IoD-Gh’s take on Auditor-General's report on GH₵15.1billion financial irregularities in public boards and corporations

The Governing Council of Institute of Directors-Ghana (IoD-Gh) has taken note of the recent report released by the Auditor-General which uncovered GHS15.1 billion financial irregularities in public boards and corporations.

The audit finding, which has been widely carried by media houses across the country, highlights a recoverable amount of 99.69 per cent, with the administrative portion being GHS47.3 million.

It is indeed very disheartening to learn and observe that these yearly irregularities occurred as a result of poor oversight responsibility and nonexistent or weak internal controls. 

As the leading advocate for good corporate governance and ethical leadership in Ghana, IoD-Gh reiterates our unwavering and total commitment to upholding the highest standards of corporate governance in Ghana.

Our mandate is to champion Director professionalism through advocacy, training, and research in corporate governance to promote the culture of good governance in organizations and thereby improving the overall ethical conduct in the Ghanaian business community.

Over the last two (2) decades, the IoD-Gh has made significant inroads into the governance landscape of the country and by experience, possesses the expertise and capacity to offer comprehensive solutions to address the challenges highlighted in the Auditor-General's report.

We fully understand the importance of robust oversight and effective control mechanisms to prevent the recurrent financial irregularities and ensure sustainable growth and development in both the public and private sectors.

It is our firm belief that building a strong foundation of ethical leadership is essential to fostering a culture of transparency, integrity, and accountability. 

We are therefore open to listening and engaging with relevant stakeholders to redress institutional gaps and weakness and support boards and committed individuals in adopting ethical best practices in corporate governance and leadership in Ghana. 

IoD-Gh offers a wide range of bespoke services, including regular and customized training programmes, to equip directors (executive and non-executive), top executive management, and all corporate leaders with the Knowledge, Skills, and Attitudes necessary tomake informed decisions and to uphold ethical standards.

Our track record of achievements in equipping business leaders and public sector leaders with the ability and will to insist on international best practices in corporate management and leadership stands as a testament to the effectiveness of our approach.

Furthermore, we have valuable resources such as The National Corporate Governance Code and the Directors Handbook - The Best Practice Guide, among others, which provide practical guidance and solutions to prevent infractions and promote sound corporate governance practices within organizations.

As a professional body, we are committed to challenging the narratives about African leadership, promoting good corporate governance, and fostering ethical leadership across the country. Even though we are saddened by this report by the Auditor General, we are very hopeful that this offers an opportunity for close collaboration to establish and sustain best practices to ensure better corporate outcomes.

Our resolve is to continue playing an active role in improving the culture of good corporate governance, which will ultimately lead to the growth of our economy and the prosperity of Ghana. 

In this regard, the Institute stands ready to collaborate with any and all stakeholders in both public and private sectors to effectively address the challenging issues raised in the Auditor-General's report.

Together, we can build a stronger and more prosperous nation through ethical leadership and good corporate governance.

By order of the President

Rev. (Mrs.) Angela Carmen Appiah (FIoD)