APRM moving closer towards an African Framework on Corporate Governance.
The African Peer Review Mechanis – APRM, has embarked on extensive national consultations to meet with and engage with the private sector, regulators, and other relevant stakeholders in order to gauge the status of corporate governance across the continent and ultimately guide member states on standards and best practices of corporate governance in Africa including and especially in the dominant Small Medium Enterprises (SME) and informal sectors on the continent.
This project is aimed at improving good governance mechanisms within the private sector in Africa. A continental framework for corporate governance will greatly contribute towards the sustainability of businesses, entice investors to participate in African economic markets and therefore contribute towards economic growth of the African countries. An African framework will also enhance corporate social responsibility. Given that Africa currently has 6 out of 10 of the fastest economies and given the recently ratified African Continental Free Trade Area Agreement, it is becoming imperative that governance within the private sector receives priority focus. Africa’s economic growth over the past two decades therefore necessitates an examination of current Corporate Governance structures and how to improve them.
So far, the national consultations have taken place in South Africa, Mozambique, Cote d’Ivoire, Senegal and Morocco with various stakeholders spanning from the private sector to government institutions and enterprises that could contribute towards the development of corporate governance standards in Africa. Further consultations will be taking place in Kenya, Ghana, Nigeria and Egypt.
The APRM’s key strategic partners on this project are the African Development Bank, the African Network on Corporate Governance, the UN Global Compact, and the African Union Commission on Economic Affairs.
The project is also supported by an Advisory Group which is composed of member states such as the Arab Republic of Egypt, the Federal Republic of Nigeria, the Republic of Kenya, the Republic of Rwanda, the Republic of Ivory Coast, the Republic of Congo, and the Republic of Angola.
For more information on country consultations that took place in Dakar, Senegal please click on the link below;