Accra, July 4, GNA - Mr Alexander Kofi-Mensah Mould, Acting Chief Executive Officer (CEO) of Ghana National Petroleum Corporation (GNPC), has noted that businesses must move away from Corporate Social Responsibility (CSR) to pursuing Creating Shared Value (CSV), for mutual benefit.
“Yes, we can move from a philanthropy - driven CSR to one that focuses on Creating Shared Value; that would better integrate social values, business values and environmental stewardship into a more cohesive and mutually beneficial relationship,” he said.
Mr Mould made the observation at the Accra Academy 85th Founders’ Day Lecture in Accra, on the topic: “Creating Shared Value: A Force to Drive Competitive Advantage and National Development.”
He said this could be done not at the expense of businesses but to support them and the society at the same time.
Mr Mould, a past student of Accra Academy and President of the 1978 Year Group of past students, said to do this required “a change in the mindset, as it does not come early”.
He said the Founding Fathers of Accra Academy, as far back in 1931, were guided by the tenets of creating shared value.
“They created a private academy that would, first and foremost, thrive as a business. But at the same time, the Academy would lower the financial barriers to quality education; so more Ghanaians could afford quality education; and by higher enrolment, the educational system would benefit.
“This is central to the concept of Creating Shared Value in business.”
Mr Mould said CSV creates opportunities that align business and society interests and integrate environmental stewardship.
“The first order principle in Creating Shared Value is that: do not destroy value for society in creating value for business, as society also benefits.”
He said GNPC has developed a policy that would help guide the Corporation to embrace the concept of CSV as a core aspect business.
“Further, we are working to finalise the Strategy as well as an Implementation Plan and Framework that will guide the operationalisation of our commitment to Creating Shared Value,” he said.
Mr Mould said even as GNPC leads the oil and gas industry in the transition, “we call for champions in other sectors of the economy. I challenge all Bleoobi to (Old students of the school) embrace CSV and lead the transformation of the role of business in national development; from one that is passive or ambivalent in the society, to one that places solving societal problems at the core of business goals, decisions and actions”.
He said this is how businesses would create and share value. “And that is how we will contribute to our nation’s development, without compromising our core objective of creating sustainable value to our shareholders.”