The Registrar-General’s Department (RGD) is on its last leg of stakeholder meetings geared at improving the efficiency of business registration services by simplifying and streamlining its procedures for business registration across the country.
As a result, its key stakeholders – including the Trade Union Congress (TUC), Business Associations, Institute of Chartered Accountants and Corporate Secretaries – have been engaged for their input into the Draft Implementing Regulations of Companies Act 2019 (Act 992). This is coming on the back of work from a Review Committee on the draft regulations.
One important outcome of the regulation will be flexible interventions to help grow the nation’s micro, small and medium enterprises (MSMEs) into larger investments, able to compete effectively and/or partner with foreign direct investment to create a sustainable private sector, achieve economic growth and generate employment.
Speaking at a hybrid virtual and in-person workshop, the Registrar-General Jemima Oware said: “The regulation also addresses the standardisation of required filings, as well as the provision of comprehensive requirements for the use of restricted words like ‘Group’, ‘Holding’ etc.
“The regulations also require companies to report and maintain up-to-date and accurate records of beneficial ownership. It also specifies the mode and format for submitting particulars that must be entered into the central register, as well as the procedure for collecting, authenticating, verifying or correcting information in the central register.”
She added that: “The Act is very forward-thinking, introducing more stringent laws on corporate governance, beneficial ownership and the establishment of a new Office of the Registrar of Companies, among other things. It also encourages the ease of doing business”.
Most notably, the regulations provide for waivers and exemptions granted under section 381 (2)(c) of Act. 992, based on predefined criteria and the classification of businesses as small, medium, or large. These have been developed in collaboration with key business stakeholders.
It is hoped that these regulations have filled gaps in the provisions of Act 992, while also reducing the regulatory burden on businesses by shortening and lowering the cost of compliance with business filing procedures. “When completed, it should be a high-quality resource material that will result in the standardisation, transparency, uniformity and consistency of the Registry’s processes,” Mrs. Oware said.
Current donors and partners supporting the Draft Implementing Regulations of Companies Act 2019 (Act 992) include the International Finance Corporation (IFC) and the Swiss Secretariat for Economic Affairs (SECO), which have provided technical and financial assistance.
The IFC Country Manager, Ronke-Amoni Ogunsulire, in his remarks said that the government of Ghana through the Attorney-General’s Office and the Registrar-General’s Department under Mrs. Oware’s leadership has demonstrated a clear vision of what it wants.
He was quick to add that: “However, it is the professional class – lawyers, accountants, company secretaries – who will use the law and its related implementing regulations. Also, the private sector companies who will be impacted by the laws and its regulations; by your comments today, we expect to refine the regulations so that they will make for successful outcomes”.
