Mr John Gyetuah, Deputy Minister of Trade and Industry, on Friday called on stakeholders in business to collaborate with government to develop a national policy framework for Corporate Social Responsibility (CSR).
He said the CSR policy would help direct and streamline effective practices and define its parameters in various corporate bodies.
Mr Gyetuah said this at a day's seminar organized in Accra by Junior Chamber International Ghana (JCI), a non-governmental organization and a worldwide federation of young leaders and entrepreneurs.
The event dubbed: "A forum for learning, creating and strengthening a sustainable place for corporate social responsibility" sought to educate corporate bodies on the importance of CSR, its effects as well as best practices.
Presenting a paper on behalf of the Trade Minister, Mr Gyetuah said for
the nation to deepen best practices of CSR to facilitate development, a regulatory body should be set up to control its effective delivery.
He said CRS was an effective concept for a developing country such as Ghana and would ensure proper accountability on activities of corporate organization and their contribution to the nation's development.
Mr Gyetuah urged corporate institutions to sign up to the Global Compact Principles (GCP) that include issues relating to human rights of employees, labour rights and responsibilities, environment as well as anti-corruption.
"Under labour for instance, businesses are to uphold the freedom of association and the effective recognition of the right to collective bargaining, elimination of all forms of force and compulsory labour and the effective abolition of child labour."
With regard to environment, businesses are to support a precautionary approach to environmental challenges, undertake initiatives to promote greater environmental responsibilities and develop and diffuse environmentally friendly technologies."
Mr Gyetuah said GCP directed businesses to support, protect and respect the international standards, human rights and also ensure that such rights were not complicit in rights abuses.
Ms Joyce Aryee, Chief Executive Officer of Ghana Chamber of Mines, defined CSR as "a continuous commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large".
She said CSR was a major catalyst for development adding "an effective CSR can improve a company's image, increase profit, attract customers and differentiate a firm from its competitor".