Whistleblowing and its link on Corporate Governance and Compliance: The case of Financial Companies listed on the Ghana Stock Exchange (Published)
Whistleblowing in institutions is key for corporate governance and compliance in organizations. In this study we determine whether there exist whistleblowing mechanisms and policies in the financial institutions listed on the Ghana Stock Exchange (GSE). The study also sought to examine the level of staff knowledge and perceptions on those policies and procedures. A two-stage sampling scheme was adopted in selecting the samples. Four out of nine banks listed on the Ghana Stock Exchange were selected using simple random sample. For each bank selected two branches in greater Accra were included randomly in the sample from which 100 was selected. The results of the analysis indicated that majority of the respondents were eager to blow the whistle at all cost, however education on knowledge on procedures for reporting at the time of appointment was little. Out of the 80 participants who took part in the study, none of them responded no to reporting wrongdoing even when their report will lead to the closure of the company, or dismissal. The chi-square test of independence also shows that, there is a link between whistleblowing, corporate governance and compliance in the financial companies listed on Ghana Stock Exchange (GSE). It is recommended that organizations carry out periodical education on policies and procedures on whistleblowing to increase the consciousness of all employees.
Keywords: Compliance, Corporate Governance, Ghana, Whistleblowing, financial companies, stock exchange