Getting Down to Business: Lessons from the African Peer Review Mechanism A Look at the Corporate Governance Thematic Area in the Country Review Reports on Lesotho, Mauritius, Mozambique, South Africa, Tanzania and Zambia

"Focussing on the six Southern African Development Community (SADC) states that have thus far completed their first Country Review Reports (CRRs) – Lesotho, Mauritius, Mozambique, South Africa, Tanzania and Zambia – this report shows that corporate governance can play an important role in driving Africa’s development. Central to the continent’s future prospects is expanding the scope for productive business activity. This has been taking place in tandem with policy and legal reforms, driving high growth rates in some countries. There remains an imperative to enhance the business environment; Africa needs more businesses, and businesses oriented towards growth as opposed to mere survival. Corporate governance provides a framework for business sustainability and value creation. For the most part, the APRM shows that these countries have satisfactory legal and institutional frameworks, or are striving to put them in place. However, awareness and application of corporate governance principles is uneven and sometimes poor – although this varies across countries, with South Africa being in many respects exemplary, as opposed to the very rudimentary situation in, for example, Mozambique and Lesotho. The ethical dimension constitutes a major element of the current corporate governance conversation in Africa."