Corporate governance in Ghana

Purpose - This study aims to examine the mechanisms that were being used to enhance board accountability of Ghanaian listed banks, and how board accountability can be improved. Design/methodology/approach - The 2011 and 2016 annual reports of listed banks on the Ghana Stock Exchange were examined, and a survey questionnaire was sent to board members of nine banks. Findings - The results show that the directors of Ghanaian listed banks prioritise a shareholder approach to accountability, with a shift towards stakeholders. Audit committees, external audits and internal audits were the main mechanisms used by these banks to enhance board accountability. Some of these mechanisms were not used effectively by a number of these banks. Practical implications - Board accountability can be improved by appointing very competent people to the board, the national adoption of a mandatory code of corporate governance, regular rotation of external auditors and requiring non-executive directors to stand for re-election more frequently. Our research identifies weaknesses of accountability mechanisms and offers timely recommendations for banks and regulators to build stronger corporate governance systems. Originality/value - This study obtained valuable opinions of the boards of directors, provides insights on boards of Ghanaian listed banks and contributes to the literature of corporate governance and accountability in Africa.