Accra Academy chalks 85 years

The Acting Chief Executive of the Ghana National Petroleum Corporation (GNPC), Mr Alexander Kofi-Mensah Mould, has called on corporate organisations and business entities to adopt new corporate social responsibility that is more responsive to the needs of societies in which they operate.

That, he said, would help businesses to solve society’s more pressing needs, while at the same time create a flourishing environment for their businesses.

Delivering the Accra Academy’s  85th Anniversary Founders’ Day Memorial Lecture in Accra, Mr Mould noted that it was about time businesses moved from the old rhetoric of Corporate Social Responsibility (CSR) to more effective proposition of creating shared value which does not destroy value for society in creating businesses.  

He noted that CSR was proving inadequate to meet the ever growing public expectation about the role of business in society and, therefore, societies were demanding that businesses create social value and be good environmental stewards at the same time.

The lecture which was sponsored by the 1978 Year Group was on the theme, “Creating Shared Value: A Force To Drive Competitive Advantage And National Development,” brought together the board members of the school, staff, past students, as well as some captains of businesses.

“The overarching goal must be to create shared value so that both business and society will benefit. This creates opportunities that will align business and society interests and integrate environmental stewardship,” he said. 

Mr Mould said it was the collective interest of businesses and society to find lasting solution to societal problems such as the frequent power outages, traffic jams situation in the cities, perennial flooding in Accra and the looming crisis of graduate unemployment, while at the same time making profit.

GNPC example

He said available data from the Petroleum Commission showed that as at third quarter 2015, the oil and gas sector had provided direct high quality jobs for more than 5000 Ghanaians through the local content and local participation law.

“The data further shows that between 2010 and third quarter 2015, the value of contracts for services awarded to Ghanaians amounted to over US$1 billion with the ultimate aim to get Ghanaians to own a part of the expanding oil and gas industry,” he said.

Mr Mould said that GNPC was pursuing the vision of becoming a leading global oil and gas company through becoming a stand-alone operator by 2019 and a world-class operator by 2027 whose operations would have a profound impact on the quality of life of the people of Ghana.  

He said the concept of creating shared value guided GNPC to offer support to institutions such as the Korle Bu Teaching Hospital, the Noguchi Memorial Institute for Tropical Medicine, the Komfo Anokye Teaching Hospital in Kumasi, building of school infrastructure in frontline communities of its operational areas in the Western Region and also providing scholarships to Ghanaian students.