Ghana’s Parliament has pass the Companies Bill, 2018 into law to provide a safe environment for doing business in the country.
The bill amended the provisions in the Companies Act,1963 (Act 179) to be in tune with the current demands in the economy and business environment.
At an earlier stakeholders engagement, the Chairman of the Committee on Constitutional, Legal and Parliamentary Affairs, Ben Abdallah Banda, said some of the provisions in the current Companies Act, which was passed in 1963, were at variance with the current economic trends.
For instance, he said, with the current Companies Act, investors who wanted to incorporate their businesses would have to state the object of the business.
He said if investors wanted to go beyond the scope of the business, they will have to go back to the Registrar General to alter the object of the business.
Mr. Abdallah said the new Companies Act does not compel investors to state the objects of their businesses, which will then allow them to engage in as many businesses as they wishe.
Mr. Abdallah said the Act also seeks to reduce the number of days that it would take an investor to register a company or reserve a name of a company at the Registrar General’s Department.
GBC’s parliamentary correspondent Bubu Klinogo reports that the Bill was at the consideration stage before MPs’ went on recess ahead of the Easter. In view of the necessity of the Bill, the Speaker recalled the House on Monday for an emergency sitting, to finish work on remaining clauses of the Bill to have it passed.
Story by Bubu Klinogo
