KNUST, IFC sign agreement to strengthen corporate governance
The Kwame Nkrumah University of Science and Technology (KNUST) School of Business and the International Finance Corporation (IFC) have signed an agreement to develop modern educational modules to strengthen corporate governance practices in the country.
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Under the partnership signed in Kumasi yesterday, IFC, the private sector arm of the World Bank, will provide technical assistance through the introduction of corporate governance courses in the school.
The Pro-Vice-Chancellor of KNUST, Rev. Prof. Charles Ansah, signed for the university, while the Senior Country Officer for IFC, Mr Akwasi Kuma, signed for the IFC. The partnership is under the auspices of the Ghana Corporate Governance Programme, which is a subset of IFC’s Africa Corporate Governance Programme.
It is being funded by the State Secretariat for Economic Affairs (SECO) in Switzerland.
Per the agreement, IFC will also provide capacity-building support in the adoption of a new syllabus, while KNUST will provide oversight on the review process from inception till adoption of the syllabus.
Partnership
The partnership, according to Mr Kuma, formed part of steps by the two parties to promote improved corporate governance through the introduction of courses to prepare students to become better corporate leaders, as well as impact positively on the education sector.
According to him, training and development were key pillars in corporate governance as people were required to change or improve on behaviours and practices.
He said IFC always sought to support and develop the capacity of local training institutions to teach and promote good corporate governance practices.
Significance
The Vice Chancellor, Prof. Kwasi Obiri-Danso, said the agreement positioned KNUST to play a lead role in assisting the private sector in the areas of corporate governance because it was the driver of socio-economic development.
He noted that the major problem in Africa was the lack of effective governance both in the private and public sectors of its economy.
Prof. Obiri-Danso said the partnership would enable KNUST to develop modules and contents tailored to the specific needs of beneficiaries.