Excerpts from "Women in Ghana's Boardrooms: Progress, Gaps and the Future of Corporate Governance 2026 Report

Executive Summary:  

- Ghana's female board representation dropped from 28.0% in 2023 to 25.9% in 2026.

- Women serving as Board Chairs nearly doubled, rising from 10 in 2023 to 19 in 2026.

- The Lands Commission holds the largest board size surveyed (26 seats), but only one seat is occupied by a woman.

- Tema Oil Refinery, despite reporting a GH₵1.24 billion profit for 2025, eliminated its female board representation completely (down from 43% in 2023 to 0% in 2026).

- Banking and Financial Services remains the primary driver, accounting for 40% of all women included in the report.  

Introduction & Rationale

Corporate boards play a crucial role in shaping strategy, ensuring accountability, and driving organizational performance.

Beyond social responsibility or tokenism, gender diversity provides concrete governance benefits, including broader perspectives, stronger stakeholder engagement, and improved risk management.

For Ghana, increasing female board leadership aligns with national Affirmative Action benchmarks. Women bring extensive expertise across finance, law, technology, communications, public administration, and entrepreneurship to strengthen organizational decision-making.

Ghana and the Global Context  

Global and regional benchmarks highlight key trends in board diversity:  

- Global Average: 28.3% female board representation in 2025 (MSCI Report).

- United Kingdom: 44.7% across FTSE 100 companies and 43.4% across FTSE 350 companies.

- Mandated Parity (50%): Enacted by nations such as Mexico, Argentina, France, Nicaragua, and Bolivia for government bodies.

- European Union: Requires at least 40% non-executive female representation on large listed company boards.

- African Exchanges (IFC/UN Report): 25% average female board representation across national stock exchanges. Regional leaders include South Africa (33%), Botswana (29%), and Kenya (27%).

- Ghana Stock Exchange (GSE): Ranked 3rd out of 10 African exchanges with 29% female representation among listed companies (a +6 percentage point increase since 2023). 46% of GSE-listed companies maintain at least 30% female representation, while 19% of Board Chairs and 15% of CEOs are women.  

Affirmative Action Law (Act 1121):

Enacted in 2024, Ghana’s Affirmative Action Law establishes progressive legal targets for female representation across public and private decision-making roles:  

- 2024–2026 Target: 30% female representation.

- 2028 Target: 35% female representation. - 2034 Target: 50% female representation.

- Requirement: All covered institutions must draft and submit a gender equity policy and plan within 12 months of enactment.  

Insights from the 2026 Top 100 Ranking  

The 2026 assessment covered 100 organizations (64 public, 36 private) encompassing 895 total board positions. Across these seats, women hold 232 positions (25.9%), falling short of both the global average (28.3%) and Ghana's 2026 Affirmative Action target (30%).

Top 100 Women Board Directors in Ghana 2026: Board Chairs  

- Ama Sarpong Bawuah: Access Bank Ghana

- Catherine Engmann: First Atlantic Bank

- Esi Tawia Addo-Ashong: Stanbic Bank Ghana

- Estelle Akofio-Sowah: National Information Technology Agency (NITA)

- Frances Adu-Mante: Absa Bank Ghana

- Dorothy Mensah: Affinity Ghana - Helen Amarquaye: Old Mutual Ghana

- Jemilat Jawulaa Mahamah: Ghana Maritime Authority

- Karen Akiwumi-Tanoh: Prudential Life Insurance Ghana

- Kuukua Maurice Ankrah: Ghana Grid Company

- Margaret Boateng Sekyere: Société Générale Ghana

- Mavis A. Ampah: National Communications Authority

- Petra Aba Asamoah: Ghana Post Company Ltd.

- Rosie Ebe-Arthur: FirstBank Ghana

- Teresa A. Cooke: OmniBSIC Bank Ghana

- Patience Akyianu: Hubtel

- Freda Yahan Duplan: FanMilk Ghana PLC

- Irene Baaba Hagan: GT Bank Ghana

- Pearl Nkrumah: Ghana Stock Exchange  

(Note: In 2023, the 10 organizations with female Board Chairs were Ghana Stock Exchange, Access Bank Ghana, SSNIT, Stanbic Bank Ghana, Absa Bank Ghana, Zenith Bank, Old Mutual Ghana, Société Générale Ghana, Prudential Bank Limited, and Graphic Communications Group.)

2023 vs. 2026 Key Indicators  

- Organisations Assessed: 84 (2023) | 100 (2026) | Change: +16

- Total Board Seats: 840 (2023) | 895 (2026) | Change: +55

- Women on Boards: 235 (2023) | 232 (2026) | Change: -3

- Female Board Representation: 28.0% (2023) | 25.9% (2026) | Change: -2.1 pp

- Women Board Chairs: 10 (2023) | 19 (2026) | Change: +9 (+90%)

- Organisations with ≥50% Female Representation: 2 (2023) | 9 (2026) | Change: +7

- Banking Sector Share of Women Recognised: 42% (2023) | 40% (2026) | Change: -2 pp  

Progress Toward National Affirmative Action Targets  

- 2026 Target (30%): Current Status: 25.9% (Status: Below Target)

- 2028 Target (35%): Current Status: 25.9% (Status: Off Track)

- 2034 Target (50%): Current Status: 25.9% (Status: Significant Gap)  

Institutional Performance Breakdown

Organisations Achieving Gender Parity or Better (≥50%) in 2026  

- Ghana Stock Exchange: 8 seats | 5 women | 62.5% - Absa Bank Ghana: 7 seats | 4 women | 57.1%

