KNUST Partners IFC to Run Programmes

By | February 2, 2017

Published: 02 Feb 2017 Source: University Relations Office (URO)

KNUST Partners IFC

Kwame Nkrumah University of Science and Technology (KNUST) and the International Finance Corporation (IFC) have signed a cooperation agreement to develop modern educational modules to address emerging governance issues that will further strengthen corporate governance practices in Ghana.

Under the partnership, IFC will provide technical assistance in introducing governance courses and syllabuses and participate in discussions with stakeholders to facilitate the review process. The IFC will also provide capacity building support in adopting the new syllabus.

As part of the capacity building activities, a seminar dubbed “The Business Case for Corporate Governance” was organised to commemorate the formal launch of the partnership. The event which attracted industry and academia took place at the Golden Bean Hotel, Kumasi. IFC’s Africa corporate governance programme will be run by the KNUST School of Business (KSB) and is supported by the Swiss State Secretariat for Economic Affairs (SECO).

Mr. Joseph Akwasi KumaSpeaking at the launch, the Senior Country Officer of IFC, Joseph Akwasi Kuma, stated that the IFC was the private sector arm of the World Bank Group. Ghana being a priority country for the World Bank Group had over the years been provided technical assistance in several areas to help the development of the private sector and that implementing the Ghana corporate governance programme was one of the key initiatives they were working on.

Mr. Kuma noted that as an institution which invested in emerging markets, the IFC had seen first-hand the importance of corporate governance in Africa and that he had witnessed how establishing policies or mechanisms to control the running of companies had helped them become more efficient and profitable.

He continued that companies had become more competitive and attractive to investors and this lowered their capital loss and allowed them become more efficient. Mr. Kuma said that good corporate governance would create more jobs and help the growth of the economy in the long run. It was his hope that best practices in corporate governance laws, regulations, codes and listing requirements would be established through the partnership.

Rev. Prof. Charles ANSAHIn a speech read on his behalf, Professor Kwasi Obiri-Danso, the Vice-Chancellor, stated that the launch was the beginning of a number of activities over 18 months that would culminate in positioning KNUST to play a leading role in assisting the private sector in the area of corporate governance. The private sector, he observed, had often been seen as the driver of socio-economic development of many countries and Ghana was no exception. It was therefore important that the sector was well-prepared and positioned to perform this all-important role in the socio-economic development of the nation.

He hoped IFC as an arm of the World Bank would bring on board the extensive experience built over the years in supporting the private sector to assist in developing the appropriate curriculum and mode of delivery for the private sector. Prof. Obiri-Danso believes that corporate governance and related issues are of critical importance and will bring every in-house expertise and skill to ensure efficient delivery.