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Economic & Sector Work :: Corporate Governance Assessment (ROSC)

Ghana : Report on the Observance of Standards and Codes (ROSC), Corporate Governance Country Assessment

ACCESS TO INFORMATION ACCOUNTABILITY ACCOUNTING STANDARDS ACQUISITIONS ALTERNATIVE DISPUTE RESOLUTION AUDIT COMMITTEE AUDIT COMMITTEES AUDITOR INDEPENDENCE AUTHORITY BANKS BENEFICIAL OWNER BENEFICIAL OWNERS BOARD MEETINGS BUSINESS LAW CAPITAL MARKETS CHARTERED ACCOUNTANTS CHIEF EXECUTIVE CO-OPERATIVES COLLECTIVE COMMERCIAL BANK COMMERCIAL BANKS COMMON LAW COMMON LAW SYSTEM COMPANIES ACT COMPANY COMPANY LIMITED COMPANY LIMITED BY GUARANTEE CONFLICTS OF INTEREST CONFLICTS OF INTERESTS CONTROLLING SHAREHOLDERS CORPORATE BODY CORPORATE DISPUTE CORPORATE GOVERNANCE CORPORATE GOVERNANCE PRINCIPLES CORPORATE GOVERNANCE REFORMS CORPORATE GOVERNANCE STANDARD CORPORATE SECURITIES CORPORATION CORPORATIONS CORPORATIZATION CORRUPTION COURT SYSTEM DECREE DEMOCRATIC DEVELOPMENT DISCRIMINATION DISPUTE RESOLUTION DUE DILIGENCE DUTY OF CARE ECONOMIC DEVELOPMENT ECONOMIC PERFORMANCE ENFORCEMENT POWERS ETHICAL STANDARDS EXCHANGE COMMISSION EXPANSION FAMILY FIRMS FIDUCIARY DUTIES FINANCIAL CRISES FINANCIAL DISCLOSURES FINANCIAL INSTITUTIONS FINANCIAL SECTOR FINANCIAL SERVICES FOREIGN INVESTORS FULL DISCLOSURE GOOD CORPORATE GOVERNANCE GOVERNANCE ENVIRONMENT GOVERNANCE ISSUES INCOME INCORPORATED INDEPENDENT AUDIT INDEPENDENT DIRECTORS INDIVIDUALS INFORMAL SECTOR INSIDER TRADING INSOLVENCY INSTITUTIONAL CAPACITY INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTOR INSTITUTIONAL INVESTORS INSTITUTIONAL SHAREHOLDERS INVESTOR PROTECTION JUDICIAL BODIES LARGE COMPANIES LEGAL FRAMEWORK LEGAL SYSTEM LEGISLATION LIMITED LIMITED LIABILITY LIQUIDATION LISTED COMPANIES MAJORITY SHAREHOLDERS MARKET INSTITUTIONS MERCHANT BANK MERGER MERGERS MICROENTERPRISES MINISTRY OF FINANCE MINORITY SHAREHOLDERS MULTINATIONAL COMPANIES OWNERSHIP CONCENTRATION PARLIAMENT PARTNERSHIP PERSONS PRIVATE COMPANIES PRIVATE ENTERPRISE PROPERTY RIGHTS PUBLIC COMPANIES PUBLIC FIRMS PUBLIC OFFERINGS PUBLIC POLICY PUBLIC SECTOR REGULATORY AUTHORITIES REGULATORY FRAMEWORK REGULATORY REQUIREMENTS REORGANIZATIONS RIGHTS OF SHAREHOLDERS RULE OF LAW SECURITIES LAW SECURITIES LAWS SECURITIES REGULATOR SHARE CAPITAL SHAREHOLDER SHAREHOLDER RIGHTS SOCIETIES SOCIETY STAKEHOLDER STAKEHOLDERS STATE ENTERPRISE STATE ENTERPRISES STATE OWNERSHIP STATE-OWNED ENTERPRISES STOCK EXCHANGE STOCK EXCHANGES STOCK MARKET SUBSIDIARIES SUBSIDIARY TAKEOVERS TRANSPARENCY TRUSTS VOTING
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Washington, DC
Africa | West Africa | Sub-Saharan Africa | Ghana
2012-06-19T19:46:47Z | 2012-06-19T19:46:47Z | 2005-05

This report assesses Ghana's corporate governance policy framework, enforcement and compliance practices. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Ghana. Ghana is a promising capital market with remarkable recent performance, significant momentum and will for improvement. Continuing challenges are presented however, by its weak institutional base and capacity, as well as by persistent gaps in enforcement. The report identifies several key next steps that focus on implementation, including: 1. A concentrated effort to raise awareness of corporate governance, transparency and accountability. The effort should include director training, possibly with Securities and Exchange Commission (SEC) certification requirements. 2. An overhaul of the institutional framework and capacity, including training, resources, and effectiveness. Particular focus should be directed at promoting the new specialized commercial court, and private arbitration; developing a central depository system for equities; creating an effective companies registry; and improving enforcement of accounting and auditing. 3. Continued legislative review and modernization. 4. An improvement of SEC resources and training would enable it to focus on rule-making and enforcement of disclosure quality, related party transactions, insider trading, ownership disclosure (especially by directors and insiders), management of conflicts of interest among market operators, and shareholder redress. Improved electronic market surveillance by the Ghana Stock Exchange will assist with this ambitious agenda. These measures will help develop Ghana's capital markets, attract investors, and promote best practice of investor protection.

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