World Bank2014-10-162014-10-162012-07https://hdl.handle.net/10986/20446This report assesses Ghana s corporate governance policy framework. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Ghana. It is an update of the 2005 Corporate Governance ROSC. Good corporate governance enhances investor trust, helps to protects minority shareholders, and can encourage better decision making and improved relations with workers, creditors, and other stakeholders. Better investor protection can lower the cost of capital and encourage companies to list and raise funds through equity markets. Investor protection is also crucial to protect retirement savings as pension funds invest more in listed companies. Good corporate governance also helps to ensure that these companies operate more transparently and efficiently.en-USCC BY 3.0 IGOACCOUNTANTACCOUNTINGACCOUNTING STANDARDSACTIVE MARKETADMINISTRATIVE ACTIONSANTI-TAKEOVER TACTICSARBITRATIONASSET MANAGEMENTASSET MANAGERSAUCTIONSAUDIT CLIENTSAUDIT COMMITTEEAUDIT COMMITTEESAUDIT STANDARDAUDIT STANDARDSAUDITOR INDEPENDENCEBALANCE SHEETBANKSBENEFICIAL OWNERBENEFICIARIESBOARD MEMBERBOARD MEMBERSBROKERSBUSINESS ETHICSBUSINESS JUDGMENT RULEBUY BACKCAPITAL EXPENDITURESCAPITAL MARKETCAPITAL MARKET DEVELOPMENTCAPITAL MARKETS DEVELOPMENTCASH FLOWCENTRAL BANKCENTRAL DEPOSITORYCEOCEOSCHECKSCHIEF EXECUTIVECHIEF FINANCIAL OFFICERCOMMERCIAL BANKSCOMMON LAWCOMPANIES ACTCOMPANYCOMPANY LAWCONFLICTS OF INTERESTCONTROLLING SHAREHOLDERCONTROLLING SHAREHOLDERSCORP.CORPORATE BODYCORPORATE BONDCORPORATE BOND MARKETCORPORATE BONDSCORPORATE GOVERNANCECORPORATE GOVERNANCE CODECORPORATE GOVERNANCE REFORMCORPORATE GOVERNANCE REFORMSCORPORATE INSIDERSCORPORATE OFFICERSCORPORATE OWNERSHIPCORPORATE SOCIAL RESPONSIBILITYCREDIBILITYCREDITORCREDITOR RIGHTSCREDITORSDERIVATIVEDERIVATIVE ACTIONSDIRECTOR LIABILITYDISPUTE RESOLUTIONECONOMIC DEVELOPMENTEMERGING MARKETEMERGING MARKET COUNTRIESEMERGING MARKET ECONOMIESEMERGING MARKETSEQUAL TREATMENTEQUITY MARKETEQUITY MARKETSEXCHANGE RATESFINANCIAL CRISESFINANCIAL CRISISFINANCIAL DISCLOSUREFINANCIAL INFORMATIONFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL RISKSFINANCIAL STATEMENTSFOREIGN COMPANIESFOREIGN INVESTORSFRAMEWORK FOR SECURITIESFRAUDFULL DISCLOSUREFUND MANAGERSGLOBAL CAPITALGLOBAL CAPITAL MARKETSGOLDEN SHARESGOOD CORPORATE GOVERNANCEGOVERNANCE ARRANGEMENTSGOVERNANCE GUIDELINESGROSS DOMESTIC PRODUCTGROUP COMPANIESGROUP OF SHAREHOLDERSHOLDINGHOLDINGSHOSTILE TAKEOVERSHUMAN RESOURCEINCORPORATEDINDEPENDENCE REQUIREMENTSINDEPENDENT DIRECTORINDEPENDENT DIRECTORSINDEPENDENT OVERSIGHTINDIVIDUALSINSIDER TRADINGINSTITUTIONAL INVESTORSINSURANCEINSURANCE COMPANIESINTANGIBLEINTANGIBLE ASSETSINTERESTED PARTIESINTERNAL AUDITINTERNATIONAL STANDARDINTERNATIONAL STANDARDSINVESTIGATIONINVESTMENT ARMINVESTMENT BANKSINVESTMENT COMPANIESINVESTMENT DECISIONSINVESTMENT FUNDSINVESTMENT OPPORTUNITIESINVESTOR CONFIDENCEINVESTOR PROTECTIONINVESTOR RELATIONISLAMIC FINANCIAL INSTITUTIONSLEGAL DUTIESLEGAL FRAMEWORKLEGAL PERSONALITYLEGAL PROTECTIONLEGAL PROTECTION FOR INVESTORSLEGAL SYSTEMLEVEL PLAYING FIELDLIMITEDLIQUIDATIONLOCAL COMPANIESMAJOR SHAREHOLDERSMAJORITY OF VOTESMAJORITY SHAREHOLDERMANAGERSMARKET CAPMARKET CAPITALIZATIONMARKET INDEXMARKET INTERMEDIARIESMARKET PARTICIPANTSMARKET PRICEMARKET SHARESMARKET TURNOVERMERGERMERGERSMINORITY SHAREHOLDERMINORITY SHAREHOLDERSMONETARY FUNDNOMINEE ACCOUNTNOMINEE ACCOUNTSPARENT COMPANYPENSIONPENSION FUNDSPENSIONSPERSONSPORTFOLIOPRICE MOVEMENTSPRIVATE COMPANIESPRIVATE PLACEMENTPROFESSIONAL BODYPROPERTY RIGHTSPROXYPROXY FIGHTSPUBLIC COMPANIESREGISTRAR OF COMPANIESREGULATORY FRAMEWORKREGULATORY REGIMERETAIL INVESTORSRISK FACTORSRISK MANAGEMENTRISK MANAGEMENT SYSTEMSSECURITIESSECURITIES INDUSTRYSECURITIES LAWSECURITIES MARKETSSETTLEMENTSHARE OWNERSHIPSHAREHOLDER AGREEMENTSHAREHOLDER AGREEMENTSSHAREHOLDER APPROVALSHAREHOLDER MEETINGSSHAREHOLDER RIGHTSSHAREHOLDERS MEETINGSSTAKEHOLDERSSTOCK EXCHANGESTOCK EXCHANGESSTOCK MARKETSTOCK OPTIONSSUBSIDIARIESSUBSIDIARYSUPERVISORY POWERSTAKEOVERTAKEOVERSTAXTENDER OFFERTENDER OFFERSTIMELY PAYMENTSTRANSACTIONTRANSACTION COSTSTRANSPARENCYTRUSTSTURNOVERVALUATIONVALUATIONSVALUE OF ASSETSWITHDRAWAL10.1596/20446