Corporate Governance in Africa: What Next?

On Tuesday 21 February, I boarded the Air Cote D’Ivoire flight to Abidjan to honour an invitation from Michelle Beugre and Ted Azouma of the Institut des Administrateurs de Cote d'Ivoire (INADCi) to attend a business forum jointly hosted by INAD-CI and African Corporate Governance Network (ACGN) with the support of IFC.

It was not my first time in Abidjan. I was there in 2004 when the city suffered from the consequences of a civil war shortly before armed conflict broke out between French forces and Ivorian forces loyal to Laurent Gbagbo after the Ivorian Air Force attacked French peacekeepers in northern Côte d’Ivoire. At that time, there were soldiers all over the streets of Abidjan. It gladdened my heart that the city was now peaceful and full of life. 

Abidjan expanded quickly after the construction of a new wharf in 1931, followed by its designation as the capital city of the then-French colony in 1933. Abidjan remained the capital of Côte d'Ivoire after its independence from France in 1960. In 1983, the city of Yamoussoukro, was designated as the official political capital of Côte d'Ivoire. However, almost all political institutions and foreign embassies continue to operate from Abidjan.

I took a taxi to the Sofitel Hotel Ivoire at Boulevard Hassan II in Abidjan only to be told that the hotel was being used for the business forum only.  As I was pondering how to get to my designated hotel on the other side of town, a former work colleague walked into the hotel lobby. I have not seen her since 2005. After explaining my presence to her, she asked her driver to drop me at Hotel Tiama located at 04 Boulevard de la Republique. That is why it is good to be nice to people you meet in life.

I attended the business forum on Thursday 23 February with government ministers and stakeholders from nineteen African countries and multilateral agencies in attendance to discuss the theme: "Taking stock and demonstrating the impact of the players in the Corporate Governance ecosystem".

On Friday 24 February, the IFC team hosted a session on: Whereto with Corporate Governance in Africa? Using the latest version of the South African Code of Corporate Governance (King IV) as the basis for discussion, we explored how the key principles can strengthen businesses and institutions.