The African Peer Review Mechanism (APRM) Targeted Review of Ghana on the pillar of Corporate Governance, under the theme “APRM As A Catalyst For The Implementation Of The African Continental Free Trade Area (AfCFTA) in the Republic of Ghana” has commenced in Accra.
The Targeted Review Mission Team (TRMT), led by Ambassador Aly Houssam El-Din El-Hefny Mahamoud, APR Panel Member responsible for Ghana, engaged stakeholder representatives from the various government Ministries, Departments, and Agencies as well as Business Sector Associations. Other participants were drawn from Public and Private sector organisations; Women and Youth groups, as well as Civil Society Organisations (CSOs).
Participants were engaged in Focused Group Discussions (FGDs) and were administered Individual In-depth Interview (III) questionnaires to solicit their views on corporate governance practices in Public Listed Companies (PLCs), Limited Liability Companies (LLCs), State Owned Enterprises (SOEs), as well as Micro Small and Medium-sized Enterprises (MSMES).
Speaking on the essence of the review, Ambassador Aly Hefny Mahamoud, noted the importance of trade to development. He said, the Ghana review which was the first on the continent would set the pace like it did for the comprehensive review in 2006, for other countries to follow.
In his welcoming address, the Most Reverend Prof. Emmanuel Asante, Chairman of Ghana’s National African Peer Review Mechanism Governing Council (NAPRM-GC), said the targeted review was underpinned by the African Union’s “African Principle and Guidelines on Corporate Governance”, which takes into account global best practices while keeping in view, the particularities of the African business community and society; including the current continental integration agenda, driven by AfCFTA, and how Ghanaian businesses might benefit from them if they enhanced their capacities and competitiveness.
Prof Asante was hopeful that, the targeted review would identify some of the improvements that have been made with the promulgation of the current Companies Act 2019 (Act 992), which has laid down a solid foundation for good corporate in Ghana for consolidation; as well as a list of gaps to trigger the needed interventions to guarantee Ghana’s corporate sector readiness to make the most of AfCFTA.
The National Consultant on the TRMT, Prof. David Abdulai, called on stakeholders to be candid in sharing their observations on corporate governance in Ghana to guarantee a credible report with recommendations whose implementation would lead to Ghanaian businesses developing the capacity to access the continental market for business growth and other opportunities that AfCFTA offers.
In all, eight (8) of the 16 regions in Ghana would be covered by the review and would be followed by validation engagements as part of the process.
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