- Old Mutual Ghana: 7 seats | 4 women | 57.1% - Media General: 7 seats | 4 women | 57.1%

- Access Bank Ghana: 8 seats | 4 women | 50.0%

- First National Bank Ghana: 8 seats | 4 women | 50.0%

- Energy Commission: 6 seats | 3 women | 50.0%

- Prudential Life Insurance Ghana: 6 seats | 3 women | 50.0%

- MTN Ghana: 12 seats | 6 women | 50.0%  

Organisations with Zero Female Board Representation in 2026  

- Agricultural Development Bank (ADB): Banking Sector | Board Size: 9

- Prudential Bank Limited: Banking Sector | Board Size: 5

- COCOBOD: Consumer Goods Sector | Board Size: 11

- Tema Oil Refinery (TOR): Energy Sector | Board Size: 10

- State Housing Company Ltd: Infrastructure Sector | Board Size: 9

- Star Assurance Company Ltd: Insurance Sector | Board Size: 6

- Ghana Reinsurance PLC: Insurance Sector | Board Size: 7

- Ghana Digital Centres: Technology Sector | Board Size: 9  

Sector Analysis

1. Banking & Financial Services  

Contributes 40% of all women in the 2026 ranking.  

- Exceeding 30% Benchmark: Absa Bank Ghana (57%), Access Bank Ghana (50%), First National Bank Ghana (50%), FirstBank Ghana (44%), OmniBSIC Bank Ghana (42%), Ecobank Ghana (40%), Zenith Bank (40%), Stanbic Bank Ghana (37.5%), GT Bank Ghana (33%), Consolidated Bank Ghana Ltd. (33%), Fidelity Bank (33%), First Atlantic Bank (33%), Standard Chartered Bank Ghana (33%), and Société Générale Ghana (30%).  

- Underperforming State-Owned Banks: GCB Bank recorded 17% (2 out of 12 seats), while Agricultural Development Bank (ADB) recorded 0% female representation across 9 seats.  

2. Government, Regulation & Public Institutions  

Covered 23 organizations, with 13 exceeding the 30% benchmark.  

- Notable Performers: Ghana Stock Exchange (63%), Energy Commission (50%), Bank of Ghana (46%), Environmental Protection Agency (43%), National Petroleum Authority (43%), Petroleum Commission (43%), National Lottery Authority (43%), Ghana Tourism Authority (36%), Ghana Revenue Authority (33%), State Interests and Governance Authority (33%), Minerals Commission (33%), Driver and Vehicle Licensing Authority (33%), and National Road Safety Authority (31%).  

- Notable Underperformer: Lands Commission recorded 3.8% representation (1 female seat out of 26 total board positions).  

3. Energy, Petroleum & Utilities   While no organization reached 50%, several surpassed the 30% target:  

- Zen Petroleum (40%), Bui Power Authority (38%), Electricity Company of Ghana (38%), Petrosol Platinum Energy (33%), and Ghana Gas Company Ltd (33%).  

- Notable Decline: Tema Oil Refinery (TOR) fell from 43% female representation in 2023 to 0% in 2026 on a 10-member board.  

4. Additional Sectors  

Old Mutual Ghana reached 57%, while Prudential Life Insurance Ghana, Media General, and MTN Ghana reached 50%. Benso Oil Palm Plantation PLC recorded 33% female board representation.

Shift Analysis (2023 vs. 2026)

Most Improved Organisations (2023 to 2026)  

- FirstBank Ghana: 25% (2023) | 44% (2026) | Change: +19 pp

- OmniBSIC Bank Ghana: 30% (2023) | 43% (2026) | Change: +13 pp

- Bank of Ghana: 36% (2023) | 46% (2026) | Change: +10 pp

- Ecobank Ghana: 30% (2023) | 40% (2026) | Change: +10 pp

- Electricity Company of Ghana (ECG): 29% (2023) | 38% (2026) | Change: +9 pp

- Zenith Bank: 33% (2023) | 40% (2026) | Change: +7 pp

- Old Mutual Ghana: 50% (2023) | 57% (2026) | Change: +7 pp  

Organisations Recording Declines (2023 to 2026)  

- Tema Oil Refinery: 43% (2023) | 0% (2026) | Change: -43 pp

- Ghana Reinsurance PLC: 43% (2023) | 0% (2026) | Change: -43 pp

- State Housing Company: 44% (2023) | 0% (2026) | Change: -44 pp

- Exim Bank Ghana: 44% (2023) | 25% (2026) | Change: -19 pp

- Société Générale Ghana: 45% (2023) | 30% (2026) | Change: -15 pp

- Ghana Revenue Authority: 44% (2023) | 33% (2026) | Change: -11 pp

- Consolidated Bank Ghana: 42% (2023) | 33% (2026) | Change: -9 pp  

Public vs. Private Sector Comparison (2026)  

- Private Institutions: 36 organizations | 282 total seats | 91 female directors | 32.27% female representation

- Public Institutions: 64 organizations | 613 total seats | 141 female directors | 23.00% female representation

- Total Combined: 100 organizations | 895 total seats | 232 female directors | 25.90% female representation  

Conclusion  

The 2026 report indicates mixed progress: while female leadership at the Board Chair level has grown and specific private entities have achieved parity, overall representation across board seats has declined. The gap between current figures (25.9%) and legally mandated Affirmative Action targets highlights the need for continued advocacy, structural policy enforcement, and deliberate action by appointing authorities in both public and private sectors.