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Accra, Ghana. November 8, 2016
– IFC, a member of the World Bank Group, and the Bank of Ghana today 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.
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.
About SECO
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
www.seco-cooperation.ch
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About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with 2,000 businesses worldwide, IFC uses its six decades of experience to create opportunity where it is needed most. In financial year 2016, long-term investments in developing countries rose to nearly US$19 billion, leveraging its capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
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About Bank of Ghana
The primary objective of the Bank is to maintain stability in the general level of prices and without prejudice to this objective, is also mandated to support the general economic policy of the Government and promote economic growth and effective and efficient operation of banking and credit systems in the country. For more information visit:
www.bog.gov.gh
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