03.08.2006 Business & Finance

Three Develop Code To Improve Business Practice

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Three business organisations in the country have developed a code to help improve their business practices. They are the Association of Ghana Industries (AGI), the Ghana Employers Association (GEA) and the Ghana National Chamber of Commerce and Industry (GNCCI).

A Memorandum of Understanding (MoU) with the improving business practice (IBP) sub-component of the Business Sector Programme Support (BSPS) was signed in Accra last Tuesday.

The BSPS aims at strengthening the culture of doing business in the country through the establishment of a business code. The code covers minimum standards in management, governance, human and labour rights, environment and transparency issues.

In a speech, the Sub-component Manager, Mr J. B. Oduro, said the ownership of the code by the business community was an assurance of its sustainability. He said the vision was to build a brand value for the code, such that it would be rewarding to comply with its tenets and allow the business community to find a convenient way of evaluating and judging for itself as to who was following the code and who was not.

He said in 2003, a group of Ghanaian consultants drafted a code of business and reviewed the adequacy of the current legal framework for promoting ethical business practices.

Mr Oduro further stressed that the draft code of business practices would be reviewed, marketed and implemented in co-operation with the key partners under the second phase of the sub-component.

The Assistant Programme Co-ordinator of the BSPS of the Danish International Development Agency (DANIDA), Ms Rita Abban, expressed the Danish Embassy's delight at the foresight and determination shown by the organisation.

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