Pharmaceutical companies in the country have been urged to prioritize the improvement of their corporate governance and book keeping cultures.
This, according to the Deputy Head of Business and Personal Banking at Omni Bank, Kofi Nyansafo will strengthen the operations of such companies and improve their profitability.
A 2017 research by ACCA and KPMG on Corporate Governance, ranked Ghana 12 out of 15 markets on the African continent.
In an interview with Citi Business News, Kofi Nyansafo, highlighted the importance of good corporate governance in sustaining Ghanaian companies.
“One prevalent problem is the lack of proper book keeping. The book keeping is the one thing that provides all the financial information you need about the company. And if you don’t have those types of information, decision making becomes difficult.”
Mr. Nyansafo stated that it is important for companies to adhere to corporate governance to show transparency.
“On the point of corporate governance we need to allow proper structures to operate, irrespective of the kind of company in question. In terms of policies and procedures laid down, whoever the owner is, even if they have 100 % ownership, they must allow the respective functional areas to operate without any interference. If company owners are able to do this, then you will see a company that will live beyond the first generation.”
Mr. Kofi Nyansafo was speaking on the sidelines of this years’ third OmniSME Clinic, under the theme “Financial Management for Health Institutions”.
The conference was used to educate players in the pharmaceutical industry on topics like Inventory management in the industry as well as Financial Management in the Health Sector among others.
About the OmniSME Clinic
The OmniBank SME Clinic provides free training to SME business owners and managers on regular basis.
The clinic further engages participants with leading experts on best practices and solutions for managing various aspects of their businesses.
OmniBank SME Clinic also seeks to promote the sustainable growth of small and medium enterprise across the country.
Some topics that are touched on include business development, marketing, human resource, management and financial management.
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By: Bobbie Osei/citibusinessnews.com/Ghana