Multiple Stakeholder implementation
Why is IB/IGB promotion a multi-stakeholder initiative ?
The IB/IGB initiative for Ghana is designed as a private sector led, government owned, development partners supported and multiple stakeholder implemented program.
The multiple stakeholder implementation is crucial, because many institutions have already programs which would qualify as IB/IGB support programs given their BoP focus. Others have industry support programs that can be targeted to more focus on IB/IGB type of companies. The initiative will include those already existing programs and solicit from the implementation partners commitments on how many companies (or % of financing) the partners will target for IB/IGB companies. These will be documented by the Secretariat (link to page 4.2 in a 3-years rolling action plan. (link to page 4.1), the first perhaps being developed for 2025-2007.
Examples of stakeholders working on IB/IGB is on the partnership page (link to page 5.6).
Measuring impact and transformation
Making the case for special treatments for companies that invest for impact will only be successful in the long run, when the funds placed yield tangible impact on people or planet. Beyond having such impact, this also needs to be transparently and accurately monitored and properly documented. In recent years there is a discussion globally that much of the impact is only claimed and the data used – if any at al – are at a very high and aggregate level, and often not related to the relevant impact shown. There is also raising criticism on general trends to overstate, wrong-report, white-wash and green-wash.
The IB/IGB program has therefore established clear criteria to monitor impact. Ghana companies would only qualify, if they are accredited based on the 48 criteria and 186 benchmarks, all being part of the official IB/IGB accreditation (link to page 4.4) system.
For more information on how the IB/IGB program facilitates better impact monitoring and reporting see page 4.9. (link to page 4.4).