The president, Nana Addo Dankwa Akufo-Addo has assented to the New Companies Act passed by Parliament on May 2, 2019 to replace the old 1963 Companies Act.
President Akufo-Addo is confident, the new company law, will improve the ease of doing business in Ghana, enhance the Corporate Governance Regulatory Framework, and reduce the cost of ensuring compliance for business.
Speaking at the first Presidential Fund Raising and Dinner Awards Night” of the Ghana Association of Restructuring and Insolvency Advisers, (GARIA), President Akufo-Addo called on Captains of industry and corporate Ghana as a whole to take advantage of and leverage on the public, private dialogue platforms his administration has introduced in order to have their challenges and issues of mutual concern properly addressed.
GARIA was established to play a leadership role in corporate restructuring, business recovery and insolvency advisory in Ghana.
The mission is to encourage the restructuring of distressed entities including state-owned enterprises and other business establishments.
Also to promote and play a leadership role in connection with and in relation to business turnarounds and insolvencies, promote law reforms in effective business recovery among others.
President Akufo-Addo noted that GARIA is a vital institution in the field of advisory services, insolvency, corporate restructuring and business recovery.
As part of the effort to enhance its work, the President launched the GARIA Trust Fund which would be the principal financing vehicle and will be managed by an independent board of Trustees.
He reiterated his constant call on all private sector players to partner his government to constitute a strong team that will transform the Ghanaian economy.
The Chairman for the occasion retired Supreme Court Judge, Justice Prof. Samuel Date-Bah, called on government to as a matter of urgency ensure that Ghana ratifies the United Nations Convention on Contracts for the International Sale of Goods which was signed in Vienna in 1980.