Women on Ghana’s corporate boards surge by 12% in 2023 – Report

Women on Ghana’s corporate boards surge by 12% in 2023 – Report

The Board Diversity Index for 2023, put together by TheBoardroom Africa (TBrA) and Alitheia Capital, indicates that Ghana has made remarkable progress in the journey towards gender parity in boardrooms, particularly in companies listed on the Ghana Stock Exchange.

Per the report, the number of women in the boardrooms of Ghana-listed companies increased by an impressive 12 per cent, from 67 in 2022 to 75 in 2023.

A statement from TheBoardroom Africa said that in Ghana, where women form nearly half of the workforce, the 12 per cent growth rate in gender parity in boardrooms this year is remarkable and encouraging but also underscores the ongoing need for unwavering efforts to champion gender equality in leadership roles.

The key highlights of the report provide a comprehensive snapshot of gender diversity in Ghana’s corporate 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% of them having 30% or more women on their boards, while only 26% 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% of Chairs, 12% of CEOs/MDs, 22% of CFOs, and 13% of COOs on Ghana’s listed boards.

However, while the number of Chairs, CFOs, and COOs has increased by 2%, 5%, and 7%, respectively, the number of CEOs/MDs decreased by 1% compared to 2022.

Women Board Directors

Companies with women board directors are also on the rise. A positive trend shows that 89% of listed companies have at least one woman on their board, compared to 88% 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% of their companies having more than 30% women directors.

Notably, the financial services sector boasts the highest number of women board directors in Ghana, with 34 (45%) women directors, the report said.

On the contrary, male-only boards are on the decline, as the proportion of listed companies without any women on their boards decreased from 12% in 2022 to 11% in 2023.

Speaking on the report, Founder and CEO of 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 that 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.

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