IFC and Institute of Directors-Ghana Support Improved Business Performance in Ghana
IFC, a member of the World Bank Group, and the Institute of Directors- Ghana (IoD-G), are helping raise awareness in Ghana about the concept and benefits of corporate governance, the roles and responsibilities of directors, and the importance of an effective board of directors. The goal is to strengthen Ghanaian businesses and the country’s overall economy.
At a workshop organized by IFC and IoD-G, speakers from KPMG, Coscharis Group, and the law firm, Bensti-Enchill, Letsa & Ankomah, discussed ways businesses can improve their operations to achieve sustainable value creation and growth. Directors from about 30 institutions attended the event.
IoD-G recently agreed to work with IFC to help encourage companies to adopt and institute good corporate governance practices in Ghana. Corporate governance refers to the structures and processes by which companies are directed and controlled. It makes companies more accountable and transparent to investors and gives them the tools to respond to stakeholder concerns.
Fred Ofosu Darko, President of IoD-Ghana, said, “IoD-G is committed to professionalizing the practice of corporate directorship, which will help build well-run companies in Ghana. We are leveraging IFC’s global experience in developing corporate governance in emerging markets to provide knowledge sharing and world class learning opportunities that will help directors understand and establish best practice processes in their various companies. We hope this will help the companies perform better and promote development in the country.”
Ronke Amoni-Ogunsulire, IFC Country Manager for Ghana, said, “As an investor, IFC knows the importance of good governance practices to building investor-ready companies, and the critical role the board plays in instituting the necessary structures. We have partnered with IoD-G to encourage companies to adopt best practices in corporate governance and we hope this will help them perform better, attract more investment, create more jobs, and grow the economy.”
IFC’s Africa Corporate Governance Program improves the performance of businesses by helping them adopt good corporate governance practices and standards that are adapted to regional priorities. The program is funded by the State Secretariat for Economic Affairs (SECO), Switzerland.