By
Christopher Arko
Accra, Oct. 3, GNA – Parliament’s Committee on
Constitutional, Legal and Parliamentary Affairs has started soliciting inputs
towards the consideration of the Companies Bill 2018, in Accra.
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.
GNA