In June 2008 the now famous extraordinary general meeting of CAL Bank, a public company listed on the Ghana Stock Exchange, presented a test case for corporate governance in Ghana, in the full glare of the media. The case has set a precedent on the exercise of shareholders' rights in public companies and warns that shareholders' rights must not be taken for granted.
The Millennium Challenge Corporation (MCC) provides grants to developing countries to implement projects that reduce poverty through the promotion of sustainable economic growth. A governance agreement was executed between the government of Ghana and the MCC, along with an authority which ensures participation of key stakeholders and proposed beneficiaries of the compact funds.
In Ghana, non-governmental organizations (NGOs) have traditionally operated in an environment with minimal standards for measuring their transparency and accountability. However, the growing need for accountability has now led the government to propose the Trust Bill, which sets out a legal framework for the operation of NGOs.