Excerpts of a Textbook on Corporate Governance and Development Practice © 2013– Available on Amazon.com
Due to the breakdown and turbulence in the financial sectors of Ghana businesses by which the Bank of Ghana (BoG) has collapsed about five (5) banks in 2018 is an indication that we Ghanaian professionals and technocrats are not who we think we are as Ghanaian Policy Makers and Businessmen. In view of this I share herewith something better for our future generations to come.
Comparison, Contrast and Critique
In fact, governance and corporate governance as written above raise several questions that need some answers. Is it true that we have corporate type of businesses in Ghana? If we do, then in terms of global competitive power, do Ghana businesses have such powers to compete continentally and not to talk of internationally? Do we have Credit Rating Agencies to monitor and support people such as investors and potential partners for investment purpose? What are the Risks measurement indicators or controllers in Ghana to advance the country’s businesses in terms of forecasting? How applicable and meaningful is the rule of law in the country’s corporate business?
What is ironic in this country is that foreign investors rather get away with what they want in terms of trading with our natural resources like gold, sheabutter, cocoa, oil etc. Look at gold mining with regards to galamsay operations, the environment get destroyed and they milk away what they want at the expense of many more Ghanaians suffering. This cannot constitute good governance. I saw on Television on the GBC Regional Diary news that reported on Public Interest and Accountability Committee, and I asked, where is this from and what are they for? Besides, what is the work or role of the Audit department then? What should we believe as a country? Government even established commissions to look into debts and misappropriations of funds. All these means that we haven’t got corporate governance not to talk of good governance. Before you have governance, it must be working for you and not just by mentioning its name at all times.
To have good governance in this country the governments have to learn and practice how to hire and fire if targets are not met and also if there is misappropriation or malpractice. Without this measure, our institutions cannot function properly and hence, we cannot be totally developed. Conniving and condoning with authorities in responsible positions does not promote governance. Governance is not about political affiliation sympathy or party member sympathy; it is about the society as a whole, and so if one is not performing or has done something wrong against his responsibilities, the person must face the consequences of his actions or inactions.
If the above lessons are what governance and corporate governance is all about then we are nowhere near such new catch phrases such as company as corporate body and government for governance. The simple reason has been that the high records of malpractices and corruption issues surrounding the air waves of the nation are alarming.
Corporate governance was created in the first place because of company looting or stealing by authorities without any better return to investors or much beneficial to the society and shareholders. Do the government of Ghana and the departments make proper accounts and reports as stipulated by the constitution and other state laws? This is a challenging question and if so, how can we claim that we are corporate governance practitioners. Ghana PAC (Public Accounts Committee) and Ghana at 50 years’ Commission of Enquiry have proven it all to the people about the negative attitudes and wrong practices in our institutions. We need to embrace a clean sheet before we can say that we are who we think we are. As a country, we are still talking about corruption all the time. It never goes away; hence, we have no governance not to talk of efficient corporate governance.
Importantly, referring to Ghana’s first President, late Dr. Kwame Nkrumah once stated that our independence is meaningless unless black men can manage their own affairs. From this point of view, I would extend this by saying that a country’s effort towards development and growth would be meaningless if people in government positions and departments and the ordinary citizens cannot behave positively, and also, without proper and sustainable national databases to serve as reference and propagation of development process. This means Ghana’s development and growth will continue to be meaningless without the latter assertions.
In conclusion, the current financial breakdown and turbulence affirms the assertions made in this Corporate Governance and Development Practice © 2013 book. What is also important to note is that corporate governance is not the laws and constitution of a country but rather corporate governance is about good policy delivery and achieving objectives which is derived from good human capital developed and are available and providing services.