CHAPTER 4 governance programme recognises that small and micro-enterprises and the informal sector form an inherent part of the business sector. Therefore, the assessment exercise also seeks information on how to support this key segment of the African private sector, to spur economic growth and reduce poverty. 3. In Ghana, several developments have placed a new emphasis on the need for good corporate governance. Recently, globalisation and the liberalisation of the economy have led to a palpable growth of the private sector in the country. The government has committed to the creation of a golden age for business in Ghana and created a Ministry for Private Sector Development (MPSD) to spearhead the realisation of a competitive and vibrant private sector. Ghana also has a promising and emerging capital market with remarkable performance, significant momentum and a determined will for improvement. Because of these developments, corporate bodies have to disclose relevant information and be more transparent in their dealings with stakeholders and communities in order to justify their investments. 4. Despite the foregoing, several challenges continue to exist in connection with: the country's corporate governance policy framework; enforcement and compliance practices; and doing business in Ghana. Awareness of corporate governance in general, and corporate social responsibility, in particular, is low. The Companies Code (1963) provides the main corporate governance framework for registered companies. Though robust, it is out of touch with current corporate governance developments and is in need of updating. The institutions that are active in the promotion of good corporate governance are weak in finance, human and institutional terms. Furthermore, a persistent lack of clarity exists in the respective roles of the public and private sectors. The failure effectively to utilise the pre-eminent role of the private sector in promoting growth has severely limited economic opportunities. Difficulties also exist regarding access to finance, domestic resource mobilisation and the support necessary for SMEs to grow and contribute to the economy. 5. This section provides an assessment of Ghana's performance on the agreed APRM codes and standards, and the progress that the country is making to meet the objectives for corporate governance reform. The following codes and standards are listed in the Objectives, Standards, Criteria and Indicators (OSCI) document of the APRM to guide corporate governance reform: ? 84 Principles of corporate governance (OECD and Commonwealth);