38% Of GSE-Listed Companies Have One Or No Females On Boards
Among the 35 companies listed on the Ghana Stock Exchange in 2022, women hold 25% of the board seats and 27% of the non-executive director seats, which is not different from what pertained in 2021.
This is contained in the 2022 Board Diversity Index Report released November 2, 2022, by TheBoardroom Africa in partnership with the Ghana Stock Exchange (GSE).
According to the report, the figures indicate that progress towards gender diversity has stalled since last year. The report also reveals that the most common role held by women across most of Ghana's listed companies is still that of corporate secretary, a position that is not in fact a board-director role.
Meanwhile, research shows that companies with 30% or more female non-executive directors are likely to result in an average of 15% increase in women in board chair and executive roles.
"It is critical that women not only have a seat at the table but also occupy positions of leadership in these spaces to ensure continuous progress - and this has to be led by boards," the report said.
It noted that while an increasing number of Ghanaian companies are responding to the call for more gender-diverse boardrooms, the overall gender gap among senior executives still remains wide.
Per the report, 61.5% of the industry sectors have more than 30% women on their boards— a 15.4% increase from 2021 and by international standards 30% is the minimum to reap the benefits of boardroom diversity.
Having 30% women on boards, the report said, is the pivotal point at which minority voices become heard—it also represents the minimum target recognised by the Board Diversity Charter. However, this threshold remains a minimum target, not a ceiling.
"Whilst we recognise the companies meeting this standard, much remains to be done to work towards gender parity—the ultimate goal," the report stated.
Indeed, it noted that more than one-third (38%) of companies still have one or zero females on their boards, indicating a decrease by 9% from 2021. But that gap still need to be bridged.
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