The passage of a newly proposed banking law by the Bank of Ghana will improve the operations of banks as the country attracts more foreign investors, Muhammed Najib Ibrahim, Head of Audit and Inspection at Sahel Sahara Bank, Ghana, has said.
According to him, the comprehensive regulation which covers corporate governance will ensure that banks are modernised and efficient in the offer of products and services.
“If passed, believe you me, we are going to see a lot of revolution in the industry,” he told Class FM’s Moro Awudu on the Think Ahead business segment of the Executive Breakfast Show.
During the discussion centred on corporate governance on Monday, March 14, Mr Ibrahim explained that the laws were detailed and covered all aspects of banking “such that Board and Management cannot do things on their own”.
He was optimistic that other regulated sectors would also do same to ensure that “standards being set are adhered to”.
He was of the view that “the economy is opening up, multinational investors are coming in, and we cannot continue to do the things the same way”.
He was of the view that the corporate governance or style of every firm must be apt and, periodically, independent experts must review the structures to determine if the company’s governance structure is properly formulated towards achieving the goals of the firm.
He added: “Businesses are bound to fail when owners sidestep governance structures.”
The Think Ahead radio programme is a collaboration between Class FM and the Association of Chartered Certified Accountants (ACCA) to provide a platform for the discussion of topical issues which will help listeners to develop business skills and be proactive in dealing with problems in the day-to-day running of their businesses.
The programme airs every Tuesday on Class FM’s Executive Breakfast Show from 8:30am to 9:15am and takes the form of a brief presentation of the specific subject matter under discussion while listeners are allowed to contribute and ask questions on the subject.
ACCA is the global body for professional accountants and aims to offer business-relevant, first-choice qualifications to people of application, ability, and ambition around the world who seek a rewarding career in accountancy, finance, and management.
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