The Governing Council of the Institute of Directors Ghana (IoD-Gh) has described as scary the yearly irregularities recorded by state-owned institutions.

The 2022 Auditor General Report uncovered total irregularities of ¢15.059 billion among Public Boards, Corporations and other Statutory Institutions.

The discovery included $1.477 billion converted into Ghana cedis at the prevailing exchange rate of ¢8.5760 to US$1 as of December 31, 2022 and £61,748 converted into Ghana cedis at the prevailing exchange rate of ¢10.3118 to £1 as of December 31, 2022.

In a press statement signed by its President, Rev. (Mrs.) Angela Carmen Appiah, the Institute of Directors Ghana reiterated its unwavering and total commitment to upholding the highest standards of corporate governance in Ghana.

“It is indeed very disheartening to learn and observe that these yearly irregularities occurred as a result of poor oversight responsibility and nonexistent or weak internal controls. As the leading advocate for good corporate governance and ethical leadership in Ghana, IoD-Gh reiterates our unwavering and total commitment to upholding the highest standards of corporate governance in Ghana.”

As a professional body, it said it is committed to challenging the narratives about African leadership, promoting good corporate governance, and fostering ethical leadership across the country.

“Even though we are saddened by this report by the Auditor General, we are very hopeful that this offers an opportunity for close collaboration to establish and sustain best practices to ensure better corporate outcomes”, it explained.

It furthered that “Our resolve is to continue playing an active role in improving the culture of good corporate governance, which will ultimately lead to the growth of our economy and the prosperity of Ghana. In this regard, the Institute stands ready to collaborate with any and all stakeholders in both public and private sectors to effectively address the challenging issues raised in the Auditor-General’s report”.

Our mandate is to champion director professionalism

The Institute said its mandate is to champion director professionalism through advocacy, training, and research in corporate governance to promote the culture of good governance in organisations and thereby improving the overall ethical conduct in the Ghanaian business community.

Over the last two decades, the IoD-Gh has made significant inroads into the governance landscape of the country and by experience, possesses the expertise and capacity to offer comprehensive solutions to address the challenges highlighted in the Auditor-General’s report.

“We fully understand the importance of robust oversight and effective control mechanisms to prevent the recurrent financial irregularities and ensure sustainable growth and development in both the public and private sectors.

It is our firm belief that building a strong foundation of ethical leadership is essential to fostering a culture of transparency, integrity, and accountability. We are therefore open to listening and engaging with relevant stakeholders to redress institutional gaps and weakness and support boards and committed individuals in adopting ethical best practices in corporate governance and leadership in Ghana”, it stressed.

It conclude that its track record of achievements in equipping business leaders and public sector leaders with the ability and will to insist on international best practices in corporate management and leadership stands as a testament to the effectiveness of our approach.