The banking crisis in Ghana in recent times has continued the concerns about corporate governance. Elsewhere, both Sarbanes-Oxley Act (US) and the Combined Code (UK) have emphasised the importance of an independent board structure. Explain why agency theorists recommend an independent board structure and with reference to the empirical studies on board structure and firm performance assess the extent to which an independent board helps solve the agency problem. Recommend and justify whether voluntary based or rule-based approach to corporate governance is appropriate for Ghana. Is corporate governance failure a contributing factor to the collapse of the financial institutions in the recent crisis in Ghana?