The Chief Executive Officer (CEO) and chairman of the Fidelity Group Ghana Ltd, Mr Edward Effah, has urged heads of institutions and entrepreneurs to build their organisations in a way that will guarantee continuity even after they leave their positions.
He blamed the untimely collapse of many businesses on a lack of succession plan by the owners of such entities and called for effective mechanisms to be put in place to sustain such ventures.
He was speaking on “Corporate Governance” at the second edition of the Ghana CEO’s summit held in Accra. The summit brought together more than 300 CEOs who had brainstormed key strategies to enhance the growth of businesses.
Engage professionals
Mr Effah urged business owners to engage the services of competent professionals to give technical support and advice on business development.
He noted that good corporate governance was at the heart of any successful company and corporate leaders ought to make a conscious effort to indulge in best practices.
“Good governance does not start in the board rooms, it starts at home, schools, associations, church and at work. This is because these environments are where we form our good and bad governance habits. Good governance is an end in itself not a short-term project.” he said.
He said one way to ensure good corporate governance in any organisation was to have in place an effective board responsible for the company’s long-term success.
Transparency
Mr Effah urged them to be transparent in their operations, stressing “choose new directors through transparent and formal procedures. Directors must be committed to serve, it is not just another source of income.
“All directors must be properly inducted and given relevant training to stay abreast of modern trends in the businesses they operate in. Boards must meet regularly, have relevant information and hold evaluations at least once a year,” he said.
Citing the Fidelity Bank as an example, Mr Effah noted that the bank had come far because good organisational structures had been put in place, adding that the bank made it a priority to hire professionals with diverse skills and experience who work towards achieving the vision of the bank.
Background
The Ghana CEO Summit and Awards is the brain child of the Chief Executive Network Ghana Ltd. The summit aims to provide a platform that will enable both global and local CEOs to integrate and interact with world class subject experts to foster knowledge acquisition, learning, partnerships and synergies that can drive increased personal and organisational growth. The 2nd edition was on the theme: “Digital Innovation Economy for Business Growth.”
Fidelity Bank was a platinum sponsor of the 2nd edition of the Ghana CEO Summit because the bank believed in the responsiveness and capabilities of Ghanaians and is committed to supporting the growth of businesses in Ghana.