The Guidelines of Corporate Governance of Ghana: Issues, Deficiencies and Suggestions

Abstract

The worldwide mushrooming of codes of corporate governance has resulted in a formalisation of mies and norms. These mies and norms have undeniably been proven to be important constituents in shaping the present corporate governance structures across the globe. The 2010 Code of best practices for corporate governance issued by the Securities and Exchange Commission of Ghana is an archetypical of such codes. It is irrefutably the most encyclopaedic guideline for good corporate governance practices presently in Ghana. It contains overarching provisions for effective corporate governance practices in Ghana. This paper presents a painstaking review of the code. It first examines key properties of the code. Next, the main deficiencies of the code are illuminated by examining the provisions that lack clarity. Also, other unqualified derelictions, substandard provisions and common gaffes in the code are highlighted. It then makes suggestions with the idea that they would be taken into consideration if future remediation of the code is to be undertaken. [PUBLICATION ABSTRACT]