Freetown, Sierra Leone, May 5, 2016 –
IFC, a member of the World Bank Group, is helping SMEs in Sierra Leone
adopt good corporate governance practices that will improve their performance,
and help make them more sustainable, strengthening private sector growth
in the country.
IFC organized a workshop in Freetown for SME business owners, CEOs, senior
executives, board members, and others that explained the relevance of corporate
governance, and how it supports the growth and competitiveness of firms.
Other topics discussed included succession planning for family-owned
and how good corporate governance helps businesses attract new investors.
Frank Ajilore, IFC Resident Representative for Liberia, said, “IFC is
committed to developing SMEs in Africa because they are powerful engines
of growth and job creation. From our global experience, we know that good
corporate governance policies and practices help businesses lower their
capital costs, while making them more attractive for investors. Through
workshops and seminars, we are promoting
sustainable business growth in Sierra Leone and across the region.”
Corporate governance is the structures and processes by which companies
are directed and controlled. IFC Africa’s Corporate Governance program
helps businesses adopt good corporate governance practices and standards
that reflect regional priorities. Improved corporate governance helps businesses
operate more efficiently, and attract and retain investment, among other
IFC is a strong partner helping Sierra Leone strengthen and grow its economy,
providing both investments and advisory services. IFC also supports Sierra
Leone through its Conflict Affected States in Africa Initiative (CASA),
which is backed by Ireland, the Netherlands, and Norway.
IFC’s Africa Corporate Governance Program is funded by the State Secretariat
for Economic Affairs (SECO), Switzerland.
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in emerging markets. Working
with more than 2,000 businesses worldwide, we use our capital, expertise,
and influence, to create opportunity where it’s needed most. In FY15,
our 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. For more information,
SECO is Switzerland’s competence center for all core issues relating to
economic policy. SECO’s economic development cooperation strives to achieve
sustainable growth. Such growth is sustainable if it creates jobs, helps
to increase productivity, to reduce poverty, inequalities and global risks.
For more information, visit www.seco-cooperation.ch