CORPORATE GOVERNANCE principles. It found that the country exhibited a high degree of compliance with the principles, but noted significant shortcomings in several areas, in particular the need for supervisors to enforce prudential standards more aggressively. The report noted that supervisors tended to favour moral suasion, which is both ineffective and timeconsuming.3 A recent West African Monetary Zone (WAMZ) assessment of Ghana showed full compliance with six of the principles and significant or major compliance with fifteen of the core principles.4 Ghana has no immediate plans to move to Basel II, although training programmes are under way. http://www.imf.org/external/pubs/ft/scr/2003/cr03396.pdf. Odonye, O.J. 2004. Assessment of Banking Supervision and Regulation in the West African Monetary Zone. Paper presented at the Workshop on the Capital Adequacy standards (Basel II) and Bank Corporate Governance. Johannesburg, South Africa, November 2004. Core principles for securities and insurance supervision and regulation 13. In 1997, Ghana adopted the core principles for securities and insurance supervision and regulation. The National Insurance Commission (NIC) that was established by Provisional National Defence Council (PNDC) Law 229 of 1989 provides for supervision of insurance companies and monitors the implementation of the core principles. The Background Report on Ghana prepared by the APR Secretariat noted that the presence of the NIC has greatly improved the regulatory situation within the insurance industry. However, the NIC needs to be strengthened in both human and institutional terms. Labour codes of the ILO 14. Ghana has ratified the following ILO conventions: the Freedom of Association and Protection of the Right to Organise, 1965; the Right to Organise and Collective Bargaining, 1959; Equal Remuneration, 1968; and Discrimination Employment and Occupation, 1961. With regard to child labour, Ghana has ratified ILO Convention 182 on the prohibition and immediate action for the Elimination of the Worst Forms of Child Labour. Ghana has, however, taken no action on ILO Convention 138 on the minimum age for employment. ii. Findings of the CRM 15. Although Ghana has adopted and developed a number of codes that reflect 87