Founder of Africa World Airlines, Togbe Afede XIV, has cautioned chief executives against enriching themselves at the expense of the companies they manage.
He warned that conflicts of interest undermine business growth and national development.
Speaking as Chairman of the 10th Ghana CEO Summit and Expo in Accra, Togbe Afede stressed the need for honesty, loyalty and selflessness among corporate leaders as Ghana pushes for economic transformation and sustainable growth.
“CEOs must not endeavor or desire to enrich themselves at the expense of their companies. Whenever there is conflict of interest, the desired outcomes are never attainable.
“While we expect government to provide the soundest environment, and of course government is trying to do the same, we also must demonstrate unwavering commitment to the objectives of our companies and therefore the purposes to which we are appointed,” he stated.
He further criticized situations where executives operate private businesses that compete with the companies they manage, describing such conduct as harmful to corporate growth and contrary to sound leadership principles.
According to him, corporate leadership must be grounded in strict transparency and accountability to shareholders and boards.
“I was just chatting with some colleagues and I noted an experience I have had where the CEO of a small manufacturing company that I had interest in operated a small manufacturing company of his own at home. Certainly those are not what we need to be able to make impact, to achieve business growth and therefore to impact our country.
“Also the experience of a CEO having a private company with the same objectives as those of the company he serves are not the examples that are worthy of emulation,” he added.
Togbe Afede XIV also noted that effective CEOs must work closely with their boards and ensure directors are adequately informed to support management decisions.
“Sometimes a new board member is lucky to get even the minutes of the previous board meeting before attending his first meeting. We must ensure our boards are well informed so they can support us to achieve the desired outcomes,” he said.
The business leader also underscored the importance of teamwork, courageous leadership and disciplined execution in navigating Ghana’s changing economic environment.
Togbe Afede XIV also acknowledged recent improvements in Ghana’s macroeconomic indicators, including easing inflation, a stronger cedi and improved GDP figures, but warned that stability alone is not enough if it does not translate into improved living standards.
“Stability and macroeconomic numbers are not ends in themselves because what matters is the enhancement of well-being,” he remarked.
Touching on technology and industrialization, Togbe Afede XIV urged businesses to embrace innovation as a strategic tool for competitiveness and growth.
“Today the biggest companies in the world are technology companies. This suggests the importance of technology. We have to embrace it if we are to achieve business growth and make the desired impact on Ghana’s economy,” he added.
He further called for industrialization to remain central to Ghana’s development agenda, arguing that value addition and export competitiveness are critical to job creation and long-term prosperity.
The 10th Ghana CEO Summit brought together corporate leaders, policymakers and industry stakeholders to discuss strategies for accelerating Ghana’s economic transformation through leadership, technology and industrialisation.
