He explained that financial and corporate governance expertise are essential qualifications such persons have have.

He believes that such measures are crucial to ensure that state interests are adequately represented and protected.

Dr. Oteng-Gyasi, a seasoned entrepreneur and Chief Executive Officer of Tropical Cable & Conductor Ltd, also advocated for enhanced accountability mechanisms for state-appointed directors.

He expressed concern over past instances where Ghana’s mineral resources were exploited by foreign entities despite the presence of Ghanaian representatives on the boards of multinational mining firms.

In his address during this year’s UG Alumni Lecture in Accra, Dr. Oteng-Gyasi, speaking on the theme “The Fault Dear Brutus,” highlighted a specific example of a mining company that consistently declared losses despite substantial production, resulting in minimal tax contributions to the state.

He attributed this situation to financial manipulations that went unchecked by the company’s Ghanaian board members, emphasizing the need for greater vigilance and expertise among state representatives.

Dr. Oteng-Gyasi reiterated his call for stricter competency requirements and accountability measures for state-appointed directors, stressing that financial and corporate governance skills should be mandatory qualifications for positions on public sector boards and any corporate boards representing the nation’s interests.

He believes that by implementing these measures, Ghana can safeguard its resources and ensure that state interests are effectively represented.

“In a ten-year period, one mine, not a gold mine, declared losses in seven years. In those ten years no dividends were ever declared due to huge loans it supposedly took from its mother company. But there were no assets to show for the supposed loans… During the same period that this company was posting consistent losses, the company doubled production. In effect, the foreign owners of the mine were taking away the mineral for next to nothing. They were only paying the 3 percent they were required by law to pay. They were depleting the mineral resources for almost no benefit to our nation.”

“It is sad but true that this mine had Ghanaian board representation on behalf of the state. The board members might have seen the financial manipulations that robbed the state of its mineral wealth. They did nothing and said nothing. Whether it was through the incompetence of the board representatives or complicity, such situations should not be allowed to continue. It is time for the state to insist on minimum competencies for all directors representing the state on boards and to hold them truly accountable. Financial and corporate governance skills should be minimum skills for sitting on any public sector board or any corporate board on behalf of the nation,” he added.