Story by Assay Nkrumah /GhanaMatters.com
This week the world learned that, British MPs have labelled the “spectacular fall” of the giant contractor firm Carillion as the result of “recklessness, hubris and greed”
A report by the House of Commons MPs into Carillion’s insolvency has recommended that, former directors be banned from serving on other company boards, deeming them responsible for Carillion’s “rotten corporate culture” and “costly collapse”.
The British MPs also urged The Competition and Markets Authority in UK, to break up the four largest accountancy firms – Deloitte, KPMG, PwC and EY – after they failed to tackle the crisis.
Carillion collapsed in January 2018 with £1.5bn in debt.
On the other hand, Ghanaian citizens continue to see colossal failures and bad decisions being justified by appointees of present and former administrations each day without anyone facing charges.
Where’s the moral standards in corporate governance? Some Ghanaians are racing to be corrupt and irresponsible in managing public purse for free. This culture is indeed stifling progress and destroying livelihoods. Unemployment continues to rise in Ghana, particularly with the decision of Bank of Ghana to be strict on dysfunctional financial institution. More employees will be sent home in the coming days.
Ghanaians, particularly the teeming youths which constitutes a greater percentage of the population are hopeful that the confirmation of the deputy special prosecutor, Cynthia Lamptey, will speed up the process of uncovering and restoring some sort of serious justice in Ghana.
The effect of corruption on society can never be overstated. Quality of life, education, services and general happiness of the people are tied up with bad corrupt decisions.
Some thirty year ago, Ghana had working factories which have over time been collapsed. Bonsa Tyres and Abosso Glass Factories where sustainable manufacturing sites in the western region providing jobs for the people.
Today, communities built around these factories are all dead.
The Komenda Sugar Factory and Nsawam Cannery’s were also in existing. The nation cannot continue to talk about the bygone years without any meaningful strategy for the future. To make Ghana working again, a stamp on corporate behaviour must receive support from all political actors and civil societies in Ghana.
In recent times some financial institutions such as UT Bank and Capital Banks collapsed due to various decisions which could have been avoided if their boards acted right. Isn’t about time the laws regulating boards of corporations reviewed in Ghana?
It is also worth noting that, the four main accountancy firms – Deloitte, KPMG, PwC and EY accused of negligence in the UK also operate in Ghana and the sub regions.
The allegation of abysmal neglect and collusion should be a case that deserves to be looked into by the special prosecutor when considering financial misappropriation and bad board room decisions cases in Ghana.
In the coming weeks, in partnership with investigative journalists and citizens alike, we will begin to publish a series of serious blunders that have occured and continue to exist in corporate Ghana.
The hope is to get you aware of why Ghana continues to bleed unattended.
Greed destroys families, communities and nations at large.
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