A seven-member interim Executive Committee of the Institute of Directors, Ghana (IoD-Ghana) has been inaugurated in Cape Coast to promote the culture of good corporate governance in the Central Region.

Chaired by Professor George K.T Oduro, former Pro Vice-Chancellor of the University of Cape Coast (UCC), the committee has Professor John Gatsi, Lecturer, Mrs. Priscilla Baaba, Facility Officer, UCC School of Development Studies and Mrs. Alberta Yaa Graham, College Registrar, UCC Education Studies, as members.

The rest are Mr. Moses Kwao, Cape Coast Branch Manager of National Investment Bank, Dr. Abrahim Ansong and Dr. Alex Adom both of the Department of Management Studies, UCC.

Speaking at the inauguration ceremony, Mr. Rockson Dogbegah, National President of IoD-Ghana, said Ghana will become a higher middle level income country only if it incorporate good corporate governance into all levels of management of the various sectors of the economy.

According to him, corporate governance had become an important component of development and that “we cannot survive as a country if we do not strengthen the business of promoting good corporate governance culture.”

Mr. Dogbegah indicated the need for the strengthening of corporate governance structures in all institutions to ensure that shareholders were treated equally and fairly and urged institutions to meet their contractual, legal and social obligations to non-share holders as well.

He added that the multiplicity of issues arising in the various sectors of the economy were as a result of the lack of appreciation of good corporate governance.

Professor John Bright Aheto, a Fellow with IoD-Ghana, admonished the committee members to work towards improving corporate governance practices, accountability, and law compliance and regulations in the country.

He tasked them to do their best to ensure the development of the Institute to contribute towards the promotion of good corporate governance.

According to him, accountability, integrity and transparency were key pillars of good corporate governance and urged the Committee members to be guided by such principles.

Professor George Oduro noted that there was a big challenge in differentiating between political interest and corporate interest in Ghana and stressed the need for a change of mindset to draw clear lines between the two.

He assured that the Committee would work in collaboration with academic and other identifiable institutions to increase advocacy on the need to commit to good corporate governance.

Prof. Oduro on behalf of the Committee, expressed gratitude to IoD-Ghana for the confidence reposed in them and pledged to give of their best.