Accra, Ghana, June 18, 2018 – IFC, a
member of the World Bank Group, and the State Secretariat of Economic Affairs
of Switzerland (SECO), released a study that demonstrates that better performing
companies in Ghana tend to have more gender-balanced boards. The study
reviews gender diversity on Ghanaian boards, across various sectors, to
provide empirical evidence that guides the development of organizational
and national policies intended to promote sustainable company performance
and economic growth.
High-performing firms, based on return on assets (ROA) and sales growth,
were associated with higher gender diversity than low-performing firms.
The study also revealed that a high number of organizations surveyed did
not have a policy on gender representation to guide selection of top management
and board positions. Women were found to be generally under-represented
in board positions in most companies in Ghana.
The study titled ‘Gender Diversity in Ghanaian Boardrooms,’ was carried
out by the University of Ghana Business School. The objectives were to
examine; the nature of gender diversity in public and private sector boards
in Ghana, the factors that determine board diversity in Ghanaian organizations,
and the relationship between gender diversity and organizational performance
“As an investor, IFC encourages increasing opportunities for and participation
of women on corporate boards and in other decision-making positions. Women
in these roles add value socially and economically and have the ability
to play a significant role in institutional capacity building and private
sector development” said Ronke-Amoni Ogunsulire, IFC Country Manager for
The Africa Corporate Governance Program, funded by SECO, is an initiative
to promote corporate
Governance best practices and standards in Africa. Through the program
IFC works to improve firm performance and increase the ability of markets
and companies in the Sub-Saharan Africa region to attract and retain investment.
IFC—a sister organization of the World Bank and member of the World Bank
Group—is the largest global development institution focused on the private
sector in emerging markets. We work with more than 2,000 businesses worldwide,
using our capital, expertise, and influence to create markets and opportunities
in the toughest areas of the world. In FY17, we delivered a record $19.3
billion in long-term financing for developing countries, leveraging the
power of the private sector to help end poverty and boost shared prosperity.
For more information, visit www.ifc.org