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It is widely accepted that a vibrant private sector and an efficient public sector drive economic growth and development. Consequently, it is important to have an effective corporate governance framework to ensure that both private sector and public sector organisations operate effectively, efficiently, and sustainably towards creating long-term value for individuals and society. However, previous efforts to develop corporate governance codes in many jurisdictions have largely been aimed at large corporations, such as listed companies and banking institutions. Therefore, many developing countries, including Ghana previously, have not been able to fully exploit the potential of their private sector, because they have overlooked critical subsectors, such as small and medium-sized enterprise (SMEs) (including family- owned businesses), informal sector businesses and not-for-profit organisations (including churches and mosques).

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