GHANA Law and Practice Contributed by: Victoria Bright and Maxwell Amihere, Addison Bright Sloane
Addison Bright Sloane 22B Akosombo Road Ambassadorial Enclave Airport Residential Area Accra Ghana Tel: +233 030 397 1501 Email: info@addisonbrightsloane.com Web: www.addisonbrightsloane.com
1. Introductory 1.1 Forms of Corporate/Business Organisations The principal forms of corporate/business organisations in Ghana are the following. Partnerships A partnership is an association of two or more individuals incorporated to carry on business jointly for the purpose of making profits. Partner - ships are governed by the Incorporated Private Partnership Act, 1962 (Act 152). Companies One or more persons may form a company. Companies are governed by the provisions of the Companies Act, 2019 (Act 992). A company may be limited by shares, limited by guarantee or unlimited. It could be public, private or an external company. Unincorporated Association This is a registered association under the Com - panies Act, 2019 of individuals that have come together for a common purpose. Unlike compa - nies, unincorporated associations lack a distinct separate existence.
1.2 Sources of Corporate Governance Requirements The principal legislation in this area is the Com - panies Act, 2019 (Act 992). This new Act, replac - ing the Companies Act, 1963, represents a sig - nificant step forward in corporate governance standards for companies operating in Ghana. The Incorporated Private Partnership Act, 1962 (Act 152) (as amended) provides for the incorpo - ration and registration of partnerships. It requires partnerships, inter alia, to keep proper books of accounts of their operations. The Corporate Insolvency and Restructuring Act, 2020 (Act 1015) provides the regulatory framework for dis - tressed companies through stipulated systems for temporary management and restructuring of the otherwise distressed outfit. More industry specific legislation includes: • the Securities Industry Act, 2016 (Act 929) and the Securities and Exchange Commis - sion Regulation, 2003 (LI 1728) (Act 929): the Act establishes the Securities and Exchange Commission (SEC), with its mandate to regu - late, innovate and promote the growth and development of an efficient, fair and transpar - ent securities market;
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