BOARD DIVERSITY INDEX

Publicly Listed Companies

GHANA 2020 EDITION

THIS REPORT HAS BEEN

PRODUCED IN PARTNERSHIP WITH:
Data cutoff: July 2020
CONTENTS
03 | Abbreviations 13 | Ghana Listed Sectors Focus

04 | About the Board Diversity Index 14 | Ghana’s Top Performers

05 | Ghana Gender Demographics 15 | Boardroom Diversity is a Business Imperative

06 | Key Takeaways 16 | Interventions

07 | Global Board Diversity Statistics 17 | About TheBoardroom Africa

08 | Ghana 2020 Findings 18 | About the Ghana Stock Exchange

ABBREVIATIONS

BD - Board Director

BDI - Board Diversity Index

CFO - Chief Financial Officer

CEO - Chief Executive Officer

COO - Chief Operating Officer

GSE - Ghana Stock Exchange

MD - Managing Director

NED - Non-executive Director

TBR Africa - TheBoardroom Africa

VP - Vice President

BOARD DIVERSITY INDEX-GHANA 2020 03

ABOUT THE BOARD
DIVERSITY INDEX

Since 2017, TheBoardroom Africa has mapped

the composition of Africa’s listed boards to assess
progress on gender diversity across the region.
The index tracks the number of listed boards
by country and identifies all board seats filled
by women, while also monitoring the number of
women in chair and other executive positions.
Research to date covers publicly listed boards Country focus

across 11 African countries including Ghana. BDI surveyed countries

BOARD DIVERSITY INDEX-GHANA 2020 04

GHANA GENDER
DEMOGRAPHICS

GHANA
2020 PROJECTED POPULATION

50.8% 49.2%

30,955,204 FEMALE MALE

SOURCE: Ghana Statistical Board

BOARD DIVERSITY INDEX-GHANA 2020 05

KEY TAKEAWAYS
Women hold 23% boards seats and 24% non-executive director seats
on listed companies, an increase of 3% and 4% respectively from
2019.
27% of Ghana’s listed companies ranked as “top performers” with
respect to gender diversity, with 30% or more of their board seats
held by women.
Women make up 8% of CEOs/MDs, 15% of COOs and 13% of
CFOs on Ghana's listed boards.
The most common role held by women across most companies is the
Corporate/Company Secretary position with 72% of all Company
Secretaries being women. However, this role is not a director position
although Company Secretaries are present at board meetings.
1 more female board directors compared with businesses with
OR
49% of companies have only one or no women on their boards.
BOARD DIVERSITY INDEX-GHANA 2020
Only 5 out of the 13 sectors have companies with more than
30% female representation.
100% of all Consumer Goods companies have more than
30% female directors. However, in terms of aggregate value,
the Financial Services sector has the highest number of female
board directors - 38% of all female directors are in the Financial
Services sector.
The higher the number of female NEDs, the higher the likelihood
of females in executive positions. Companies with 30% or more
female NEDs are 6% more likely to have a female Chairperson,
8% more likely to have a female CEO/MD, and 15% more likely
to have a female COO.
Businesses with female board Chairs are more likely to have
male board Chairs.
06
GLOBAL BOARD 17%
GLOBAL

DIVERSITY
AVERAGE

STATISTICS 7%
LATIN
25% 23% 13%
AFRICA EUROPE ASIA
AMERICA
According to McKinsey's 2019 survey, which
covers a broad range of companies including listed
and blue-chip entities. Africa outperforms the
global average with one in four board members
in Africa being female. While this milestone is
laudable, it still falls short of the 30% threshold
required for real change. TBR Africa’s Board
Diversity Index (BDI), which covers publicly listed
companies across 11 of Africa’s top economies,
finds an average of 18% female representation on
Boards across the 11 countries surveyed.

BOARD DIVERSITY INDEX-GHANA 2020 07

2020 FINDINGS

GSE-Listed Companies
66 FEMALE
DIRECTORS
NUMBER
OF WOMEN PERCENTAGE OF
49% KEY TAKEAWAY:

37 292
BOARD COMPANIES The percentage of
DIRECTORS 23% female directors
0 14% 49% OF on Ghana’s listed
37 GSE- DIRECTORS IN boards at 23%
COMPANIES Increase of 3%
LISTED GSE-LISTED represents an
1 35% HAVE ONLY from 2019
COMPANIES COMPANIES increase of 3% from
ONE OR NO 2019. This is below
2 24% WOMEN the Africa average
ON THEIR 226 MALE of 25%. The gender
3 19%
BOARDS
10% 5% DIRECTORS gap amongst
senior executives
4 3% on Ghana’s listed
10% reduction in
the number of listed
5% reduction in
the number of
77% companies remains
wide.
5 5% companies from directors from
WOMEN 2019 2019

