Corporate governance and legal compliance in Africa: A multi-stakeholder framework for transparency and accountability

Corporate governance and legal compliance are critical for fostering economic growth, transparency, and accountability in Africa. This paper examines the current landscape of corporate governance frameworks across the continent, identifying key challenges such as corruption, weak regulatory enforcement, and limited stakeholder engagement. It highlights the gaps in existing legal and regulatory systems, emphasizing the need for robust enforcement mechanisms and the alignment of local practices with international governance standards. The paper proposes a multi-stakeholder framework that leverages collaboration between governments, businesses, civil society, and international bodies to address these challenges. It explores the role of innovative technologies, such as blockchain and digital reporting tools, in promoting transparency and accountability. The recommendations presented offer actionable strategies for policymakers, businesses, and other stakeholders to strengthen governance systems, mitigate risks, and ensure sustainable economic development in Africa.