Business News of Friday, 23 November 2018
The country’s leading media organization, The Multimedia Group has been recognised for its outstanding efforts in promoting accountability and good corporate governance.
The Managing Director of Multi TV, Santokh Singh, received the award on behalf of the company at the National Conference and Awards ceremony of the Institute of Directors Ghana organised in Accra.
The Institute was established in 1999 aims to promote good corporate governance in Ghana through training, consultancy services, research and advocacy.
The National Conference and Awards ceremony formed part of this year’s Directors Week celebration under the theme ‘Stimulating and sustaining the culture of sound Corporate Governance.’
The recent banking sector crisis experienced in Ghana exposed lapses in corporate governance structures, making it a subject of concern.
Delivering a speech on behalf of the Governor of the Bank of Ghana, Advisor to Governor, Grace Akrofi assured measures are being put in place to strengthen the systems in banks.
“Bank of Ghana will continue with reforms to maintain the stability and integrity of the financial sector. Already we have issued directives on corporate governance and fit and proper guidelines for top management of the banking sector”, she said.
However Senior Partner at law firm AB and David David Ofosu-Dorte cautioned attempts to promote good corporate governance should not be targeted at just the banks.
Delivering the keynote address, he warns that state-owned enterprises especially utility companies could be the next to face a similar crisis if corporate governance systems are not improved upon.
“Corporate governance in state-owned enterprises is more critical than in the banking sector”, he emphasized.
President of the Institute Rockson Dogbegah indicated that initiatives were being rolled out to promote good governance practices in the country.
As part of strategic interventions to stimulate and sustain the culture of good corporate governance and effective leadership in Ghana, the Institute is collaborating with both local and international organizations as strategic development partners to achieve its goals.
Marian Barnor, a member of the Board of Director of The Multimedia Group was also awarded for her contributions in promoting corporate governance.