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GHANA: Companies in Extractives Shine in Annual Study of Gender Diversity Among Publicly Listed Companies

Four Ghanian listed companies in the extractives have been named in the Top 10 Champions of Gender Diversity in Ghana including: AngloGold Ashanti Limited No.4, Tullow Oil No. 6, Ghana oil Company Limited No. 7 and Golden Star Resources Limited.

Tullow Oil has been named one of the Top 10 Champions of Gender Diversity in Ghana as part of the 2020 Ghana Gender Diversity Index – The Boardroom Africa  annual study of gender diversity among publicly listed companies in Ghana.

According to the study the energy (oil and gas and power sector had 67% of companies have 30% or more female directors. Tullow Oil Plc has 38% Female Board Directors,
40% Female Non Executive Directors and a Female Chair.

The Ghana Oil Company was also named in the list with 33 percent female board directors and 38 percent Non Executive Directors.

In ranking listed companies, the study 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.

Among key findings of this year’s annual study include:

  • 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.
  • 49% of companies have only one or no women on their boards.
  • 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 more female board dir

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