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New Companies’ Code goes to parliament next week

By Kofi Ahovi
The new Companies’ Code (Act 179) of 1963 is to be presented by the Ministry of Justice to parliament next week for consideration.

The draft of the comprehensive review of the Companies’ Code was completed by a committee headed by a High Court judge and was reviewed by the Ministry of Justice.

The code regulates the registration of various types of business in the country. It came into being in 1963 but since then has never been reviewed, despite changing trends in business registrations and operating structures worldwide.

The Attorney General and Minister for Justice, Mould-Iddrisu, earlier agreed that the review of one of Ghana’s most important, yet outdated business laws was long overdue and cannot wait further.

Her ministry inherited the review process from the previous administration under the Presidency of John Agyekum Kufuor.

When passed into law, the reviewed code will among other things encourage the enforcement of the law that requires the regular renewal of business names and the filing of annual returns, and stiffer punishments for not meeting the tenets of the code being proposed.

Provisions are also being proposed for business registration numbers issued by the Registrar General’s Department to correspond with a company’s Internal Revenue Service number to improve the tax collection system.

Currently, the department reviews, on average, about 100 business registration applications daily and about 2,000 monthly.

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