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Businesses must brace themselves for the possible take-overs -– Rev. Okosun
Integrity Magazine, a subsidiary of Krif Ghana Limited, has held the maiden edition of a series of webinars aimed at promoting good corporate governance amidst the COVID-19 pandemic.
Themed “Effects of COVID-19 on Good Corporate Governance in Ghana”, which was held on Tuesday in Accra, it served as a platform for businesses to discuss the next strategic steps to take in order to sail through the coronavirus crisis with minimal losses.
Speaking on the effects of the pandemic on companies, Rev. Kennedy Okosun, Executive Chairman of Krif Ghana Limited and Publisher of the Integrity Magazine, said many organisations would “have to brace themselves for the possibility of take-overs”.
According to him, “there might be critical unanswered questions rummaging through the minds of many as we move into a period of a new normal.
“Our culture, corporate behaviour and organisational output are going to be affected, whether we like it or not. Organisations will never go back to doing business as usual, or doing business the way they knew how,” he said.
Rev. Okosun noted that businesses must be ready to embrace the positive or negative changes which may occur after the pandemic, adding that businesses would also have to make far “reaching decisions regarding liquidity and capital considerations”.
He argued that the COVID-19 era was also testing the leadership and management structures of organizations, hence the need for businesses to identify gaps and then strengthen the areas where they may be falling short.
Mr Michael Osikoya, the Chief Executive Officer of Mikensy Consulting Limited, examining the effects of COVID-19 on various stakeholders, also said, “Just as we are recording human fatality, we may not be able to account for the number of businesses that suffer similar ‘fatality’ from the hands of COVID -19.”
He noted that though the pharmaceutical industry was believed to have benefited from the crisis, industries including tourism and leisure, aviation and maritime, automotive, construction, real estate and manufacturing, were hard-hit by the pandemic.
“Government has been affected adversely by this virus because it has had to provide various stimulus packages and dole out free cash to support various stakeholders, interest groups, businesses and citizens.
“Hard decisions had to be taken, government has lost income from taxes and has resorted to borrowing as part of measures to bring the economy back on track,” he added.
For the solutions, Mr Osikoya suggested that business, leaders and stakeholders should enter into a “restart” mode to come out of the challenges the virus has imposed on them.
He said that all the various stakeholders in business such as the shareholders, employees, customers and others must forfeit certain benefits to bring back businesses on track.
The webinar brought together leaders from various organisations in the corporate environment in Ghana.
By Spectator Reporter
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Speaker of Parliament inaugurates open Parliament Steering Committee, launches action plan
The Speaker of Parliament, Alban Sumana Kingsford Bagbin, has launched the Open Parliament Steering Committee and the Open Parliament Action Plan.
The ceremony was under the theme “Achieving Gender Equality: Action by Action.”
The Speaker highlighted the critical role Parliament plays in translating the will of the people into inclusive legislation, responsive policies, and accountable governance.
“The International Day of Parliamentarianism is worth celebrating, as it offers an opportunity not only to recognise and promote achievements in strengthening democratic governance, but also to pause and reflect on the remaining gaps in institutionalising parliamentary democracy,” he said.
He noted that the event was scheduled to coincide with the International Day of Parliamentarianism to reinforce the importance of open and inclusive governance.
The Majority Leader, Mahama Ayariga, stated that the International Day of Parliamentarianism is intended to recognise the vital role Parliaments play globally as pillars of democratic governance.
He noted that this marks the first time Ghana is formally observing the day.
“The gravity of our observance is further accentuated as we convene to witness the launch of the Open Parliament Action Plan by the Open Government Partnership Caucus,” he said.
Delivering a statement on behalf of the Minority Leader, Alexander Kwamena Afenyo-Markin, the Deputy Minority Leader, Patricia Appiagyei, described the Open Parliament Action Plan as a transformative initiative aimed at strengthening the relationship between Parliament and the public.
She said the plan represents a bold commitment to making Parliament more transparent, accessible, and responsive to the needs of Ghanaians.
The Clerk to Parliament, Mr. Ebenezer Ahumah Djietror, described the launch as a key milestone in the effort to build a citizen-focused and accountable Parliament.
He added that the International Day of Parliamentarianism is a call to action to recommit to the highest standards of public service and democratic accountability.
The inauguration was attended by a wide range of stakeholders, including the Majority and Minority Members of Parliament, members of the Open Parliament Steering Committee, the Open Government Partnership (OGP) Caucus, Parliamentary Network Africa, representatives from civil society organisations, members of the diplomatic corps, traditional and religious leaders, student bodies, the Parliamentary Press Corps, and other media partners.
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NACOC declares drug menace a national emergency
The Parliamentary Committee on Defence and Interior has paid a working visit to the Narcotics Control Commission (NACOC) to engage with its leadership and assess operational challenges hampering the fight against illicit drugs.
In a detailed presentation, Dr. Basha Ligbi, Head of the Commission’s Research Bureau, highlighted critical setbacks including broken body scanners at airport terminals, inadequate office infrastructure, overcrowded detention facilities, and deteriorating vehicles.
He also called for the Commission’s headquarters to be reclassified as a security zone, citing growing security risks due to private encroachment and nearby high-rise developments.
Director General of NACOC, Brigadier General Maxwell Obiba Mantey, described the escalating drug trade as a national emergency, warning that drug barons now rival armed robbers in threat level and are gaining influence at the highest levels.
He appealed for stronger institutional support and morale-boosting interventions to preserve the integrity of NACOC officers.
Chairman of the Committee and MP for Builsa North, James Agalga, assured the Commission of the Committee’s commitment to escalate the concerns to Parliament and engage key justice sector stakeholders to fast-track reforms in support of NACOC’s mandate.
