The Institute of Directors – Ghana (IoD-Ghana) has commended the World Bank and its partners for the $4.5 bilion Country Partnership Framework (CPF) facility to Ghana in its COVID-19 and medium-term development agenda.
The Institute described the facility as timely and urged enterprises in both the private and public sectors to take advantage of the five-year (2022-2026) CPT support to enhance their corporate governance systems and structures.
The CPF prioritises investments in human capital, job creation, economic diversification, building a resilient health system, and fostering a greener and more inclusive society.
It is designed around three mutually reinforcing focus areas of enhancing conditions for private sector development and quality job creation, improving inclusive service delivery and promoting resilient and sustainable development.
The $4.5 billion CPF was prepared jointly by the World Bank, the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).
The CPF will address the immediate and medium-term implications of the COVID-19 crisis in line with the Ghana Coronavirus Alleviation and Revitalization of Enterprises Support programme and lay a path on how the World Bank, IFC, and MIGA, will leverage their relative strengths to partner with Ghana for stronger development outcomes.
Mr Rockson Dogbegah, President of IoD-Ghana, in a press release, said it was important for enterprises to take strategic advantage of the CPT facility to transform their businesses to reposition the local economy for rapid growth after the ravages of COVID-19.
He said at the core of development was a good corporate governance architecture, which translated to the practice of discipline, transparency, independence, accountability, responsibility, fairness, social responsibility in the steering of an institution and charged the enterprises to be mindful of those values to make good use of the opportunity.
He asked them to submit to corporate governance health checks bearing in mind that organisational performance was not only about funding or the adequacy of same but critically about the establishment of the appropriate systems and structures.
“These include ethical culture, proper board composition, board and management performance appraisals,” he said.