CONCEPT NOTE – APRM TARGETED REVIEW OF GHANA

Jul 18, 2023 | News

ON THE THEME: CORPORATE GOVERNANCE AS A CATALYST FOR THE IMPLEMENTATION OF THE CONTINENTAL FREE TRADE AREA (AfCFTA) IN THE REPUBLIC OF GHANA

  1. Background

The APRM is an autonomous entity of the AU established in 2003 as a self-monitoring instrument to which the Member States accede voluntarily.  Article 3 (1) of the APRM Statute (2020) provides that the APRM serves as an African-owned and African-led platform for self-assessment, peer-learning, and experience-sharing in democracy and Good Governance, in full respect for democratic principles, human rights, rule of law, the acceleration of political, social and economic integration in Africa.

The core mandate of the APRM is to carry out governance reviews in APRM participating countries on the following fronts: democracy and political governance; economic governance and management; corporate governance; and socio-economic development.

In line with the APRM Base Document there are four types of reviews: base review – carried out immediately after a country becomes a member of the APRM, periodic review every four years, thematic review or targeted review – requested by the member country itself outside the framework of mandated reviews and a review commissioned by the APR Forum when there are early signs of pending political and economic crisis.

The Targeted Review is a focused governance assessment to help African countries address developmental challenges based on the AU theme of the year or a particular thematic area that requires specific attention. Through this initiative, the APRM is intending to ensure that the participating members address certain socio-economic development that impedes the overall development of the continent.

Ghana was among the first countries to accede to the APRM and signed the Memorandum of Understanding (MOU) on 9 March 2003 and has been at the forefront in the implementation of the African Peer Review Mechanism. The country was the first to be peer-reviewed on 22 January 2006 in Khartoum, Sudan.

  1. The Targeted Review Process

Following a technical support mission of the APRM Continental Secretariat on Targeted Review in Accra from 10-11 May 2021 with the country’s authorities, members of NGC, private sector, media, civil societies and a preparatory virtual meeting for the Targeted Review in Ghana held on 12th April 2022, H.E the President of the Republic of Ghana, Nana Addo Dankwa Akuffo-Addo has commissioned a Targeted Review Assessment of Ghana on the theme: Corporate Governance as a Catalyst for the Implementation of the Continental Free Trade Area (AfCFTA) in the Republic of Ghana.

The Government of Ghana represented by the Ministry of Foreign Affairs & Regional Integration (MFARI) together with the National African Peer Review Mechanism Governing Council (NAPRM-GC) in partnership with APRM Continental Secretariat in South Africa is facilitating the conduct of this Targeted Review of Ghana.

As part of the review process, Ghana will receive the Targeted Review Mission Team (TRMT) led by the APRM Panel of Eminent Person member responsible for Ghana, H.E Abdoulie Janneh. The Targeted Review Mission will be in the country to conduct the African Peer Review Mechanism (APRM) Targeted review assessment of Ghana.

The Mission is expected to commence national and regional level stakeholder engagements from the 6th to 20th of February 2023.

  1. Objectives

The objective of this Targeted Review is to identify governance gaps to improve corporate governance standards and practices in the Republic of Ghana, in order to harness the benefits of the AfCFTA. Furthermore, the Review seeks to provide an in-depth analysis of the efforts of the government on corporate governance as well as the challenges to be addressed.

Specifically, the Review seeks to provide answers to the key questions on corporate governance practices:

  1. Policy and enabling environment
  2. Effective Regulatory Framework and Environment for ease of conducting business for Companies and other entities
  3. Transparency, Disclosure, and Accountability of Organizations
  4. Ethical Leadership and Conduct Within Organizations
  5. Technological Innovation within Organizations
  6. Policy reforms and trade facilitation measures
  7. Private sector opportunities -on the MSMEs and small-scale industries
  8. Access to the market.
  1. Expected Outcomes

The outcomes of this Targeted review are:

  1. Strengthen the government’s efforts to promote good corporate governance standards and practices.
  2. Enhance the regulatory framework and environment for ease of doing business for companies.
  3. Improve and increase cross-border trade, market access, and capital flow.
  4. Raise productivity, innovation, and competitiveness of domestic firms.
  1. Participating Stakeholders of the Targeted Review Mission

The Targeted Review Mission is scheduled for national and regional focused group discussions with a broad spectrum of Ghanaian stakeholders’ country wide.

Role of stakeholders

The role of stakeholders is to contribute to the identification of key issues and suggest recommendations to contribute to the achievements of the outcomes of the review. it affords them to provide their perspectives on the key issues identified on the theme.

National level Focused Group Discussions stakeholders

Level 1: Government Ministries, Departments & Agencies (MDAs)
Level 2: National Authorities
Level 3: Legislature
Level 4: International organizations and Development Partners

Regional level Focused Group Discussions stakeholders

Level 1: Regional Authorities including:   Regional Ministers, RCCs & District Chief Executives
Level 2: Metropolitan, Municipal, District Assemblies (MMDA), Traditional Authorities and
Level 3: Trade Associations, State-Owned Enterprises (SOEs), SMEs, Private Sector, Civil society, Media, NGOs, Women & Youth Associations and academia.

  1. Time Frame and Duration

The tentative date of the Targeted Review field mission is from 06th to 20th February 2023.