The Private Enterprise Federation (PEF), has raised concerns about the new Companies Act especially related to compliance requirement on Micro, Small and Medium Enterprises, MSMEs.
The new Companies Act requires all Companies and MSMEs to adhere to the International Financial Report Standards.
The President of PEF, Nana Osei Bonsu said the compliance requirement cost money and the level of insolvency in the MSMEs must be looked.
He tells Business News that the requirement must be staggered over a period for MSMEs to grow to meet it.
