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AFRICA MOVES CLOSER TO DEFINING BUSINESS PRACTICES OF GOVERNANCE IN THE CORPORATE, SMMEs and INFORMAL SECTORS

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AFRICA MOVES CLOSER TO DEFINING BUSINESS PRACTICES OF GOVERNANCE IN THE CORPORATE, SMMEs and INFORMAL SECTORS

 

 

PUBLISHED BY: APRMPOSTED: 28-11-2019

 

 

Following an extensive consultation process in member states to engage with the private sector, regulators and other relevant stakeholders on the state on corporate governance in Africa, the APRM and its group of experts sat down to commence the process the drafting the African Guidelines on Corporate Governance in Johannesburg. The African Guidelines on Corporate Governance is an ambitious project of the APRM that seeks to address governance challenges faced by the private sector, the SMME sector, the Informal Sector and non-governmental organisations.  The APRM Reviews have long found corporate governance to be one of the weakest parts of governance in the APRM assessments.

Given that the Continent of Africa currently has 5 out of 6 of the fastest growing economies in the world and given the extensive drive to promote Foreign Direct Investments into Africa, there is a need to look loosely and address the challenges of governance in the corporate sector. Building an emerging economy in Africa will require that businesses in general and private enterprises, in particular, fully play their roles as engines of growth. As such, unless countries address governance challenges within private enterprises, they will face major challenges that weigh on their efforts to realize this vision. Furthermore, the institutional environment in which states operate must also take into account the context of the changing business world as well as the interest of all stakeholders.

The introduction of these Guidelines comes at a pivotal time in the agenda of regional integration in Africa.  The success of the recent agreement of the AfcTA will depend on the harmonisation and convergence of coherent rules, legislation and practices that govern private enterprises that will trade, invest and operate across African borders. It is therefore critical for member states to link the success of the AfCfTA to the policy reforms on governance.

The validation process of the Guidelines will follow shortly. The Guidelines will be presented to the APR Forum in February 2020.

 


For inquiries please contact: Liziwe Selana (Head of Communications APRM)

[email protected]

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