IFC, GSE partner to stimulate capital market investment

IFC, a member of the World Bank Group and the Ghana Stock Exchange have announced a partnership to promote the adoption of sound business practices within the capital market to support business expansion and boost economic growth.

The partnership is one of the many interventions under the Africa Corporate Governance Programme intended to improve business performance. It will also help raise awareness of the cross-sectorial reach of activities and set a program outline that will encourage improved policies, standard-setting, network events, and outreach programs within the Ghanaian business community.

At the “Behavioural Ethics and Corporate Governance,” event, GSE and IFC presented the business case for adopting good corporate governance practices to Ghanaian capital market operators. It aimed at helping them understand the impact these practices have on improving performance, and discussed challenges in adopting them.

Kofi Yamoah, Managing Director of GSE, said: “GSE is committed to helping businesses access capital especially through listing on the Ghana Stock Exchange. One sure way for companies to stand out is by adopting sound practices that make them more attractive to local and foreign investors. We have partnered with IFC to help us achieve this goal and boost growth in our capital markets.”

Ronke-Amoni Ogunsulire, IFC Country Manager for Ghana, said: “IFC is constantly seeking ways to help Ghanaian businesses grow so that they can contribute meaningfully to economic development. A key priority is to help companies adopt good corporate governance practices which will improve their performance and better access to investors. Working with GSE will help us support a wider range of businesses in adopting these practices.”

IFC’s Africa Corporate Governance Programme was designed to improve firm performance and increase the ability of markets and firms in Sub-Saharan Africa to attract and retain investment. The program is funded by the State Secretariat for Economic Affairs (SECO), Switzerland.

IFC is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, it uses its capital, expertise and influence to create opportunity where it is needed most. In FY15, its long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity.