The Institute of Directors (IoD) Ghana is partnering the private sector arm of the World Bank, International Finance Corporation, IFC, to promote best practices in corporate governance among businesses and institutions.
The two organisations on Thursday, 5th November, 2015 organised a workshop to raise awareness on the benefits of corporate governance, the role of the director and how an effective board can collectively contribute to an effective economy.
President of the Institute of Directors (IoD), Ghana, Fredrick Ofosu Darko explained to JOY BUSINESS, the partnership would benefit not only businesses but an economy as a whole.
“We are looking at where corporate directors will adopt best practices for corporate governance purposes which will then enhance performances of companies and bring prosperity. If you have best practices adopted by companies, CEO’s and others, they raise the company’s tendency to do well. Apart from that also you have a trickledown effect on the economy as a whole” he said.
Resource persons and participants at the workshop called for the creation of a harmonized corporate-governance code for businesses in the country. This, they believe has become important to enhance governance structures in local businesses and thereby attract the needed foreign investments.
According to the Country Manager of IFC Ghana, Ronke Amonbi-Ogunsulire “When important companies have come down because of lack of good corporate governance, it makes sense that there should be one in Ghana and we believe that the time is right. There’s a lot going on in Ghana and we believe that there’s a huge potential and Ghana should be operating at international best practice standards”.
“Investors clearly are interested in making sure the funds that they commit to any enterprise are secure and that they are in the hands of competent executives and directors, so if you have a good governance code that they can identify with and in use in any particular business entity, they will clearly be comfortable putting their funds at your disposal. We don’t have a choice but to ensure that we work towards pushing out a harmonized business code that most businesses can ascribe to and investors will be comfortable with” Partner at KPMG, Andy Akoto also said.
The workshop is the first of a series of partnership initiatives between the Institute of Directors (IoD) and the International Finance Corporation, IFC expected in the months ahead.