Ghana has shown significant advancements in its pursuit of gender equality within corporate boardrooms, particularly among companies listed on the Ghana Stock Exchange according to the 2023 Board Diversity Index, a collaborative effort between TheBoardroom Africa (TBrA) and Alitheia Capital.
The report reveals that the number of women holding positions in the boardrooms of Ghanaian-listed companies has experienced a noteworthy 12% increase, rising from 67 in 2022 to 75 in 2023.
In a statement issued by TheBoardroom Africa, it emphasized that Ghana, where women make up nearly half of the workforce, has achieved an impressive 12% growth rate in gender parity within boardrooms in the current year.
While this progress is commendable and encouraging, it also underscores the ongoing imperative for continued and unwavering efforts to champion gender equality in leadership roles.
The report’s key findings offer a comprehensive overview of gender diversity within corporate boardrooms in Ghana, highlighting the substantial impact of women chairs 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.
As per the report, there has been a notable increase in the representation of women in C-suite or Chair positions within Ghana. Women now constitute 14% of Chairs, 12% of CEOs/MDs, 22% of CFOs, and 13% of COOs on the boards of listed companies in Ghana.
While the number of Chairs, CFOs, and COOs has seen a positive growth of 2%, 5%, and 7%, respectively, there was a slight decrease of 1% in the number of CEOs/MDs compared to the figures from 2022.
The report also highlights a positive trend indicating a rising number of companies with women on their boards. An encouraging 89% of listed companies now have at least one woman on their board, as opposed to 88% in the preceding year.
Sectors that directly engage with consumers, such as advertising & communications, fast-moving consumer goods, and telecommunications, notably excel in gender diversity, with 100% of their companies boasting over 30% women directors.
The financial services sector stands out in terms of the highest number of women board directors in Ghana, with 34 women directors, accounting for 45% of the total, as per the report.
On the flip side, boards composed entirely of men are decreasing in prevalence, with the proportion of listed companies without any women on their boards decreasing 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 emphasized that the importance of this commitment is further emphasized by the findings of the 2023 report, which demonstrate the significant impact of women chairs in promoting greater 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.
Meanwhile, Abena Amoah, the Managing Director of the Ghana Stock Exchange, emphasized that gender diversity is not only a matter of ethics but also a driving force for improved governance and enhanced stock performance. She further highlighted that compelling evidence supports the idea that companies that prioritize diversity across all leadership tiers are better equipped to make sound decisions, foster innovation, and, in the end, achieve more robust financial outcomes.
“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 The Boardroom Africa
The Boardroom 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 the 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 the government and provided a reliable platform for the trading of issued securities. There are three markets created under the GSE brand: the Main Market, Ghana Alternative Market (GAX) for SME’s and Ghana Fixed Income Market (GFIM) for trading of 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% women in the boardroom) and pledge partners (organisations publicly committing to strive to achieve 30% 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.