BOARD DIVERSITY INDEX-GHANA 2020 08

2020 FINDINGS

4%

3%

2%

1%
223 53 24%
KEY
TAKEAWAY:
Women hold
NON-EXECUTIVE FEMALE NON- FEMALE NON- 23% board
DIRECTORS EXECUTIVE EXECUTIVE DIRECTORS
0% seats and 24%
l t r r
J u A u g S e p O c N o v D e c J a n Fe b M a A p M a y J u n Ju
l ACROSS DIRECTORS
GSE-LISTED
non-executive
2019 2020
COMPANIES director seats
on listed
companies,
4% 4%
an increase of
3% and 4%,
3% 4% respectively,
Increase
in Female
Increase in
Female Non-
Number of non-
executive directors
4% increase in the
number of female
76% from 2019.
Board Executive has reduced by 10, non-executive MALE NON-EXECUTIVE
Directors Directors representing a 4% directors from 2019 DIRECTORS
from 2019 from 2019 reduction from 2019

BOARD DIVERSITY INDEX-GHANA 2020 09

2020 FINDINGS
Chair and executive leadership representation
94%
100%
92%
87% 85%
90%
Spotlight on percentage of female
80% CEOs/MDs KEY
TAKEAWAY:
70% Women make
Males
60% up 8% of
Females CEOs/MDs,
50%
15% of COOs
40% 8% 92% and 13% of
30%
CFOs on the
listed boards.
20%
13% 15%
8%
10% 6%

Chairpersons CEOs/MDs CFOs COOs

Females Males

BOARD DIVERSITY INDEX-GHANA 2020 10

2020 FINDINGS
2019 2020 2019 2020 The higher the number of
No. of Board No. of Board No. of Female No. of Female
female NEDs, the higher
Directors Directors Board Directors Board Directors
the likelihood of females
306 292 62 66
in executive positions.

Companies with 30% or more female non-executive directors

2019 2020 2019 2020 are 6% more likely to have a female Chairperson, 8% more
likely to have a female CEO/MD, and 15% more likely to have a
female COO.
No. of Non- No. of Non- No. of Female No. of Female
Executive Executive Non-Executive Non-Executive
Directors Directors Directors Directors

233 223 47 53 6% 8% 15%

BOARD DIVERSITY INDEX-GHANA 2020 11

SECTOR FOCUS

KEY TAKEAWAY:
WHY 30%: Research suggests that 30% 100% of all Consumer
30% represents a critical mass from which women Goods companies have
can begin to impact boardroom dynamics. 30% more than 30% female
represents a minimum objective. Unfortunately, directors. However,
73% of listed companies in Ghana have not met in terms of aggregate
value, the Financial
this minimum target.
Services sector has
the highest number of
female board directors
METHODOLOGY: - 38% of all female
Listed companies were clustered into sectors according to their operations. Under each sector, directors are in the
companies that met TheBoardroom Africa’s 30% or more female director representation threshold
Financial Services
were analysed. Exploratory analysis on the number and percentage of companies with 30% or more
female directors are illustrated here. sector.

BOARD DIVERSITY INDEX-GHANA 2020 12

SECTOR FOCUS The data below captures the percentage of companies in each sector
with 30% or more board directors.

0% 0% 0% 0% 0% 0% 0%
ADVERTISING & AGRICULTURE & AUTOMOBILE EDUCATION MANUFACTURING & TECHNOLOGY TELECOMMUNICATIONS
COMMUNICATIONS AGRIBUSINESS INDUSTRIAL GOODS

100% 50% 67% 100% 23% 0%

MINING PUBLISHING & ENERGY (OIL & GAS CONSUMER GOODS FINANCIAL SERVICES FOOD & BEVERAGE
100% of companies in PRINTING AND POWER) 100% of companies in 23% of companies in the
the Mining sector have 50% of companies in the 67% of companies in the the Consumer Goods Financial Services sector
30% or more female Publishing and Printing Energy sector have 30% sector have 30% or have 30% or more female
directors sector have 30% or more or more female directors more female directors directors
female directors

ANGLOGOLD CAMELOT GHANA TULLOW OIL PLC UNILEVER SOCIETE

ASHANTI LIMITED: LTD 38% Female BDs, GHANA LIMITED GENERALE GHANA
42% Female BDs, 50% Female BDs, 40% Female NEDs, 44% Female BDs, LIMITED COMPANY
40% Female NEDs, 60% Female NEDs, Female Chair 50% Female NEDs 45% Female BDs, SPOTLIGHT
Female CFO Female Chair 50% Female NEDs,
Female COO

BOARD DIVERSITY INDEX-GHANA 2020 13

TOP PERFORMERS
01 02 03 04 05

ANGLOGOLD STANDARD
CAMELOT GHANA SOCIETE GENERALE UNILEVER GHANA
ASHANTI LIMITED CHARTERED BANK
LTD GHANA LIMITED LIMITED
GHANA LTD

