This project is still under review by the EWS. Project information and/or project analysis may be incomplete.
Corporate Governance Program (IFC-600667)

  • Ghana
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Investment Type(s)
Advisory Services
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
Not Disclosed
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Disclosed by Bank Feb 20, 2015

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.
GhCGP aims to build sustainable businesses and improve the business environment in Ghana through targeted CG services. 1: Firm-level: Provide direct assistance to selected firms. CG offer to firms include: - CG Assessment and Development of Improvement Plan - Training on CG principles, practices and framework as well as benefits thereof - Advisory on Board Committee functions - Developing Board Charters - Improving internal financial reporting and transparency procedures. 2: Market-level: Build capacity and strengthen CG intermediaries and market infrastructure through training-of-trainers events and other interventions to help training institutes, Local CG service providers and other market intermediaries (associations, investors, media, consultants) increase outreach to firms and become self-sustaining. 3: Policy-Level: IFC will work to support establishment of sound CG regulatory frameworks aligned with international best practice. IFC will work with regulators to develop a uniform CG code to be utilized across sectors, as well as promote the implementation of the existing CG code for listed firms. This could include working with SEC, Bank of Ghana and other entities that work on advancing laws, regulations, codes or CG score cards. Capacity Building for the Regulators will be a priority. 4: Macro-Level: In Ghana, generating awareness of CG is of great importance in order to build the case and momentum for changing practices and reforming the macro environment. Awareness raising activities to trigger interest and awareness, launch CG talks or introduction series in Ghana around mobilizing themes for the private sector such as the business case for CG, the independent director, related party transactions, conflict of interest etc. This will involve disseminating CG best practice materials, including using case studies developed from the work with firms to help demonstrate the impact of good CG practices in the region; and supporting a network of companies to promote good CG practices.
People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.
The overall goals of the program are to improve firm performance (improved decision-making, risk management, operating efficiency, profit and valuations) and facilitate financing (reduced costs of capital, improved loan terms and increased access to investors) by promoting better Corporate Goverance (CG) practices among the companies in Ghana. The overall goal of this project is to contribute to economic development in Ghana by promoting good corporate governance at the firm, market, regulatory and macro levels. To reach this goal, the programs objectives are Objective 1: Firm-Level: Assist target companies to improve CG practices, which would impact on board effectiveness, brand value and access to financing options Objective 2: Market-Level: Market-level: build capacity and strengthen CG intermediaries and market infrastructure through training-of-trainers events, one-on-one training on CG service provision, and other interventions to help institutes and market intermediaries increase outreach to firms and become self-sustainable. Objective 3: Policy-Level: Assist in developing the CG regulatory environment (e.g., laws, codes, listing rules) and build the capacity of selected industry regulators with tools and training (e.g., central banks, capital market authorities, insurance sector) Objective 4: Macro-Level: Raise awareness of the benefits of good CG practices across the country by developing publications and participating in selected awareness raising events and initiatives
Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.
ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at You can learn more about the CAO and how to file a complaint at

How it works

How it works