The newly Chief Executive Officer (CEO) for African Peer Review Mechanism (APRM), Ambassador Marie Antoinette Rose- Quatre, has commended the press for the continues role they play towards greater transparency, accountability which aimed towards ensuring good governance on the African continent. “Responsible Press also plays a pivotal role towards educating our people and supporting policy makers and relevant stakeholders to make informed decisions. Decisions that contribute towards socio-economic transformation and sustainable development towards attaining Agenda 2063, the Africa We Want”.
Ghana she indicated is among African Peer Review Mechanism (APRM) pioneer countries who acceded to the Mechanism since its inception in 2003 adding that, Ghana was also the first country to undergo the APRM review process in 2004 and became the first APRM country to complete the review process.
Ambassador Marie Antoinette Rose- Quatre made this statement at a press conference on the occasion of, Developing and Harmonizing the APRM National Plan of Action (NPOA) for the targeted review of Report on Corporate Governance as a catalyst for the Implementation of AFCETA in Ghana.
“In keeping with its tradition of “First” on the continent, Ghana has led by example in the APRM process”.
She said APRM Targeted Review on Corporate Governance and AfCFTA in Ghana conducted from February 27 to March 17, 2023, is also the first of its kind saying, the review has provided profound insights into Ghana’s corporate governance. “The review has highlighted best practices, such as the robust legal framework and exemplary corporate practices vital for the effective implementation of the commitments of Ghana towards the African Continental Free Trade Area”.
AfCFTA Ambassador Marie Antoinette Rose averred, is aimed at creating a single market for goods and services, enhancing intra-African trade, and promoting the economic integration of the continent.
According to her, by strengthening Ghana’s corporate governance frameworks and aligning them with AfCFTA objectives, would enable authorities to turn Ghana into a dynamic hub for regional trade and investment.
She therefore congratulated and commend the commitment of His Excellency Nana Akufo-Addo, President and the People of Ghana for actively entrenched the promotion of democracy and good governance through the APRM. “In recognition its role in promoting accountability, transparency, and good governance across the five thematic areas of APRM reviews and assessments”.
On his part, the Most Rev. Prof. Emmanuel Asante, Chairman of the National African Peer Review Mechanism Governing Council (NAPRM-GC) hinted that, despite Ghana’s good CG legal frameworks, CG in Ghana still faces challenges that affect the accountability, fairness and transparency of companies with respect to governance, particularly issues relating to their shareholders, stakeholders, gaps in legislation and the strengthening of or the amendments to some of the regulatory guidelines and directives to enhance the CG regime in the country”.
He stated, “According to the World Bank Group, trade is the engine of growth that create better jobs, reduces poverty, and increases economic opportunity, and that when the trading environment is favourable, it can attract multinationals who will invest and contribute to economic growth by providing employment and trading opportunities. International trade is the lifeblood of the world economy, providing the goods and services that are traded across borders to bring wealth and prosperity for nations. It also allows countries to participate in a global economy, encouraging the opportunity for Foreign Direct investment (FDI)”.
Article 3 (1) of the APRM Statute (2020) he mentioned, provides that the APRM serves as an African-owned and African-led platform for self-assessment, peer-learning, and experience-sharing in democracy and Good Governance, in full respect for democratic principles, human rights, rule of law, the acceleration of political, social and economic integration in Africa.
“Ghana has made significant contribution to peer-learning and sharing best practices with member countries including the NGC of Republic of Benin, Burkina Faso, Sierra Leone, Kenya, and Uganda. Others include NGC of Mali, Togo, the delegation from the Pan-African Parliament, the European Union (EU) delegation, DR Congo and Republic of Namibia (2022)”.
The Ghana 2022 Trade vulnerability Report according to Most Rev. Prof. Emmanuel Asante, observed that Ghana’s continued reliance on export of primary commodities such as unprocessed minerals, raw agricultural products, and crude oil, which together contributes over 80.0 percent of the country’s total exports, makes Ghana susceptible to external shocks.
“In Africa, 80.6 percent of Ghana’s exports go to four countries: South Africa (51.3%), followed by Ghana’s neighbouring countries Burkina Faso (15.7%), Côte d’Ivoire (8.2%) and Togo (5.4%)”.
The findings of the Ghana Vulnerability Report he added, underscore the reliance of Ghana’s trade on primary products and high dependency of trade outside the continent and low level of trading with African countries.
” The low level of intra-Africa trade is collaborated by the UNCTAD, which stated that intra-continent exports were 16.6% of total exports from Africa in 2017, compared to 68.1% in Europe, 59.4% in Asia, 55% in America, and 7.0% in Oceania. The foregoing partly underscores the merit for institutionalizing the AfCFTA agreement in 2019 with the aim to enable the free flow of goods and services across the continent and boost the trading position of Africa in the global market”.
Source:dailydemocratnewsonline.com