By Politico Writer
The International Finance Corporation has ended a one-day workshop for Small and Medium Enterprises (SMEs) in Sierra Leone as part of an effort to inculcate good corporate governance in small businesses in the country.
IFC, a member of the World Bank Group, is helping the SMEs adopt good corporate governance practices that will improve their performance and help make them more sustainable, thereby strengthening private sector growth in the country.
The workshop organized in Freetown brought together SME business owners, CEOs, senior executives, board members, among others, where the relevance of corporate governance was explained to participants. They also had the opportunity to hear presentations on how the Corporation supports the growth and competitiveness of firms. Other topics discussed included succession planning for family-owned businesses, and how good corporate governance helps businesses attract new investors.
“IFC is committed to developing SMEs in Africa because they are powerful engines of growth and job creation,” said Frank Ajilore, IFC Resident Representative for Liberia, at the Freetown workshop, according to a press release issued at the end of the workshop.
“From our global experience, we know that good corporate governance policies and practices help businesses lower their capital costs, while making them more attractive for investors. Through workshops and seminars, we are promoting sustainable business growth in Sierra Leone and across the region,” he added
The IFC is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, it uses its capital, expertise, and influence, to create opportunity where it’s needed most.
Its Africa Corporate Governance Program is funded by the State Secretariat for Economic Affairs (SECO) of Switzerland.
IFC considers itself as a strong partner which is helping Sierra Leone strengthen and grow its economy, providing both investments and advisory services. IFC also said it supports Sierra Leone through its Conflict Affected States in Africa Initiative (CASA), which is backed by Ireland, the Netherlands, and Norway.
It says its long-term investments in developing countries rose to nearly $18 billion in 2015, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity.
(C) Politico 10/05/16
