder interests in Ghanaian companies has been generated.
The banking sector has been particularly responsive on the subject, understandably. With the laissez-faire attitudes of most individual shareholders, the active engagement and involvement of institutional investors is critical in shaping the governance culture of local companies. The current BoG Directives and Corporate Governance Code reflect the changing attitude towards the importance of corporate governance in sustaining various sectors of the Ghanaian economy.
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