As part of its Corporate Governance Program, IFC hosted an Administrator’s Forum to discuss the challenges facing Corporate Governance in Senegal, allowing business owners and other stakeholders to share experiences and knowledge based on current global trends.
The Forum in collaboration with the Senegalese Institute of Administrators (ISA) focused on the sustainability of family-owned businesses, the most dominant form of enterprise globally but which faces governance issues.
“This Forum offers the opportunity to raise awareness of entrepreneurs and family business owners on specific governance-related challenges they need to address,” Faheen Allibhoy, IFC Regional Representative said.
Corporate Governance is scarcely known or applied in West Africa especially in family-owned businesses which operate in sectors that are not well regulated.
Some of these entities lack the expertise and knowledge in governance, planning, succession and other family-governance related issues.
Studies show that less than five per cent of family-owned businesses survive beyond the fourth generation, good governance practices would enable them improve their performance and sustainability.
Alioune Ndour Diouf, Chairman of ISA, said the predominance of family-owned businesses in Senegal’s economy necessitated the Forum to inform them of the challenges and requirements of family governance.
IFC’s Corporate Governance program aims to improve the performance of businesses in Africa and to increase their capacity to attract and retain investments.
The member of the World Bank Group recently held a similar event in Sierra Leone, bringing together seasoned trainers to equip them with skills and resources to provide specialized Corporate Governance training to company board members and decision-makers to adapt good corporate governance practices.
The event in partnership with the Institute of Chartered Accountants of Sierra Leone (ICASL) was held with the belief that competent members will boost business performance ultimately improving Sierra Leone’s economy.