The FINANCIAL -- IFC, a member of the World Bank Group, and the Bank of Ghana on November 8 announced a partnership to help companies adopt good corporate governance practices that will help boost Ghana’s financial sector performance and promote economic growth.
IFC and the Bank of Ghana will work together with financial sector companies to raise awareness of the need for good corporate governance. Both institutions will provide guidance on operational structures and processes, reporting mechanisms and build corporate governance capacity through training, workshops and conferences. The program was launched at a conference in Accra today, which convened over 100 directors of banks and other finance sector stakeholders.
Corporate governance is defined as the structures and processes by which companies are directed and controlled. Good corporate governance helps companies improve access to capital, mitigate risk, and safeguard against mismanagement. It makes companies more accountable and transparent to investors and gives them the tools to respond to stakeholder concerns, according to IFC.
Dr Johnson P. Asiama, Second Deputy Governor, Bank of Ghana, said, “Sound corporate governance practices are key ingredients for a bank’s ability to manage its risks and withstand external shocks. As regulators, we will continue to direct our resources towards ensuring that banks improve their internal controls and risk management systems”.
Ronke-Amoni Ogunsulire, IFC Country Manager for Ghana, said, “IFC’s partnership with the Bank of Ghana reflects our commitment to boost business performance in the country. From IFC’s six decades of global experience, we have learned that companies that adopt sound corporate governance practices are able to improve performance and attract investment.”
IFC’s Africa Corporate Governance Program was designed to improve firm performance and increase the ability of markets and firms in Sub-Saharan Africa to attract and retain investment. The program is funded by the State Secretariat for Economic Affairs (SECO), Switzerland.