The African Peer Review Mechanism (APRM) Targeted Review of Ghana has held a stakeholder’s engagement in Cape coast with the view of soliciting input on corporate governance.
The Targeted Review Mission Team (TRMT), led by Ambassador Aly Houssam El-Din El-Hefny Mahamoud, APR Panel Member responsible for Ghana, engaged stakeholder representatives from the various government Ministries, Departments and Agencies, Business Sector Associations, the media, Public and Private sector organisations; Women and Youth groups, as well as Civil Society Organisations (CSOs).
The stakeholder meeting was under the theme “APRM as a Catalyst for the Implementation of the African Continental Free Trade Area (AfCFTA) in the Republic of Ghana”
Speaking to ATL FM NEWS, Ambassador Aly Houssam El-Din El-Hefny Mahamoud said corporate governance was the catalyst for the implementation of Africa’s free trade agreements.
He said the objective of the targeted review is to identify government gaps to improve corporate governance standards and practices in order to harness the benefits of the AfCFTA.
“How we make it a better practice in a manner that is rewarding for Ghana and for the people of Ghana? And how to prepare Ghana and its people to go easily through the experience of joining the other African countries within the Continental Free Trade Area? It is problematic, it is complicated and challenging. But it provides a lot of incentives and provides a lot of profits for all Africans” he said.
Ambassador El-Hefny Mahamoud said the Ghana review which was the first on the continent would set the pace as it did for the comprehensive review in 2006, for other countries to follow.
He noted that the mission will be based on the data collected adding that a report will be presented to government after the evaluation.
“We would like to help in any way that we could to assist the different enterprises here on knowing better, appreciating better, and working better for the preparation of the coming of the integration of Ghana within that larger economic market.”
To him, Ghana stands to gain a lot as the AfCFTA will provide a possibility to exceed a larger market, and considering the increasing population in Africa, the continent may become “the number one market worldwide or the bigger market.”
Speaking on the key findings of the stakeholder meeting, Dr. Welad Mugatha, International Consultant for APRM on corporate governance said with the mass economic activity ongoing in the central region there is a need for more harmonization and cohesion among the different business enterprises in the area.
“For the central region to benefit under the AfCFTA market, it is necessary now to break Silos businesses, especially the informal sector. Your small to medium enterprises cannot continue to work in Silos. They have to come together in order to have equal access to the market that is presented by the AfCFTA Agreement” he continued.
He, therefore, implored the Ghana government to look into that adding that his office will advocate for more representation within the central region of the AfCFTA Coordinating Office such that there is more effectiveness and cohesion between these two institutions.
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Source: Anthony Sasu Ayisadu/ATLFMNEWS
