Corporate boards are a unique part of any modern institution.
They are immensely relevant to shaping strategy, ensuring accountability and ultimately influencing the long-term performance of organisations.
One aspect often overlooked is the composition of the boards themselves, not only in terms of governance outcomes but also in relation to the diversity of perspectives that guide institutions.
The argument for women's representation on boards extends far beyond questions of equity and inclusion.
Research consistently demonstrates that board diversity improves the quality of governance and ensures that institutions benefit from stronger stakeholder engagement, broad perspectives, experience and expertise.
Insights from the Top 100 Women Board of Directors in Ghana 2026
The 2026 Top 100 Women Board of Directors in Ghana ranking drew representation from 100 organisations, comprising 64 public institutions and 36 private institutions.
Across the 100 organisations, we identified 895 board positions, with 19 organisations having recorded women as their Board Chairs.
This is a significant improvement from our 2023 data, where only 10 women served as Board Chairs among the organisations we studied.
However, it is of unfortunate interest to note that more than 22 months after the coming into force of Ghana's Affirmative Action Law, our data shows that only 232 (25.9%) out of the 895 board positions are currently occupied by women.
This is a decline in female board representation, whether compared to the global average (28.3%) or the target set by the Affirmative Action Law (30% by 2026).
Even though this is 0.9 percentage points higher than the continental average (25%), it still falls below countries like South Africa, Botswana and Kenya.
Banking & Financial Services
The strongest board representation continues to come from Banking and Financial Services organisations, accounting for 40% of all women in the final ranking.
Of the 22 financial institutions, Absa Bank Ghana emerged as the leading institution: 57%, four out of seven, of the bank's seven-member board are female.
It is unfortunate, but not surprising, to find that GCB Bank, the largest indigenous bank, recorded only 17% female representation on its 12-member board.
More concerning, Agricultural Development Bank PLC (ADB) recorded no female representation on its nine-member board.
Government, Regulation & Public Institutions
The Ghana Stock Exchange recorded the highest female representation, with women occupying 63% (five out of eight) of board positions, including the Board Chairperson's position.
A striking example is the Lands Commission, which has the highest number of board seats among the organisations we surveyed, yet the least women's representation: out of 26 board positions, only one seat (3.8%) is held by a woman.
Energy, Petroleum & Utilities
Tema Oil Refinery (TOR), which recorded 43% female representation in 2023, has no female representation on its board in 2026 despite maintaining a ten-member board, one of the most significant declines observed.
Conclusion
The story of women in Ghana's boardrooms is ultimately one of progress, resilience and opportunity.
While significant gaps remain, the findings from the 2026 Top 100 Women Board Directors in Ghana ranking are telling, in that meaningful progress is being made across both public and private institutions.
This reinforces the need for consistent advocacy on the Affirmative Action benchmarks.
This report accompanies the Top 100 Ghana's Women Board Directors 2026 ranking by Avance Media Africa.
For the full data set, sector charts and the complete Top 100 list, visit www.avancemedia.org/gwbdr
The writer is the Founder & Managing Director, Avance Media Africa.
