AMCHAM – GARIA Meets Stakeholders on Company And Insolvency Laws of Ghana

The American Chambers of Commerce (AMCHAM) Ghana and Ghana Association of Restructuring and Insolvency Advisors(GARIA) will be holding a stakeholder meeting on how the Company and Insolvency Laws in Ghana can promote the Ease of Doing Business in Ghana on 30 August 2017.

The theme for the event is “Enhancing the Ease of Doing Business: Reforming the Company and Insolvency Laws of Ghana”.

Special Guest of Honour for the event is the Attorney General and Minister of Justice,Hon. Gloria Akuffo.Panalist for the discussion are; Prof. Bondzie Simpson, Felix Ntrakwa,Vicky Bright  and Tony Oteng Gyasi. Felix Addo, President of GARIA and Simon Madjie, Executive Secretary will be moderating the event.




 

Currently, Ghana is ranked 108 in 2017 out of 190 countries from 111 in 2016 according to the World Bank Report on the Ease of Doing Business. In Africa, Mauritius is 1^st on the ranking and 49 in the World, Rwanda 2^nd In Africa and 56^th group in the World. Botswana and South Africa are  3^rd and 4^th ,in Africa as well as 71^st and 74^th in the World according to the report.

The key indicators are; Starting A Business; Dealing With Construction Permits, Getting Electricity; Registering Property; Getting Credit; Protecting Minority Investors; Paying Taxes; Trading Across Borders; Enforcing Contracts; and Resolving Insolvency.

According to the World Bank Report, Ghana stands at 155 in the ranking of 190 economies on the ease of resolving insolvency. According to data collected by Doing Business, resolving insolvency takes 1.9 years on average and costs 22.0% of the debtor’s estate.

Meanwhile, the Bill which is expected to be passed by Parliament after the Committee of Experts of Companies Bill and Insolvency Bill thoroughly reviewed them to facilitate the business activities in the country. In the current Company Bill, practical issues such as suffix to denote type of Company; Change of name; Regulation to Constitution; Use of electronic means; Use of the Company Bulletin – to be published under the Registrar of Companies; and replacement of the Company seal to Signature by 2 Directors among others.