GHANA Trends and Developments 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
Introduction Corporate governance is an ever-changing sys - tem of rules and practices designed to assist companies to achieve their objectives through efficient management and control of the com - pany’s operations. The passage of the Com - panies Act, 2019 (Act 992) and the issuance of directives by regulatory bodies such as the Registrar of Companies, the Bank of Ghana and the Securities and Exchange Commission have ushered in a new era of corporate governance rules designed to modernise the management of companies in the country. These regulations comprise provisions for the use of technology in company regulatory matters, increased duties for directors, and acknowledgement of minor - ity rights of shareholders, amongst others. This chapter of the guide will discuss the prominent trends and developments in the corporate gov - ernance space, for the most part occasioned by the passage of Act 992. Any discussion of the most notable develop - ments and trends in corporate governance in Ghana must include the following.
Establishment of the Office of the Registrar of Companies Harkening back to the original intent of the draft - ers of Ghana’s first Companies Code 1963, the country now has a new statutory body, namely, the Office of the Registrar of Companies and a separate office of the Registrar General. The office of Registrar of Companies (headed by the Registrar of Companies) is responsible mainly for the registration and regulation of all types of businesses in Ghana. The office also oversees the registration of business names, registration of partnerships, appointment and regulation of company inspectors. This would now be distin - guished from the responsibilities of the Registrar General’s Department, the latter now dedicated to the registration of intellectual property rights, marriages and administration of estates. Addi - tionally, it functions as the Official Liquidator of Companies, and manages the finances and fixed assets of the Office of the Registrar. The Regis - trar is appointed by the President of Ghana and performs his functions with the assistance of a governing board. The Registrar, in addition to his duties, is expected to issue guidelines peri - odically to companies on the conduct of their operations.
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