President John Dramani Mahama has positioned corporate governance reforms as a central pillar in Ghana’s strategy to maximise opportunities under the African Continental Free Trade Area (AfCFTA), declaring that transparency, accountability and regulatory strengthening are essential to boosting cross-border trade.
Addressing the 35th Ordinary Session of the Africa Peer Review Mechanism (APRM) Forum of Heads of State and Government in Addis Ababa, Ethiopia, the President presented Ghana’s 2023 Targeted Review Report on Corporate Governance, outlining reforms designed to enhance competitiveness, productivity and private sector growth.
According to a statement from the National APRM Governing Council, Ghana’s review assessed how improvements in corporate governance could reinforce the country’s participation in AfCFTA. The report highlighted major legal and institutional reforms, including the Companies Act, 2019 (Act 992) and the National Corporate Governance Code, alongside strengthened financial and public sector oversight systems.
President Mahama reaffirmed government’s commitment to enforcing beneficial ownership disclosure, financial reporting standards and independent auditing under the Companies Act. He also stressed the importance of strengthening key regulatory bodies such as the Bank of Ghana, the Securities and Exchange Commission, the Ghana Investment Promotion Centre, the Office of the Registrar of Companies and the State Interests and Governance Authority.
The President underscored that investment in digital public infrastructure remains critical to facilitating trade across Africa. He cited the Pan-African Payment and Settlement System (PAPSS), mobile money interoperability and paperless port systems as transformative tools that reduce transaction costs and improve efficiency in cross-border commerce.
With micro, small and medium-sized enterprises (MSMEs) forming the backbone of Ghana’s economy, the review emphasised targeted support to help local businesses tap into AfCFTA markets. Through the Market Expansion Programme of the AfCFTA National Coordination Office, more than 2,000 MSMEs are receiving assistance in Rules of Origin compliance, trade financing and export readiness. Additionally, 19 Ghanaian companies have been certified to meet AfCFTA Rules of Origin standards.
Under the Guided Trade Initiative, Ghanaian firms have already participated in cross-border trade, demonstrating practical gains from the continental trade pact.
The findings of the review align with Ghana’s broader economic reset agenda, which prioritises structural reforms, fiscal discipline, diversification and private sector-led growth. Complementary initiatives include strengthening the Ghana Export-Import Bank to expand export financing, implementing the 24-hour economy strategy to boost productivity and rolling out programmes such as the Women’s Development Bank and the Adwumawura Programme to expand access to finance and create jobs.
Established in 2003 by the African Union, the APRM serves as a voluntary self-monitoring mechanism promoting good governance and sustainable development across member states. Ghana was among the first countries to undergo a full review in 2006, and the 2023 Targeted Review marks its second major engagement under the mechanism — reinforcing its longstanding commitment to governance accountability on the continent.
President Mahama was accompanied by Foreign Affairs Minister Samuel Okudzeto Ablakwa and other senior government officials during the presentation in Addis Ababa.
