To enable smooth operations of businesses, stakeholders urge the government to form a code of governance that sets standards and principles on how corporate bodies much work.

African Corporate Governance Network (ACGN) Chairperson Jane Valls said in Dar es Salaam yesterday that governance is important for sustainability and success of any business and the country at large.

“Any country that wants to attract Foreign Direct Investment (FDI) must focus on improving corporate governance for that is what investors are looking for,” said Ms Valls, who is also the Chief Executive Officer of Mauritius Institute of Directors (MIoD).

Giving an example of Mauritius, she said MIoD and the government have spent a lot of time investing in corporate governance, structuring legal framework and institutions in order to turn the country into a financial service centre and attract FDI.

She said that the growing trend of inter-continental business transactions and the increase in the flow of DFIs in Africa is giving rise to the importance of Corporate Governance in the continent. 

“It has become imperative to come up with initiatives that guide the formulation of Africa-specific guidelines to corporate governance that champion the business dynamics of the continent and capitulate with global standards,” she said.

She was speaking during ACGN Members bi-annual meeting held in the country.