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We have reached where we are today because of the heroic efforts by cherishers of democracy, some of whom did so by shedding their blood.

At the time the culture of silence permeated all facets of the Ghanaian society, it took such heroes of democracy to stand up to be counted as those who wanted a non-dictatorial political ambience for the country.

When eventually the seismic change we yearned for came, replacing the culture of silence, the wind of democracy blew without inhibition.

Nobody thought the milestone would not remain a permanent feature of our political life. Time has proven that with persons spotting questionable integrity taking over the mantle of leadership, things would change.

Elections, it is said, have consequences -positive or negative. Today, a reversal of that critical feature of democracy, free speech, has never been so threatened as in recent times. And to think this followed the outcome of an election proves the saying that, indeed, there are consequences to how we choose our leaders.

Those who have cause to express themselves regarding governance must be wary of being arrested and jailed because the times have changed.

So many people have been arrested roughly and some denied access to lawyers simply because their expressions were unpalatable to the government.

All of a sudden the clock of democratic progress has been set back. Many have even lost count of the number of persons arrested so far through the irresponsible use of the powers of the state.

Of course this is not right and doubtlessly a threat to free speech. Ghanaians would not have voted for the NDC and President John Mahama if they had understood the implication of the latter’s reset agenda.

As we compose this commentary, another person has been picked up. The whereabouts of Richard Nana Basoah of Ahwenepa FM are unknown, part of the ongoing spate of arrests.

The Government Spokesperson, Felix Ofosu Kwakye, has served notice that anybody who threatens the President would be arrested. It is a crime to threaten anybody irrespective of the status of such persons in society. Those who breach the law by threatening others must be taken through due process, not picked up by hooded security officers and hidden in unknown locations. Assaulting women suspected to have offended the President and even deceiving them to plead guilty when they know not the implication therein is not the law.

Today, one of the two dominant political parties in the country is demonstrating against selective justice and, of course, the threat to free speech.

The threat to free speech and selective justice are rife today. Paradoxically, President Mahama in his open letter to President Akufo-Addo in 2022 expressed disgust at the antiquated practice of arresting persons because of their unpleasing expressions.

In any case, the number of persons arrested over free speech within the less than two years of the John Mahama administration has surpassed the number recorded in the eight years of the Akufo-Addo presidency.

That the President has told Ghanaians that those who express hate speech would be traced and arrested through their IP addresses is enough to tell all that free speech is under threat.

Businesses, corporations, and institutions perform best when they are properly governed and effectively managed. This is especially important in Ghana’s FinTech industry, which is still young and expanding. Strong governance is essential for ensuring sustainability, maintaining public trust and confidence, and supporting the overall stability of the financial ecosystem. Accordingly, promoting a well-governed FinTech sector remains a key priority for the regulator.

In Ghana, past financial sector reforms, particularly those that led to the resolution of several banks, savings and loans companies, and numerous microfinance institutions, were largely driven by underlying weaknesses such as poor governance practices, inadequate risk management, and overly complex, unsustainable business models.

Similarly, on the global stage, events such as the 2008 financial crisis, which officially began in December 2007 and ended in June 2009, and the 2023 banking turmoil, which saw the collapse of several US regional banks and Credit Suisse in Europe, have also been linked to weak risk management and unsustainable business models. These are clear examples of the consequences of poor governance.

Despite clear evidence of the importance of sound governance, some FinTech companies have yet to fully appreciate its value in their operations. Founded by technology-native entrepreneurs, these companies often perceive strong governance frameworks and practices as restrictive, believing they hinder innovation, introduce unnecessary bureaucracy, and reflect outdated approaches that do not align with the fast-paced nature of FinTech. As a result, good corporate governance is sometimes viewed as a barrier rather than an enabler.

This perception stems from a limited understanding of the purpose and practical value of governance practices. In reality, effective governance supports sustainable growth, strengthens risk management, and enhances credibility with stakeholders.

Against this backdrop, this article seeks to provide practical insights into key corporate governance practices that can add value to FinTech firms within the Ghanaian ecosystem and support their long-term success.

To begin with, it is important for start-ups to establish a Board of Directors that is appropriate to their size and stage of growth. The Board is responsible for setting the strategic direction of the company, providing effective oversight, and ensuring sound risk management. The presence of a Board, as the highest decision-making body to which Management is accountable, introduces an important system of checks and balances, thereby strengthening accountability and governance.

Although appointing a Board may be challenging, particularly for founders who built their businesses independently, it is a critical step towards building a strong and sustainable institution. There should be a formal and structured arrangement to ensure that the Board meets regularly to deliberate on key matters affecting the company, including its operations and financial performance. These meetings also serve as a platform for holding the Board accountable for its oversight responsibilities. It is for this very reason that, for regulated entities, the regulatory framework often mandates the establishment of a Board of Directors.

Furthermore, the roles of Board Chairperson and Chief Executive Officer (CEO) should be held by separate individuals. Combining these roles can undermine the purpose of the Board, as it limits independent oversight and concentrates too much authority in one person. Separating them, however, helps to ensure effective governance by enhancing accountability and promoting balanced decision-making.

