Dakar, Senegal, February 14, 2017
IFC, a member of the World Bank Group, and the Senegalese Institute of Administrators (ISA), today launched a corporate governance program in Senegal. Targeting business and public sector leaders in West Africa, the program aims to strengthen their understanding of corporate governance issues like board leadership, diversity, risk, and environmental and social standards.
Good corporate governance enables companies to operate more efficiently, improve access to capital, mitigate risk, and safeguard against mismanagement. It also helps companies attract new investments and capital to finance their growth.
Knowledge of sound corporate governance practices is relatively low in West Africa, while the legal and regulatory framework has room for improvement. The World Bank Group’s ‘Doing Business’ report found that Sub-Saharan Africa has the lowest global average score on the protection of minority investors.
Alioune Ndour Diouf, CEO of the Senegalese Institute of Administrators, said, “The partnership with IFC will allow us to benefit from the World Bank Group’s expertise to build capacity and improve corporate governance in Senegal.”
Aliou Maiga, Head of IFC’s Financial Institutions Group for Africa said, “IFC offers a unique experience in corporate governance. Our institution has helped more than 11,000 companies in over 30 countries implement best practices in corporate governance, which has allowed those companies to attract $3.2 billion in new investments.”
The Africa Corporate Governance Program is a four-year initiative to promote corporate governance best practices and standards continent-wide. The program is funded by the State Secretariat for Economic Affairs of Switzerland.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise and influence to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit
SECO is Switzerland’s competence center for all core issues relating to economic policy. SECO’s economic development cooperation strives to achieve sustainable growth. Such growth is sustainable if it creates jobs, helps to increase productivity, to reduce poverty, inequalities and global risks. For more information, visit