An agreement that gave effect to the partnership was signed earlier in the day.

The partnership, which will be extended to non-financial institutions, is expected to support job creation, ensure sustainable private sector development and help the economy grow.

It forms part of the Africa Corporate Governance Programme (AfCGP) which seeks to promote sustainable private-sector investment in developing countries through improved corporate governance practices.

AfCGP initiative

Speaking at the ceremony, which also marked the exchange of documents on the agreement, a Senior Country Officer of the IFC, Mr Joseph Akwasi Kuma, said the objective of the partnership was to assess businesses, their operational structures and processes and help improve on them.

He said the AfCGP was designed to improve the performance of firms and increase the ability of markets and firms in sub-Saharan Africa.   

Launched in 2015, the AfCGP is a four-year programme funded by the State Secretariat for Economic Affairs (SECO) to promote the adoption of corporate governance best practices and standards in alignment with regional priorities.

World Bank confident in Ghana

Mr Kuma said the AfCGP would also help expand markets, retain and attract additional investment and improve firm-level performance for increased economic growth.

He said the World Bank’s confidence in Ghana’s economy motivated it to support the country through various means, adding that “the IFC has invested close to US$1.6 billion in the country”.

“We also continue to provide technical assistance in several areas to strengthen the competitiveness of the private sector in Ghana,” he added.

Role of good governance

The Second Deputy Governor of the BoG, Dr Johnson Asiamah, in his address, commended the IFC for the corporate governance initiative and its contribution to deepening the financial sector in Ghana.

“The initiative will go a longway to engender corporate principles in our banking system to further enhance public trust, confidence and credibility,” he said.

Dr Asiamah indicated that ineffective corporate governance in the banking sector led to failure which affected not only  stakeholders but also the stability of other banks, as well as the economy at large.