Businesses urged to adopt world class corporate governance practices

Business News of Friday, 27 February 2015


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The importance of Ghanaian companies adopting effective corporate governance practices, which make them more sustainable and more attractive to investors, was highlighted at a conference organized by the International Finance Corporation and the Association of Chartered Certified Accountants.

Regulators, policymakers, accounting professionals and business leaders attended the conference entitled: Corporate governance: a catalyst for Ghana’s economic development where they discussed ways Ghanaian companies can improve how they are run and look at how they strengthen relationships among management, directors, shareholders and other stakeholders.

IFC, a member of the World Bank Group, and ACCA, the global body for professional accountants with xx members in Ghana, are working together for three years to promote improved corporate governance practices in Ghana to help build more sustainable businesses in the country and strengthen private sector growth.

Jamil Ampomah, ACCA Director, Sub-Saharan Africa, said: “This conference and our three year partnership with IFC to promote and develop good corporate governance in Ghana is important because evidence suggests that well-governed companies perform better, earn higher investor confidence, and record higher growth.

“Finance professionals play a critical role in developing good corporate governance, which is why ACCA has launched a Good Governance Globally campaign in key countries around the world including Ghana. This will focus on building two crucial pillars of strong corporate governance – a robust framework made up of clear and complete codes, regulations and laws, and a culture that supports this, and we look forward to developing this campaign in the coming months,” said Jamil Ampomah.

Chinyere Almona, Head, Africa Corporate Governance Program for IFC, said, “IFC helps businesses establish effective corporate governance practices that enhance competitiveness, efficiency, and profitability, and enable companies to grow sustainably while attracting investments.

Partnering with ACCA, we will work with companies to implement corporate governance practices that will boost economic growth and development in Ghana.”

IFC works with companies to help them adapt good corporate governance practices, which contribute to their sustainable economic development. The Africa Corporate Governance Program for IFC is funded by Switzerland’s State Secretariat for Economic Affairs (SECO).