Abidjan, Côte d’Ivoire, February 23, 2017
– IFC, a member of the World Bank Group, in partnership with the Côte
d’Ivoire Institute of Administrators (INADCI) and the African Corporate
Governance Network, launched the Corporate Governance Program in Côte d’Ivoire.
The Program, funded by Switzerland’s State Secretariat for Economic Affairs
(SECO), aims at promoting good corporate governance practices and building
Good corporate governance helps companies enhance operational and financial
performance, mitigate risk, and safeguard against mismanagement. It also
helps companies attract new investments and capital to finance their growth.
Corporate governance practices are still insufficiently known and poorly
implemented in some West African countries. Few companies in the region
implement good corporate governance practices, meanwhile the legal and
regulatory framework is still developing. As a region, sub-Saharan Africa
has the lowest global average score on the protection of minority investors
in the World Bank Group’s Doing Business report.
The aim of the Corporate Governance Program is to help promote a conducive
environment for the emergence of local champions in corporate governance,
with a focus on an inclusive stakeholder’s approach.
Chinyere Peace Almona, Manager for IFC’s Sub-Saharan Africa Corporate
Governance Program, said, “Our expectations of the corporate governance
program are high. We have heard from numerous corporations and potential
partners in Côte d’Ivoire wanting to work with us around this issue.”
She added, “IFC comes with unique experience in the area of corporate
governance. Our institution has already helped more than 11,000 companies
in more than 30 countries to implement best practices in governance that
enable them to have access to new funds estimated at more than $3.2 billion.”
Mrs. Viviane Zunon-Kipre, CEO of INADCI said, “Our mission is to promote
best practices in corporate governance in Côte d’Ivoire. The partnership
with the International Finance Corporation and the African Corporate Governance
Network, such as the one we have developed together through this conference
in Abidjan, will enable us to build our capacity and boost our training
and sensitization programs.”
The Corporate Governance Program in Africa is launched to improve companies’
performance and foster markets’ capacities growth to draw investors. The
program is funded by SECO.
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.