Businesses in Kumasi schooled on New Company Registration Act

Business entities in Kumasi have been briefed on the new company registration law, Act 992 of 2019, to keep them abreast with the changing trends of setting up, doing business and managing companies in Ghana.

The new Companies' Act, which replaced Act 179 0f 1963, has introduced a number of reforms in company registration and regulation with the aim of simplifying the regulatory framework of incorporation and operation of companies, while improving existing corporate governance.

The workshop was organized by the Kumasi Chapter of the Ghana National Chamber of Commerce and Industry (GNCCI) with resource persons from the Registrar General's Department.

Nana Yaw Owusu Akwanuasa, the immediate past Chairperson of the Kumasi GNCCI, speaking at the ceremony, said the workshop was to help members identify and take advantage of the new law, which seeks to improve on business processes and ensured that businesses remain competitive in the global market.

He said the new Companies' Act, which was said to have drawn experiences from some developed business jurisdictions and international best practices in countries such as the United Kingdom, New Zealand, South Africa and Mauritius, would help improve business operations in the country.

Nana Owusu Akwanuasa was hopeful that the new Act would help reduce the cost of doing business and regulatory compliance for business as well as enhancing corporate governance regulatory framework.

Nana Ama Achiaa Prempeh, Head of the Registrar General's Department in Ashanti, took participants through the details of the Act adding that the establishment of the Office of Registrar of Companies under the new Act, would help ease the workload of the Department.

She explained that the Office would be responsible for registering and regulating all types of companies in conformity with the Act and other relevant enactments.

It would also appoint inspectors, receivers or managers to ensure compliance, discharge and perform official liquidation functions, and undertake public education programmes.