John Awuah is the Chief Executive Officer of the Ghana Association of Banks
Depositors have been urged to take a keen interest in the operations and performance of the banks where they save their money.
John Awuah, the Chief Executive Officer of the Ghana Association of Banks, said depositors should make use of the Corporate Governance Directive Disclosure Framework, which requires banks by law to publish their annual reports.
Speaking at the Ghana Institute of Management and Public Administration (GIMPA) Law School Corporate Governance Series, Awuah said reviewing annual reports, particularly the corporate governance disclosure sections, would help depositors understand how and why key decisions were taken.
That would also enable depositors to assess how accountable bank boards were to stakeholders and determine the financial strength and viability of their banks.
“You don’t have to be a specialist in the scheme of things, and you will find out a whole lot of things, including the financial strength and viability that you are looking for,” he added.
This year’s series is on the theme: “Bank Corporate Governance and Financial Stability: The Role of Bank Boards.”
The initiative aims to promote legal and ethical leadership across corporate, financial and public sectors.
Awuah advised depositors who may not understand financial reports to consult banking experts for guidance, especially when assessing financial data and exploring investment options.
He noted that banking operations had improved in recent times due to compliance with directives issued by the Bank of Ghana (BoG).
The BoG’s directives have embedded corporate governance not merely as an internal compliance tool but as a visible, measurable and auditable system through mandatory disclosures, he said.
Awuah added that bank boards were expected to undergo corporate governance certification processes to better understand emerging threats such as cybercrime and ensure long-term safety and sustainability.
“We are not only preaching corporate governance as a compliance activity; it should be in the DNA of the board,” he said, adding that governance accountability was gradually moving “from the boardroom to the public.”
Ismail Adam, the Head of Banking Supervision at the Bank of Ghana, said the Central Bank had observed improvements in bank management following the implementation of corporate governance and disclosure directives.
“There is now greater coordination between the banks and the Bank of Ghana,” he said, explaining that structured engagement channels had strengthened governance, risk management systems, internal controls and oversight functions.
He emphasised that when banks adhered to sound governance practices, financial stability would be sustained.
Sina Kamagate, Executive Head of Retail Banking at GCB Bank Plc, called for a review of board compensation structures, noting that remuneration was closely linked to the expertise and independence board members brought to banking operations.
