Accra, July 13, GNA - The Newly-elected
President of the Institute of Directors, Ghana (IoD-GH) has called for
legislation for the introduction of strict corporate governance structures in
both public and private institutions.
The structures, he said, should take into consideration the various corporate governance models anchored on effective monitoring and evaluation, rewards and sanctioning regime.
In his acceptance speech at the annual general meeting of the IoD-GH in Accra after his election, Mr Dogbegah said the move would help reduce the incidence of corruption in all sectors of the economy.
Nadine Ekua - Tawiah Amuah Oduro, was elected the vice president while seven other council members were also elected.
“I want to suggest that for Ghana to achieve value for money in its fight against corruption, there is a need for it to legislate that all institutions establish good and strict corporate governance structures,” he said.
Mr Dogbegah observed that many scandals in sectors, including banking and finance, judiciary, government, football administration and construction in the last half decade had been as a result of poor corporate governance practices.
He said good corporate governance was becoming a scarce among private and state- institutions and that government must take issues of corporate governance in both public and private sectors seriously.
He also suggested good corporate governance models and called for culture to be introduced in the curriculum of secondary and tertiary institutions to introduce students to best practices.
On the Institute, Mr Dogbegah said his vision was to “reposition the Institute to be a more vibrant, responsible and effective corporate governance professional body, which is responding to the needs of its members and the society, in a sustainable and efficient manner”.
To achieve this, he said, his administration would pursue nine key projects, including advocacy to ensure the mandatory training of directors in corporate governance and lead a drive to grow the membership base and partners of the IoD-GH.
He thanked members of the institute for the confidence reposed in the new executive to lead the Institution for the next two years and asked them for support.
The out-going president Dr. Frederick Ofosu Darko, in his speech, emphasised the need for good corporate governance as it would help in the growth of the country.
He recounted the achievements of the Institute during his tenure of office and charged the new council to sustain the gains chalked so far.
The Institute of Directors-Ghana is an Institution that has its focus on Corporate Governance training. It was registered on May, 21 1999, a year after participants of a workshop on corporate governance advocated its formation.