Ghana makes progress in boardroom diversity; ranks among top 5 African nations

By Ebenezer Chike Adjei NJOKU

The Annual Board Diversity Index Report by TheBoardroom Africa has revealed significant improvement, with female board representation climbing from 20 percent in 2019 to 25 percent in 2023.

This positions Ghana among the top five African countries in terms of boardroom diversity.

This disclosure came from Marcia Ashong, founder and Chief Executive Officer at TheBoardroom Africa, during her keynote address at a recent Ghana Stock Exchange (GSE) event held in partnership with the International Finance Corporation (IFC).

The event, themed  ‘Gender Equality Today for a Sustainable Tomorrow,’ marked the 10th anniversary of the World Federation of Exchanges’ ‘Ring the Bell for Gender Equality’ initiative,  highlighting the ongoing fight for equal opportunities for women, especially in leadership roles.

While the bell ringing signifies a commitment to the cause, the true focus lies in accelerating progress towards a more balanced playing field.

The development comes as the gender parity score (GPS) for African women in leadership positions – including top- and middle-management positions – stood at just 0.33, a little below the global average of 0.37, another report found and with these challenges,, Mrs. Ashong aptly noted: “25 percent representation falls short of true inclusivity”.

Highlighting the benefits of gender equality, she noted that companies with a variety of leaders at the helm consistently achieve better results than their counterparts. She further argued that promoting a work environment where women can thrive is not just the ethical choice, it is also a smart business decision.

“There is still a very a long way to go… Companies with diverse leadership demonstrably outperform their peers. In today’s world, fostering a culture that empowers women is not just morally right, it is smart business,” she emphasised.

Mrs. Ashong’s statement resonates with concerning global trends. Research by the World Economic Forum indicates a decline in women holding C-suite positions, with the current trajectory pushing back gender parity by an additional 131 years.

The GSE and IFC’s collaboration seeks to move beyond symbolic gestures by championing practical strategies that promote comprehensive inclusion.

These strategies include securing leadership commitment to diversity initiatives and integrating them into strategic plans.  Additionally, fostering an inclusive culture requires acknowledging unconscious bias and embracing the diverse leadership styles women bring to the table. Finally, implementing concrete measures like revamped recruitment practices, offering flexible work arrangements, and creating supportive work environments are key.

On her part, Managing Director of the GSE, Abena Amoah highlighted the strides that the Accra bourse had made in this regard, as they joined over 100 exchanges worldwide for the event and a renewal of commitment to the course.

“We at the GSE are proud of the progress we’ve made. With 50 percent female representation in senior management and 45 percent female staff overall, we are leading by example,” she said.

She also emphasised the GSE’s focus on driving change beyond its internal structures, as it seeks to be a driving force in fostering a more inclusive financial sector.

“We have launched a framework for listing gender bonds, reviewed SME market rules to aid women-led businesses, and collaborate with The Board Room Africa to promote board diversity,” she explained.

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