50% 45% 44% 42% 38% KEY TAKEAWAY:

Female BDs
60%
Female BDs
50%
Female BDs
50%
Female BDs Female BDs
40%
27% of Ghana’s
40%
Female NEDs Female NEDs Female NEDs Female NEDs Female NEDs listed companies
ranked as “top
06 07 08 09 10
performers” with
respect to gender
TULLOW OIL PLC
PZ CUSSONS
GHANA LTD
GHANA OIL
COMPANY LIMITED
GOLDEN STAR
RESOURCES LTD
ECOBANK GHANA
LIMITED diversity, with 30%
38% 40% 33% 33% 30% or more of their
Female BDs
40%
Female BDs
38%
Female BDs
38%
Female BDs
38%
Female BDs
38%
board seats held by
Female NEDs Female NEDs Female NEDs Female NEDs Female NEDs women.

METHODOLOGY: In ranking listed companies, we weighted the percentage of female board directors and non-
executive board directors equally. The accumulated values were then filtered and ranked in order of magnitude.

BOARD DIVERSITY INDEX-GHANA 2020 14

BOARDROOM
DIVERSITY IS A
BUSINESS IMPERATIVE
Due to a growing body of research, the case for gender equality in the workplace
has never been clearer. Companies that embrace diversity and inclusion will be
more competitive in the coming decades and outperform those that fall behind.
The Fourth Industrial Revolution will not only be driven by advances in innovation,
but also by human expertise.
Boards play a unique role in shaping how companies approach gender equity—not
only in the policies and priorities they set but also in the quality of their decision
making. Diverse boards help management spot the potential blind spots in a
company’s strategic plan and drive the discovery of new products and services.
Why diverse board teams make better business decisions
The fundamental responsibility of a board of directors is to make major decisions.
As significant change and volatility have become the norm for every sector, it
has never been more critical for a board to have a vibrant diverse mix of board
members across gender, age, sector background, ethnic background, professional
BOARD DIVERSITY INDEX-GHANA 2020
background and customer demographics to help the board team optimise its
decision-making.
Diverse perspectives open the aperture of opportunities and make it easier to
spot challenges as they arise. Ensuring diverse decision-makers can also prevent
bad decisions from being made—ones that may damage the brand or obstruct
growth—by merely including people who think differently. Collective intelligence
stems from the following key dimensions:
Diverse teams focus more on facts and process them more carefully. Diverse
groups are more likely to focus on facts over assumed knowledge. They are also
more likely to apply a higher degree of scrutiny to data, given the various critical
perspectives they bring to the table.
Diverse teams drive innovation. The more diverse the people on those teams are
across dimensions from gender to culture and age, the more likely they are to
spark serendipitous opportunities for collaboration.
15
INTERVENTIONS
While board diversity has become a common component of highly effective board teams, it can be
challenging to know how to start a transition to a genuinely diverse board. The road to achieving diversity
may seem daunting for Board Chairs, Nomination Committee Chairs and CEOs. The Board Diversity
Charter (a partner on this report) has partnered with Board Excellence to develop a comprehensive
toolkit to assist board leaders as they look to transition and imbed diversity across their organizations.

Here are a few tips from the Board Diversity Charter Toolkit:

1 2 3 4 5 6 7 8
Develop and Develop strong Develop board Assess board Identify board skills Layer skills gap Develop a Regularly review
cultivate a culture commitment strategy framework priorities in line with required to enable analysis with a succession plan and Measure
of inclusivity to long-term that aligns with business needs the board to excel diversity lens to nurture diverse Performance
sustainable success business goals and in its oversight and leaders
and Environment needs support role
Social Governance
(ESG)

BOARD DIVERSITY INDEX-GHANA 2020 16


TheBoardroom Africa’s 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 corporations 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.
BOARD DIVERSITY INDEX-GHANA 2020
TBR Africa is the largest regional network of female
executives in Africa. We bring together women executives
of diverse occupations and provide opportunities for them
to grow personally and professionally through a host of
initiatives, including, but not limited to board training,
personal development programmes and connections
to board opportunities. Through events, research and
publications, TBR Africa also inspires and educates the
business community on the power of diverse leadership—
and raises the bar for board service and diversity in Africa.
We’re driving the movement to recognize that when
women and men lead side by side, business succeeds
and society thrives. Our members include C-Suite, VP
and director-level executives from every major industry
spanning more than 55 countries.
17
ABOUT THE
GHANA STOCK
EXCHANGE
Established
July, 1989

Commenced Trading
The GSE is proud to partner November 12, 1990
with TBR Africa on this report,
and is committed to working
with listed companies in Ghana
to improve gender diversity in
the boardroom.
Markets
The GSE currently has three markets,
namely; the Main Equity Board, the
Ghana Alternative Market, and the
Ghana Fixed Income Market.

BOARD DIVERSITY INDEX-GHANA 2020 18

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