The Board Diversity Index for 2023, put together by TheBoardroom Africa (TBrA) in collaboration with the Ghana Stock Exchange, indicates that Ghana has made remarkable progress in the journey toward gender parity in boardrooms – particularly in companies listed on the Ghana Stock Exchange.
Per the report, the number of women in boardrooms of Ghana-listed companies increased by an impressive 12 percent – from 67 in 2022 to 75 in 2023.
A statement from TheBoardroom Africa said in Ghana, where women form nearly half of the workforce, the 12 percent growth rate of gender parity in boardrooms this year is remarkable and encouraging – but also underscores the ongoing need for unwavering efforts to champion gender equity in leadership roles.
Women Chairs
Key highlights of the report provide a comprehensive snapshot of gender diversity in Ghana’s listed boardrooms, the statement said – adding that women Chairs have a significant impact on boardroom diversity. “Companies led by women as Chairpersons exhibit significantly higher boardroom diversity, with 80 percent of them having 30 percent or more women on their boards; meanwhile, only 26 percent of companies with male Chairs reach this threshold,” it said.
According to the report, the number of women holding C-suite or Chair positions has increased as women now account for 14 percent of Chairs, 12 percent of CEOs/MDs, 22 percent of CFOs and 13 percent of COOs on Ghana’s listed boards. However, while the number of Chairs, CFOs and COOs has increased by 2 percent, 5 percent, and 7 percent respectively, the number of CEOs/MDs decreased by 1 percent compared to 2022.
Women board directors
Companies with women board directors are also on the rise. A positive trend shows that 89 percent of listed companies have at least one woman on their board, compared to 88 percent in the previous year.
Consumer-facing sectors attract more women directors: sectors like advertising & communications, fast-moving consumer goods and telecommunications stand out, with 100 percent of their companies having more than 30 percent women directors. Notably, the financial services sector boasts the highest number of women board directors in Ghana, with 34 (45 percent) women directors, the report said.
Conversely, male-only boards are on the decline – as the proportion of listed companies without any women on their boards decreased from 12 percent in 2022 to 11 percent in 2023.
Speaking on the report, Founder and CEO-TheBoardroom Africa, Marcia Ashong said: “While acknowledging the progress made, Ghanaian corporate boards possess the potential to drive enduring change by strategically embracing key factors which fuel progress toward gender diversity. These factors include fostering an inclusive culture, and securing an unwavering commitment from top leadership to prioritise and champion gender diversity”.
She said the significance of that commitment is further underscored by the 2023 report findings, which highlight the influential role women chairs play in advancing female representation on boards. “We remain steadfast in our commitment to ongoing collaboration with the Ghana Stock Exchange and other stakeholders to advance this vital agenda,” Marcia Ashong said.
On her part, Managing Director-Ghana Stock Exchange, Abena Amoah, stated that gender diversity is not just a moral imperative but a catalyst for good governance and enhanced stock performance – adding the evidence is clear that companies which prioritise diversity at all levels of leadership make better decisions, drive innovation and ultimately deliver stronger financial results.
“At the Ghana Stock Exchange, we see gender diversity as a fundamental component of responsible and sustainable business practices; and we are committed to supporting our listed companies in achieving greater diversity and, in turn, greater success,” she said.
The 2023 Ghana Board Diversity Index report provides a comprehensive analysis of the current state of gender diversity in corporate boardrooms, identifies areas for growth and improvement, and serves as a call to action for all stakeholders – businesses, policymakers, and civil society – to accelerate progress toward gender equality in leadership.
About TheBoardroom Africa
TheBoardroom Africa (TBrA) is the largest regional network of female executives in Africa. Our goal is to improve access to board opportunities for women and accelerate the presence of women on boards, by working with development finance institutions, private equity investors and companies to accelerate the appointment of women on boards and build a growing pipeline of board-ready women while inspiring and educating the business community on the power of diverse leadership.
About Ghana Stock Exchange
The Ghana Stock Exchange (GSE) was established in November 1990 with a mission to provide an efficient securities market for national economic development through access to capital and investment.
Since then, GSE has facilitated the mobilisation of long-term capital by corporate bodies, businesses and government, and provided a reliable platform for trading issued securities. There are three markets created under the GSE brand: the Main Market, Ghana Alternative Market (GAX) for SMEs and Ghana Fixed Income Market (GFIM) for trading government and corporate bonds.
For more information, visit www.gse.com.gh.
About The Board Diversity Charter
The Board Diversity Charter (BDC) is a joint initiative co-founded by TheBoardroom Africa (TBrA) and Alitheia Capital to raise awareness of diversity as a critical driver of success for business and society. Joining the charter signals an organisation’s commitment to developing and implementing initiatives that seek to build and maintain diversity and equality in the boardroom.
The Charter’s current signatories (organisations that have already achieved 30 percent women in the boardroom) and pledge partners (organisations publicly committing to strive to achieve 30 percent women in the boardroom) include leading DFIs and organisations: such as British International Investment, Norsad Capital, Woodside Africa Group, DEG, FCMB Bank and more. Companies interested in becoming a Board Diversity Charter Signatory or Pledge Partner can apply here.
Marcia Ashong, Founder and CEO, TheBoardroom Africa