Another important area for FinTechs is the establishment of strong and resilient internal control systems. These controls help provide assurance that operational and financial information is reliable, timely, and accurate. Effective internal controls also help identify weaknesses or gaps in processes early, allowing Management to take corrective action to address them. In addition, they support compliance with regulatory requirements, reduce the risk of fraud and errors, and enhance overall operational efficiency.

It is important to note that remuneration structures in FinTech companies should be aligned with the size of the business, its financial position, and the roles and responsibilities of employees. Although aligning pay structures with industry rate benchmarks is useful, start-up founders who pay themselves disproportionately high compensation may place financial strain on the company and reduce its available resources. A well-designed and balanced remuneration framework helps promote fairness, control costs, and ensure that resources are used prudently. Ultimately, a sound remuneration structure supports the long-term sustainability and growth of the business.

In conclusion, strong corporate governance should not be seen as a constraint but as a critical enabler of sustainable growth and innovation within the FinTech sector. For a young and rapidly evolving industry such as Ghana’s, the long-term success of FinTech firms will depend not only on technological superiority but also on the strength of their governance frameworks.

The lessons from both local and global financial sector challenges are clear: weak governance, poor risk management, and unsustainable business practices ultimately undermine confidence and lead to failure. FinTechs that embrace sound governance practices through effective boards, clear accountability structures, robust internal controls, and prudent remuneration frameworks are better positioned to build resilient, credible, and scalable businesses. As the industry continues to grow, stakeholders must recognise that trust is the foundation of financial services. Good governance builds trust, attracts investment, strengthens regulatory compliance, and ensures stability within the broader financial ecosystem.

Ultimately, FinTech firms that embed governance at the core of their operations will not only meet regulatory expectations but will also gain a competitive advantage, ensuring they remain innovative, resilient, and sustainable in the long term.

The Volta Regional Minister, James Gunu, has commissioned two mechanised boreholes for Anfoega Senior High School and Vakpo Senior High School as well as cut the sod for six major educational infrastructure projects in the North Dayi District as part of government’s commitment to improving educational facilities and enhancing the welfare of students in the Volta Region.

The projects form part of government’s efforts to improve access to quality education by expanding educational infrastructure while ensuring a reliable supply of potable water to schools.

The commissioning and sod-cutting ceremonies were attended by the Member of Parliament for North Dayi, Joycelyn Tetteh Quarshie, the District Chief Executive, Ernest Adevor, traditional authorities, education officials, opinion leaders and residents of the beneficiary communities.

The newly commissioned mechanised boreholes, each with a 10,000-litre storage capacity, were constructed under Phase II of the Water for All Project to address water challenges in the two senior high schools.

Speaking at the commissioning ceremonies, Mr. Gunu said the facilities are powered by both the national electricity grid and solar energy to guarantee an uninterrupted supply of safe drinking water, even during power outages.

He noted that access to clean water is critical to improving sanitation, safeguarding the health of students and creating a conducive environment for effective teaching and learning.

The Regional Minister urged the management of the two schools to institute proper maintenance measures to ensure the sustainability of the facilities.

The minister also advised students to remain committed to their studies, assuring them of government’s resolve to continue investing in modern educational infrastructure to improve learning outcomes.

Following the commissioning of the boreholes, the minister cut the sod for the commencement of six educational infrastructure projects across the district.

The projects comprise an 18-unit classroom block and a two-storey boys’ dormitory for Vakpo Senior High Technical School, a two-storey girls’ dormitory for Anfoega Senior High School, as well as three-unit classroom blocks for Avevi-Denui D/A Junior High School, Tsrukpe Zanukofe D/A Junior High School and Botoku Bradafornu D/A Junior High School.

Addressing the gathering, Mr. Gunu assured residents that funding had been secured for all six projects and that work would commence without delay.

He stressed that the projects would be closely monitored to ensure their timely completion in line with President John Dramani Mahama’s commitment to eliminating abandoned public projects while expanding access to quality education across the country.

According to the Regional Minister, the provision of modern educational infrastructure remains a key priority of government as it seeks to reduce classroom deficits, improve teaching and learning, and enhance academic performance, particularly in underserved communities.

As part of activities marking the visit, Mr. Gunu also donated two footballs and a set of jerseys each to Anfoega Senior High School, Vakpo Senior High School and Vakpo Senior High Technical School to promote sports development and encourage young people to combine academic excellence with sporting activities.

The Member of Parliament for North Dayi, Joycelyn Tetteh Quarshie, commended government for prioritising education in the constituency.

She reaffirmed her commitment to working closely with government and other stakeholders to ensure that educational institutions in the district continue to benefit from critical development interventions.

Ms. Quarshie expressed optimism that the projects, when completed, would significantly improve learning conditions and provide students with the infrastructure needed to excel academically.

The commissioning of the mechanised boreholes and the launch of the six educational projects underscore government’s continued investment in education and human capital development, while addressing critical infrastructure and water supply challenges confronting schools in the North Dayi District.