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IFC, Bank of Sierra Leone to Develop Corporate Governance for Stronger Economy


In Lagos:
Ejura Audu
Phone: +234 803 494 6244
E-mail: eaudu@ifc.org

In Washington:
Loty Salazar (IFC)
Phone: +1-202-458-2559
Email: lsalazar@worldbank.org


Freetown, Sierra Leone. February 11, 2016 – IFC, a member of the World Bank Group, and the Bank of Sierra Leone are partnering to promote improved performance in Sierra Leone’s banking sector by helping financial institutions adapt best practices in corporate governance.

Under the partnership, IFC will provide training and skills development programs for Sierra Leone’s  banking sector, which participated in a one-day workshop on corporate governance hosted by IFC and the Bank of Sierra Leone. Chairpersons, bank directors, and other participants explored practical ways how the industry can increase corporate governance standards to improve economic performance in the country.

Corporate governance refers to the structures and processes by which companies are directed and controlled. It makes companies more accountable and transparent to investors and gives them the tools to respond to stakeholder concerns.

Momodu Kargbo, Governor of the Bank of Sierra Leone said, “The Bank of Sierra Leone is determined to maintain the momentum of the sector-wide improvement that it has embarked on. We are working with IFC through series of trainings and activities to strengthen global best practices in corporate governance and promote improved performance in the banking sector.”

The workshop followed up on previous training sessions carried out in 2014 to facilitate a better understanding of the roles and responsibilities of directors of banking institutions in implementing corporate governance in Sierra Leone.

Frances Gadzekpo, Senior Operations Officer responsible for IFC’s Advisory Service programs in Sierra Leone,, said, “IFC is committed to helping companies improve their performance by encouraging them to adopt good corporate governance practices so they can contribute to sustainable economic development. We are working with the Bank of Sierra Leone to boost performance and help grow Sierra Leone’s economy.”

IFC’s Conflict Affected States in Africa Initiative (CASA) is supporting the implementation of the IFC Africa Corporate Governance program in Sierra Leone. CASA helps fragile and conflict affected states attract investment, improve their business environments, and grow their economies. CASA is active in nine countries in sub Saharan Africa and is supported by donor partners Ireland, the Netherlands, and Norway.

IFC works with the private sector in developing countries to build sustainable businesses by putting in place corporate governance practices that allow businesses to mitigate risk, safeguard against mismanagement, and attract the investment and capital that will fuel their growth.

The Africa Corporate Governance Program is funded by SECO, Switzerland and IFC is the implementing partner for the program.


ABOUT SECO
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

About IFC
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, visit www.ifc.org

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About BoSL
Bank of Sierra Leone is the central Bank of Sierra Leone, established to formulate and implement monetary policies aimed at achieving its objectives; promote, by monetary measure, the stabilisation of the value of the currency within and outside Sierra Leone; institute measures which are likely to have a favourable effect on the balance of payments, the state of public finances and the general development of the national economy; promote, regulate and supervise payment and settlement systems; ensure effective maintenance and management of Sierra Leone's external financial services; license, regulate, promote and supervise banking and non-banking financial institutions; act as banker and financial adviser to the Government.