In a remarkable stride Sierra Leone has launched its first Corporate Governance Code seeking to change the way of doing business in the country.The document, which officially becomes a national policy, is a tool design to improve on the business environment by increasing transparency and accountability among state and non-state actors.
It notably makes strong recommendations about transparency for robust internal control environments and the composition and quality of governance boards of business entities.
Officials say the policy specifically seeks to address gender disparity in the governance board of businesses and ensure sustainability of appointments and the desired qualifications and experiences required to bolster the business environment of the country.
A major provision in the code entails the creation of a new investment board, to be chaired by the country’s President, as the highest decision making body for investment in the country.
Vice President Dr Mohamed Juldeh Jalloh presided over the official launching in Freetown on Wednesday.
He said the move is part of Government’s efforts to strengthen governance structures and make it easy for investors to invest in the country.
“We are ready to provide the environment they [companies] need to do business and also to compete in the sub region,” he said, noting that the Investment Board will be a game changer and a demonstration of government’s commitment to its seriousness about investment.
VP Jalloh said the new policy seeks to make Sierra Leone an attractive place for credible investors, thereby boosting the country’s economy.
He therefore called on all Ministries, Departments and Agencies (MDAs), as well as private business entities, to apply the provisions of the code.
