Freetown, Sierra Leone, May
7, 2013 -- IFC, a member of
the World Bank Group, is advising banks in Sierra Leone on how to improve
their corporate governance systems, helping them strengthen their operations
and making it easier for them to access financing.
IFC organized a one-day training for twenty-five
board directors and senior executives of banks in Sierra Leone that introduced
global best practices of corporate governance, including how to meet the
expectations of markets and investors, and how to mitigate risk. The training
also covered the roles of directors and committees.
Sierra Leone’s Deputy Governor, Mrs Andrina
Rosa Coker, said, “I thank IFC for collaborating with the Bank of Sierra
Leone to organize this workshop, which helped give a better understanding
of corporate governance and will help build a safe and sound financial
system in Sierra Leone.”
Sese Gadzekpo, IFC Advisory Services Coordinator
for Sierra Leone, said, “Helping banks in Sierra Leone improve their corporate
governance systems will strengthen the country’s overall financial system
and support broad economic growth. IFC is committed to supporting long-term
growth in Sierra Leone by advising on private sector improvements and by
investing directly in the country.”
Corporate governance refers to the structures
and processes for the direction and control of companies, and concerns
the relationships among the management, board of directors, controlling
shareholders, minority shareholders and other stakeholders.
IFC promotes good corporate governance because
it contributes to sustainable economic development by enhancing the performance
of companies and increasing their access to outside capital.
A report released by IFC in 2012 found that
good corporate governance contributes to economic development in developing
countries by helping private businesses improve their performance, gain
greater access to finance, and lower their capital costs.
The report, “Focus 10: Corporate Governance and Development,”
found that improvements in corporate governance boost investment and help
increase economic and productivity growth.
IFC is active in Sierra Leone with advisory services programs, including
credit bureau and collateral registry programs, which are helping improve
the country’s financial markets infrastructure, and supporting the growth
of smaller businesses.
Sierra Leone is also one of eight countries supported by IFC’s Conflict
Affected States in Africa Initiative (CASA), which is supporting private
sector growth, job creation, and increased investment in countries recovering
from conflict. CASA is backed by donor partners Ireland, the Netherlands,
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. We help developing
countries achieve sustainable growth by financing investment, mobilizing
capital in international financial markets, and providing advisory services
to businesses and governments. In FY12, our investments reached an all-time
high of more than $20 billion, leveraging the power of the private sector
to create jobs, spark innovation, and tackle the world’s most pressing
development challenges. For more information, visit www.ifc.org.