Corporate Responsibility in Ghana: An Overview of Aspects of the Regulatory Regime

Abstract

This paper examines some aspects of the regulatory regime affecting corporate social responsibility (CSR) in Ghana. It seeks to assess the relationship between law and the actions of corporate organisations and its implications for corporate responsibility in Ghana. Corporations are critical actors in the political, economic, -social and cultural development of all countries. Besides providing goods and services, they are a source of livelihood for many and contribute to government revenue through the payment of taxes. They also impact on the physical and socio-economic environment of a nation. CSR has over the years changed from voluntary practice to more obligatory policies due to pressure from external stakeholders and the law. In recent times, various laws and legal standards seem to play a vital role in the development, implementation and enforcement of CSR. The law serves CSR by providing a means for CSR to adhere to some very essential practices for instance the protection of the rights of employees among others while at the same time allowing organisations to make their own decisions concerning how to give back to the community.It suggests that even though CSR is to a large extent influenced by various regulatory regimes in Ghana, its efficiency is often adversely affected by deficiencies in the enforcement of the relevant laws. It is thus suggested that the enforcement agencies should be empowered to ensure compliance with the laws to enable an effective delivery of CSR in Ghana.

Sustaining the Oil and Gas Industry through corporate social responsibility practices by multinational oil and gas companies in emerging economies.

“…These outcomes are in line with [37], who concluded that a business entity that can make a strong claim to business ethics and or corporate social responsible human rights, employee rights, stakeholder rights, environmental protection, community relations, transparency, environmental stewardship and sustainability principles is the Oil and Gas industry. [66], collaborates this assertion and noted that MOCs are active and play leadership roles in developing good corporate practices and codes of conduct in the work place and engagement with different facets of society in which they operate.…”

“…The relationship between YP and CSRIV, and YP and TAST are both negative (r = -0.2967 and r= -0.2788 respectively). Among the independent variables (TAST, CSRIV, CSRDC), however, there was no signi cant correlation among the variables, an indication that no multi-collinearity issues exist, and based on [66], the regression estimates are accepted to be accurate. In uence of CSR disclosure on nancial performance was assessed using the model estimation analysis to provide empirical evidence of the effects of CSR investment and disclosure on the nancial sustainability of MOCs operating in Africa.…”

“…The Wallace and Hussain estimator of component variances (a two-way xed effects and random effects panel model) was operationalized at 0.05 signi cance level (Table 6). Based on [66,67] and [68], the Hausman speci cation test was used to check for e ciency and for which of the two options available to use (where if p > chi square > 0.05, random effect model recommended, and if p < chi-square < 0.05, xed effects model, recommended). This also allowed for utilization of variation in the variables over the 10year period to estimate the effects of CSR investment and disclosure (independent variables) on nancial performance (dependent variable).…”

Sustainability-Conscious Stakeholders and CSR: Evidence from IJVs of Ghana

“…They also state that while governments in developing countries may require lower levels of CSR, MNCs may decide to pursue some level of CSR activities, thereby annulling the obligation of governments' need to interfere and enforce mandatory ethical actions. Although there are some laws regarding CSR in Ghana, these laws are not enforced by regulatory agencies, thereby leading to CSR mostly being a voluntary action [77].…”

Sustaining the Oil and Gas Multinationals’ Operations Through Corporate Social Responsibility Practices

“…A value of two means absence of autocorrelation and values less than or greater than two means the presence positive or negative autocorrelation among independent variables. The result for the Durbin-Watson test was 1.9, implying that the speci ed model for the analysis did not violate the independent residuals assumptions [58,66,67,68] and there was no collinearity problem among the predictor variables.…”