then borrowed this and expanded it to America in the times of colonialism, and it gained root and moved on and on. Even after the Second World War, it gained tremendous currency and attention globally. That is the world stage.
Mr Speaker, today, right from America, we have what is called the Compliance Commission which is mandated by law to set a good framework for monitoring and enforcement of CSR. Mr Speaker, in England, they have expanded their Company Act which has included concerns for CSR, and also set out a clear mandate in terms of monitoring and evaluation.
Then if you move from England to Europe, Europe has put out what is called the Green Paper which is set to start a new revolution towards CSR. So, at the world stage, there is a conscious effort towards that evolution and building a new template towards CSR. Mr Speaker, India is reputed to be the first country in the world to have passed a law devoted to CSR. This was in 2014. India, as a country, is still regarded as one of the countries that have set the tone.
Mr Speaker, when we come to our own country, we have the Directive Principles of State Policy which set out to make some references to CSR. We have the Association of Ghana Industries (AGI) documents, Ghana Builders Code - a number of institutions whose documentations make continuous reference to CSR. What we do not have is a comprehensive dedicated law to deal with these concerns. As a result of that, we have corporate bodies which make some kneejerk reaction. When there is a complaint from some sections of the society, they react to stage one effort or the other to meet their concerns.
Mr Speaker, this is very important for us to look at, and it is so critical that we take these matters in strides. If you look at our Constitution, and the various Acts of Parliament that exist, we still do not have a devoted law for CSR. We have the National Development Planning Commission (NDPC) which sets out to give a direction in terms of a blueprint of development that the country should follow, and because as a country, we are unable to regulate, we have been at the discretion of these corporate bodies as and when they will, then they engage in one intervention or the other. I am very convinced and confident that if, as a Parliament, we set out to put up a regulatory mechanism, we would
be able to regulate and harness all the benefits that we should.
Mr Speaker, suffice it to say that today, in recent times, Africa has become a centre of attraction for a lot of investments. The Chinese, Europe, and America are after Africa, and even Russia which is not known to be doing investments in Africa. Therefore, there are conscious attempts at making investments in Africa and hence, Africa should also prepare itself and get ready to rake in the necessary resources.
Mr Speaker, to conclude, if you look at the corporate world in Ghana today, it is fluid. We have diverse bodies which are registered as corporate bodies, foundations, associations, companies limited by guarantee, limited liability companies and the likes. It is therefore difficult to give a definite definition of what CSR would portend, but I believe if we set out as a country to find an overarching law to regulate and rake in the necessary benefits, they would go a long way to inure to the advantage of our country.
Therefore, I encourage the House to revert its mind to this need and do the needful by coming out with a good law that would regulate this concern,
and to push a lot of development to society today.
Mr Speaker, thank you for your consideration.