PROJECT

Projects

Summary of Advisory Services Project Information

Project Number

600667

Primary Business Area

Environment, Social and Governance

Disclosure Date

Feb 19, 2015

Country

Ghana

Region

Africa

IFC Approval Date

Nov 10, 2014

Status

Completed

Estimated Total Budget

$1,110,837.00
(Project budget includes all project-funded activities)

Last Updated Date

Jun 12, 2021

Project Estimated End Date

Jun 30, 2018

Project Description

GhCGP aims to build sustainable businesses and improve the business environment in Ghana through targeted CG services. 1: Firm-level: Provide direct assistance to selected firms. CG offer to firms include: - CG Assessment and Development of Improvement Plan - Training on CG principles, practices and framework as well as benefits thereof - Advisory on Board Committee functions - Developing Board Charters - Improving internal financial reporting and transparency procedures. 2: Market-level: Build capacity and strengthen CG intermediaries and market infrastructure through training-of-trainers events and other interventions to help training institutes, Local CG service providers and other market intermediaries (associations, investors, media, consultants) increase outreach to firms and become self-sustaining. 3: Policy-Level: IFC will work to support establishment of sound CG regulatory frameworks aligned with international best practice. IFC will work with regulators to develop a uniform CG code to be utilized across sectors, as well as promote the implementation of the existing CG code for listed firms. This could include working with SEC, Bank of Ghana and other entities that work on advancing laws, regulations, codes or CG score cards. Capacity Building for the Regulators will be a priority. 4: Macro-Level: In Ghana, generating awareness of CG is of great importance in order to build the case and momentum for changing practices and reforming the macro environment. Awareness raising activities to trigger interest and awareness, launch CG talks or introduction series in Ghana around mobilizing themes for the private sector such as the business case for CG, the independent director, related party transactions, conflict of interest etc. This will involve disseminating CG best practice materials, including using case studies developed from the work with firms to help demonstrate the impact of good CG practices in the region; and supporting a network of companies to promote good CG practices.

Development Results

E&S Risks / Impacts and Mitigation