Parliament solicits inputs for Companies Bill
The contributions, which were in written memoranda and presentations, are intended to help amend some aspects of the existing Companies Act 179.
The panellists at the stakeholder’s conference to discuss and solicit the public’s view on the matter, stressed the need to revise aspects of the current Companies Act.
According to them Ghana has fallen behind with regard to aspects of the existing Companies Act and there is the need to bring the new Bill in line with modern standards.
Mr Seth Kwesi Asante, a Resource Person and Private legal practitioner, who made a presentation to the Parliament’s Committee on Constitutional, Legal and Parliamentary Affairs stated that, the new proposals for the amendment of the existing Companies Act are forward looking.
He stated that, the country’s capital market has become an important part of the Ghanaian economy, in relation to the Securities Exchange Commissions (SEC) regulatory role.
He explained that the new Bill is intended to replicate the Securities Exchange Commissions regulatory role in the relations to the invitation to the public to invest in securities in the Companies Act.
Mr Asante also stated that the new amendments are intended to streamline the mandate of the SEC to regulate the capital market and not the under companies Act.
Mr Ben Abdallah Banda, Chairman of Parliament’s Committee on Constitutional, Legal and Parliamentary Affairs, in his contribution, explained that, the purpose of the stakeholder’s engagement is to solicit views from experts, business community and the general public on the Companies law.
He said the Committee as part of its duties sent out notices and invitations to certain organisations and the general public to come out with memoranda which has been received.
He explained that after the Committee has received the written memoranda from the people, they are given the opportunity to come and clarify whatever they have put on the memoranda to the Committee members.
Mr Abdallah Banda also explained that, after the Committee has finished with the memoranda, they would meet again for a critical analysis of every single provision in the Companies Bill and later taken through various processes before it is passed.
He said the ultimate purpose for the amendment of the existing Companies Act is to engender the ease of doing business in Ghana.
He said the reasons for the amendments is that some of the provisions in the Companies law are not in line with modern trends.