IFC, GSE partner to strengthen corporate governance

IFC, a member of the World Bank Group, and the Ghana Stock Exchange (GSE) have partnered to strengthen the corporate governance of listed companies.

It is also to help the GSE become a more efficient and transparent regional platform for raising capital and supporting business growth.

As part of the agreement, IFC will help the GSE strengthen and reform listing rules, enhance disclosure and transparency requirements, and reinforce supervision practices by companies’ boards.

IFC and the GSE will also deliver a series of training programmes to help local businesses strengthen their own corporate governance practices and prepare them to raise capital on the stock exchange.

Corporate governance is defined as the structures and processes by which companies are directed and controlled.

 Good corporate governance helps companies operate more efficiently, improve access to capital, mitigate risk, and safeguard against mismanagement.

Ekow Afedzie, Acting Managing Director of GSE, in a statement issued by the GSE said, “The GSE is committed to instilling current global standards of corporate governance in Ghana’s companies. By doing so, we will inspire trust in both local and foreign investors and channel capital to productive use for the sustainable growth of our economy.”

Ronke Ogunsulire, IFC Country Manager for Ghana, said, “IFC’s corporate governance programme supports not only the companies with which we work, but also governments and other institutions to create a conducive environment for the private sector to grow, raise financing, and create jobs to contribute to the development of their countries. We are pleased to be working with the Ghana Stock Exchange to support its important work making Ghana an even more attractive place for investors.”

IFC’s promotion of good corporate governance practices and standards help firms attract and retain investment.

 Increased awareness of environmental and social risks, the role of businesses in society, and demands for more transparency and better-governed companies, have made citizens, investors, and regulators more sensitive to corporate governance standards and practices.

BY TIMES REPORTER

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