EXPLORING THE PRACTICE OF CORPORATE GOVERNANCE AS A STRATEGIC TOOL IN ENHANCING ORGANIZATIONAL PERFORMANCE IN THE GHANAIAN PUBLIC SECTOR
Philip Spitta Ansah
The main thrust of this study was to investigate the practices of good corporate governance (CG) as a strategic tool in enhancing organizational performance within the Ghanaian public sector (GPS), with emphasis on the Ministry of Local Government and Rural Development (MoLGRD). Among other objectives, the study determined the key principles of good CG practices, investigated the essential determinants of organizational performance, and also investigated the critical challenges confronting corporate governance reforms within the public sector of Ghana. Critically appraising and examining the results obtained during the study with literature from past studies carried out by ethically compliant pundits across the globe clearly reaffirms that the strict adherence to sound and strategic CG intervention mechanisms will invariably not only boost MoLGRD’s corporate image and other sister public sector organizations, but also their organizational effectiveness, CG regimes and efficiency.
Additionally, as per the essential determinants of organizational performance within the GPS, 6 pivotal parameters were evident: effective system thinking/computer software systems, strict adherence to management by objectives, lean technique application adherence, enhanced investment in people/human resource and effective leadership regimes. Having noted the critical challenges to CG reforms at MoLGRD, the study recommended it strictly adheres to the Principal Agency, Legalistic Perspective, Stewardship, Resource Dependency, Democratic Perspective, Stakeholder, Managerial Hegemony, Institutional, Holistic CG, Management as well as Quality Gurus theories among others to manage the issues mentioned earlier.
KEYWORDS: Corporate Governance, Ghanaian Public sector, Organizational performance, effective system thinking, Management-By-Objectives.