African Peer Review Mechanism evaluates Ghana’s corporate governance 

The African Peer Review Mechanism (APRM) has evaluated Ghana’s corporate governance, praising the country for making significant progress under the APRM pillar, which serves as a catalyst for the implementation of Africa’s free trade agreements. 

The government’s efforts to support various institutions to benefit from the Africa Continental Free Trade Area (AfCFTA) were particularly commended. 

Dr. Welad Mugatha, International Consultant for APRM on corporate governance, made the remarks after a meeting with several stakeholders as part of the review process. 

He said Ghana was on the right track in terms of APRM and that it was the first country to be reviewed under the corporate governance pillar of the APRM. 

He said corporate governance was the catalyst for the implementation of Africa’s free trade agreements. 

Dr. Mugatha stated that during their interactions with the formal, informal, and private sectors, they discovered that Ghanaian firms engaged in production and manufacturing were preparing to take advantage of AFCFTA. 

He explained that through stakeholder engagement, the APRM team identified some other possible opportunities and ways Ghana could support ordinary Ghanaians to benefit from AFCFTA. 

He emphasized that during the second review of Ghana, they identified excellent political will, strong government structures, and democratic processes that allowed citizens to participate easily. 

He said the government’s plan to put up a new companies’ act would enable companies and other businesses to grow, adding, “As far as APRM is concerned, Ghana is on the right path.” 

The Ministry of Foreign Affairs and Regional Integration, in collaboration with the National African Peer Review Mechanism Governing Council, hosted Ghana’s Targeted Review Mission Team from South Africa in the New Juaben South Municipality of the Eastern region. 

Prior to the engagement, the delegation led by Ambassador Abdoulie Janneh, the Panel Member and International Leader for the APRM mission under the AfCFTA, paid a courtesy call on Daasebre Nana Kwaku Boateng III, the overlord of New Juaben, at his Yiadom Palace in Koforidua.  

Speaking at the Eastern Regional Coordinating Council, Ambassador Janneh stated that the APRM, which is now 20 years old and began operations in 2003, has only reviewed Ghana once in 2006. 

He added that this was the second time Ghana was reviewed through stakeholder perspectives on how Ghanaians could sell and market their goods and services outside the country through the Africa Continental Free Trade Area. 

Participants included the Food and Drugs Authority, the Ghana Standards Authority, the Commission on Human Rights and Administrative Justice, the Customs Division, the media, the National Commission for Civic Education, municipal and district assembly representatives, and traditional rulers, among others. 

The AfCFTA is intended to create a single continental market with a population of approximately 1.3 billion people and a combined GDP of approximately $3.4 trillion. 

It is a market in which African countries are free to trade and sell goods and services in other African countries. 

Despite the plaudits, some stakeholders expressed concerns about standards and packaging locally manufactured products, which has become a challenge for some producers, particularly in the eastern region. 

Some also blamed the challenges raised on a lack of proper education and communication on the standards products need to meet.   

Source: GNA

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