Jemima Oware, the current registrar general, has mentioned that the office of the registrar of companies is set to be separated from the registrar general’s department.
This, the registrar claimed, is in accordance with Act 992, the Companies’ Act (2019), which was approved on May 2, 2019, and obtained Presidential assent on August 2, 2019.
She highlighted that this new office will be a financially independent entity largely concerned with businesses during the Institute of Directors Ghana’s (IoD-Ghana 4th) Directors’ Week Celebration stakeholders’ engagement. She mentioned this will help companies in the country do businesses with greater ease.
“An 11-member board together with the Registrar of Companies who would be different from the Registrar-General is also to be constituted to oversee this new office.”
“All plans are underway to ensure that administratively, this is ensured until such a time as a physical decoupling is completed to fulfill the Act in totality.”
Jemima Oware, Registrar General
Act 992, she added, is a really forward-thinking piece of legislation that would provide more rigorous provisions on Corporate Governance, Beneficial Ownership, and effortlessness in doing business.
“The Act features various new sanctions and seeks to promote compliance to enhance corporate governance.”
Jemima Oware, Registrar General
Stricter Compliance for Companies
Mrs. Oware noted that with the opening of the Office of the Registrar of Companies, an Insolvency Services Division (ISD) will be also established to oversee insolvency practices under the Act to enforce keener supervision and compliance
“This includes but is not limited to having the oversight of the administration, restructuring and insolvency proceedings of companies and receiving reports from insolvency practitioners on their administration of insolvencies, a Compliance Unit and a more empowered Company inspectorate Division to enhance supervision and ensure stricter compliance by Companies in meeting their regulatory obligations.”
Jemima Oware, Registrar General
The 4th edition of the Directors’ Week Celebration has been launched by the Public Enterprises Minister, Joseph Cudjoe, in partnership with the Institute of Directors Ghana (IoD-Ghana).
The Minister hailed the Institute as a key collaborator in the government’s attempts to improve sound corporate governance standards in public enterprises during the Celebration’s virtual media launch.
“And I must say as the minister of Public Enterprises, I find the institute’s work in this respect very germane to what the President is trying to do in terms of making sure that the public enterprises are governed corporately, and very efficiently.”
Joseph Cudjoe , Public Enterprises Minister
He further said that IoD-Ghana has provided opportunities through their forums “for directors and leaders to broaden their knowledge and sharpen their skills in achieving directed outcomes.”
Moreover, the Minister urged all stakeholders to join the IoD-Ghana in preserving the country’s culture of good corporate governance for the sake of the country.
The annual Directors’ Week Celebration invites together Institute directors and members to build capacity, network, and exchange ideas on how to promote governance and professionalism in their individual areas of influence.
Good corporate governance and ethical leadership; a vital requirement for an organizational turnaround, is the storyline for this year’s event.
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