Women on Ghana’s listed boards surge by 12% in 2023

The Board Diversity Index for 2023, put together by TheBoardroom Africa (TBrA) in collaboration with the Ghana Stock Exchange indicates that Ghana has made remarkable progress in the journey towards gender parity in boardrooms, particularly in companies listed on the Ghana Stock Exchange.

Per the report, the number of women in the boardrooms of Ghana-listed companies increased by an impressive 12 percent, from 67 in 2022 to 75 in 2023.

A statement from TheBoardroom Africa said, in Ghana, where women form nearly half of the workforce, the 12 percent growth rate in the gender parity in boardrooms this year is remarkable and encouraging, but also underscores the ongoing need for unwavering efforts to champion gender equality in leadership roles.

The key highlights of the report provide a comprehensive snapshot of gender diversity in the boardrooms of Ghanaian listed companies, the statement said, adding that women Chairs have a significant impact on boardroom diversity.

"Companies led by women as Chairpersons exhibit significantly higher boardroom diversity, with 80% of them having 30% or more women on their boards, while only 26% of companies with male Chairs reach this threshold," it said.

According to the report, the number of women holding C-suite or Chair positions has increased, as women now account for 14% of Chairs, 12% of CEOs/MDs, 22% of CFOs, and 13% of COOs on Ghana’s listed boards.

However, while the number of Chairs, CFOs, and COOs has increased by 2%, 5%, and 7%, respectively, the number of CEOs/MDs decreased by 1% compared to 2022.

Women board directors

Companies with women board directors are also on the rise. A positive trend shows that 89% of listed companies have at least one woman on their board, compared to 88% in the previous year.

Consumer-facing sectors attract more women directors: sectors like advertising & communications, fast-moving consumer goods, and telecommunications stand out, with 100% of their companies having more than 30% women directors.

Notably, the financial services sector boasts the highest number of women board directors in Ghana, with 34 (45%) women directors, the report said.

On the contrary, male-only boards are on the decline, as the proportion of listed companies without any women on their boards decreased from 12% in 2022 to 11% in 2023.

Speaking on the report, Founder and CEO of TheBoardroom Africa, Marcia Ashong said, "While acknowledging the progress made, Ghanaian listed boards possess the potential to drive enduring change by strategically embracing key factors that fuel progress toward gender diversity. These factors include fostering an inclusive culture and securing an unwavering commitment from top leadership to prioritise and champion gender diversity."

She said the significance of that commitment is further underscored by the 2023 report findings, which highlight the influential role women chairs play in advancing female representation on boards.

"We remain steadfast in our commitment to ongoing collaboration with the Ghana Stock Exchange and other stakeholders to advance this vital agenda," Marcia Ashong said.

On her part, the Managing Director of the Ghana Stock Exchange, Abena Amoah stated that gender diversity is not just a moral imperative but a catalyst for good governance and enhanced stock performance, adding that the evidence is clear, that companies which prioritise diversity at all levels of leadership make better decisions, drive innovation, and ultimately deliver stronger financial results.

"At the Ghana Stock Exchange, we see gender diversity as a fundamental component of responsible and sustainable business practices, and we are committed to supporting our listed companies in achieving greater diversity and, in turn, greater success," she said.

The 2023 Ghana Board Diversity Index report provides a comprehensive analysis of the current state of gender diversity in corporate boardrooms, identifies areas for growth and improvement, and serves as a call to action for all stakeholders—businesses, policymakers, and civil society—to accelerate progress toward gender equality in leadership.

About The Boardroom Africa

The Boardroom Africa (TBrA) is the largest regional network of female executives in Africa. Our 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 companies 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.

About Ghana Stock Exchange

The Ghana Stock Exchange (GSE) was established in November 1990 with the mission to provide an efficient securities market for national economic development through access to capital and investment. Since then, GSE has facilitated the mobilisation of long-term capital by corporate bodies, businesses, and the government and provided a reliable platform for the trading of issued securities. There are three markets created under the GSE brand: the Main Market, Ghana Alternative Market (GAX) for SME’s and Ghana Fixed Income Market (GFIM) for trading of government and corporate bonds. For more information, visit www.gse.com.gh.

About the Board Diversity Index

Since 2017, TheBoardroom Africa has monitored gender diversity on Africa's listed boards. This index evaluates the composition of boards by country, documenting the count of women occupying board seats and tracking their presence in Chair and other executive roles. Research to-date encompasses publicly listed boards in Ghana and 11 other African nations.

About The Board Diversity Charter

The Board Diversity Charter (BDC) is a joint initiative co-founded by TheBoardroom Africa (TBrA) and Alitheia Capital to raise awareness of diversity as a critical driver of success for business and society. Joining the charter signals an organisation's commitment to developing and implementing initiatives that seek to build and maintain diversity and equality in the boardroom.

The Charter’s current signatories (organisations that have already achieved 30% women in the boardroom) and pledge partners (organisations publicly committing to strive to achieve 30% women in the boardroom) include leading DFIs and organisations such as British International Investment, Norsad Capital, Woodside Africa Group, DEG, FCMB Bank and more. Companies interested in becoming a Board Diversity Charter Signatory or Pledge Partner can apply here.



Some women on the boards of Ghana-listed companies

Marcia Ashong, Founder & CEO, TheBoardroom Africa



Abena Amoah, Managing Director of the Ghana Stock Exchange