Press release on corporate governance Implication Privatization workshop
Good corporate governance is central to the success of any economy. Whereas Ethiopia registered impressive economic growth over the last decade, it now needs to enhance corporate governance practices to tackle increasing fraudulent activities, boost investor confidence and sustain its growth trajectory. The recent decision by the government of Ethiopia to Private Public Enterprises is expected to increase efficiency and effectiveness of the enterprises whilst strengthening the private sectors role in the economy.
Thus, the International Finance Corporation (IFC), the Association of Chartered certified Accountants (ACCA) Ethiopia and the Accounting and Audit Board of Ethiopia(AABE), organized this workshop on corporate governance to explore and highlight the relevant corporate governance instruments and the pivotal role of various finance professionals as the country effects these significant privatizations.
The purpose of Corporate Governance for Accountants and Auditors with respect to Financial Stewardship, Accountability Disclosure and Transparency will be presented by Dr. Roman Zyla, a Regional Corporate Governance Lead (Africa) and a group of renowned experts from various fields will take part in the panel discussion providing different angles to the same concept. Japheth Kato (FCCA), ACCA Council Member and Consultant Corporate Governance and Privatization of PEs, Dr. Costantinos Berhe Tesfu Privatization of PEs – Leadership Implications to Result Oriented Corporate Governance and Implication for Public Administration, Paul Reynold Director of Investments, Africa, Inchcape MOENCO, Role of Professional Treasurers in Corporate Governance, Gashe Yemane (FCCA) , Director General, AABE, Role of Accountants in Corporate Governance and Privatization , Kalkidan Tadesse (FCCA), Finance Director – Sandoz Pharmaceuticals and ex Senior Auditor at Bromhead& Co. Role of Auditors in Corporate Governance and Mehrteab Leul, Principal, MehrteabLeul& Associates Law Office, Privatization and Legal Framework in Corporate Governance and Privatization of PEs,
As Ethiopia endeavors to privatize public enterprises and contemplate establishment of Capital Markets, the key governance matters that would interest professionals and the general public are the issue.
It is expected that over 120 participants from different governmental, non-governmental, public enterprises and private sector professionals will attend the workshop to discuss over the role of accountants and Auditors working in these stated sectors in order to enhance the objectives revealed.
The International Finance Corporation (IFC), a Member of the World Bank Group, is dedicated to investing and supporting private sector development in emerging markets. IFC is building on its successful track record with the aim of delivering targeted corporate governance support to more clients and stakeholders for even better results by: assessing a firm’s corporate governance practices and providing advice on how to improve them; providing specialized advisory services on board effectiveness, the control environment and family business governance; building capacity of local partners, institutes of directors, media, and educational institutions on corporate governance services, training and reporting; working with regulatory institutions and governments to improve corporate governance laws, regulations, codes and listing requirements; and raising awareness of corporate governance through conferences, workshops and publications.
Accounting and Audit Board of Ethiopia(AABE) is an autonomous government organ accountable to the Ministry of Finance and Economic Cooperation (MoFEC) with the mandate to implement the International Financial Reporting Standard (IFRS) which shall be applicable to all reporting entities in Ethiopia. And Think Ahead ACCA is the Association of Chartered certified Accountants (ACCA) Ethiopia branch office.
Implementation of IFRS contributes to Government efforts of improving good governance and reducing the level of corruption and rent seeking behaviors which can in turn help to remove major impediments to growth that are common in emerging economies like Ethiopia by the fully effort of professionals scattered on the sector.
For further information; pls. Contact: Tsion Admassu Beyene, Consultant, IFC Corporate Governance Program, Ethiopia. 0925865123
Mr. Netsanet Tsegaw, Country Head ACCA Ethiopia; 0911258458 or
Mr.Abebe Shiferaw , AABE Communication Head; 0913770550