<![CDATA[In an era marked by economic shocks, digital disruptions, and escalating systemic risks, the ability of financial institutions to sustain critical operations has become a defining determinant of stability and trust in the banking system. This paper explores the drivers of operational resilience in Ghanaian commercial banks. Using an exploratory sequential mixed-methods design, we first conducted in-depth interviews with ten senior risk and governance experts, analyzed using thematic analysis, and then surveyed 384 banking professionals. Covariance-based structural equation modeling (SEM) with an integrated interaction term shows that strong Operational Risk Management (ORM) is by far the most powerful driver of resilience, whereas Board Independence has only a modest direct effect. Surprisingly, higher board independence slightly weakens the positive impact of ORM on resilience (significant negative interaction). This pattern provides clear evidence of governance–risk decoupling. Drawing on the Resource-Based View, Risk Governance Theory, and Institutional Theory, we conclude that, in this emerging-market context, genuine resilience comes primarily from deep operational capabilities rather than formally independent boards. When independence is adopted ceremonially and remains disconnected from day-to-day risk processes, it can even subtly undermine resilience. These findings question the blind application of Western governance models in emerging financial systems.]]>
