Corporate governance critical for Africa's future.

Professor Mervyn King, a renowned international corporate governance expert, says corporate governance is critical for the future of the African Continent.

“We have a Continent full of resources but one thing that we lack is good governance in both governments and companies,” he noted.

Prof King was speaking virtually at the African Corporate Governance Network (ACGN), Institute of Directors Chairs' Forum.

The event was on the theme: “Integrated Thinking and Reporting Culture; The new Paradigm in Corporate Governance.”

 He said corporate reporting was the "life-blood" of accountability of companies with "integrated thinking" and reporting being absolute critical factors.

Prof King, also the Chair, Africa Integrated Reporting Council, said the way forward for the growth of businesses and companies was to ensure "proper ethical standards" as required under good corporate governance. 

“Corporate governance is about controlling and directing the companies to have proper ethical values and standards,” he added, saying there must not be compromises.

Mr Rockson Dogbegah, the Chair, ACGN Chair’s Forum, said the formation and creation of the Forum was born out of a critical need to ensure that the Continent was able to leverage on its experts of corporate governance.

He said it was very refreshing to see the utilization of the expertise of members in key positions across the Continent.

“It is time we promoted the strategic leadership of experts on the Continent for occupations for our well qualified and result-oriented people as a key in turning the fortunes of the Continent,” he stated.

The Chair observed that many people did not abide by the principles of good ethics and integrity and said the Continent needed ethical result-oriented leadership to transform the attitudes of the people.

He called on corporate governance experts to lend support to political leadership in a strategic manner to change the negative narrative on the Continent. 

“Political leadership must be ready to embrace our expertise as professionals into their leadership space for the utilization of our talents,” he said.

Mr Dogbegah noted that in Ghana, the Director-General of the State Interest and Governance Authority had advanced the publication of the positions of CEOs and Board Chairs in State-Owned Enterprises to allow for the selection of the best talent for the job role.

 He described the initiative as positive and said it could lead to good corporate governance outcomes if managed well.