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Nov 17, 2024Keywords:
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The Factors Accounting for the Weak Commitment to Implement Good Corporate Governance Practices in Public Institutions in Upper East Region Ghana
Samuel Ataribanam
Abstract
Good corporate governance in private and public institutions is essential for transparency and accountability. This study examined why the Ghanaian public sector lacks commitment to implement good corporate governance practices. Data was collected through questionnaires, interviews, and secondary sources. Purposive sampling was used with an exploratory research design. From a 5000 population 300 sample size was drawn for this study. Data was gathered through the use of Quantitative and Qualitative methods. Factor and Regression models in SPSS were used. The underpinning theory was the Agency theory. The research found that two main factors contributed to insufficient adherence to good corporate governance practices in the Ghanaian public sector. Thus, the role the institution plays and its legal and incorporation status affect corporate governance practises. These two issues contributed to Ghana's public sector's low commitment to good corporate governance with an overall model R2 of 24.3%. This means that whereas the two factors significantly influence corporate governance practices, some other elements might also contribute to the overall governance in public institutions. Hence, this study concludes that institutional roles and legal status are essential factors affecting corporate governance compliance within Ghana’s public sector. This research recommends that public institutions and organisations make the nature of corporate governance clear and unambiguous in line with their role and objectives so that corporate governance principles and practices do not vary. Corporate governance practices must follow the 2015 Public Services Commission corporate governance principles and recommendations. The first study of its kind to be conducted in Ghana would help improve strong corporate governance standards in public institutions.
