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Towards an implementation framework for governance in the Ghanaian securities trading industry

Johan Marx (Department of Finance, Risk and Banking, University of South Africa, Pretoria, South Africa)
Ronald Henry Mynhardt (School of Business and Economics, Southern Business School, Pretoria, South Africa)

Qualitative Research in Financial Markets

ISSN: 1755-4179

Article publication date: 11 April 2021

Issue publication date: 22 June 2021




The purpose of this paper is to propose an implementation framework for governance in the Ghanaian securities trading industry.


A qualitative research approach was followed, using participatory action research (PAR) by involving stakeholders from the Ghanaian securities trading industry.


A governance framework for the Ghanaian securities trading industry is proposed, taking into account the regulatory environment of Ghana, the role of ethical leadership, boards of directors, audit committees, the governance of risk, information technology and internal audit.

Research limitations/implications

This study used PAR because it is a recognised research methodology aimed at problem resolution, knowledge creation and improving professional practice, through the involvement of the interest group. This paper provides a starting point – a practical solution for the securities industry of Ghana, but not generalisable results.

Practical implications

Applying the governance framework will create safeguards against corruption and mismanagement, promote transparency in economic life and assist Ghana in attracting investment, ultimately lowering its cost of capital and contributing to economic growth and development in the country.

Social implications

The implementation of the governance framework will benefit all stakeholders (employees, suppliers and the community at large) as a result of a culture conducive to influencing behaviour, strategy planning and implementation, as well as corporate results and financial sustainability.


The use of PAR assists the practitioners from the Ghanaian securities trading industry in improving their competencies (knowledge, skills, values and attributes) whilst generating a workable solution for their current governance challenges.



Marx, J. and Mynhardt, R.H. (2021), "Towards an implementation framework for governance in the Ghanaian securities trading industry", Qualitative Research in Financial Markets, Vol. 13 No. 3, pp. 342-358.



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