The Registrar General, Madam Jemima Oware has hinted at plans to decouple the Registrar of Companies from the Registrar General’s Department.
She noted that this move is in fulfillment of the Companies’ Act (2019), Act 992 thus an 11 member board is to be constituted to oversee this new office.
“An 11 member board together with the Registrar of Companies who would be different from the Registrar-General is also to be constituted to oversee this new office,” she indicated.
“All plans are underway to ensure that administratively, this is ensured until such a time as a physical decoupling is completed to fulfill the Act in totality,” she added.
Madam Oware noted when she spoke at the stakeholders’ engagement of the 4th Directors’ Week Celebration organized by the Institute of Directors Ghana (IoD-Ghana), that the new office will solely deal with businesses and be independent financially.
The Directors’ week is an annual event that brings together directors and members of the Institute of Directors, Ghana together to brainstorm and share ideas on directorship and professional practices
The theme for this year’s event is ‘Good corporate governance and ethical leadership; an essential requirement for an organizational turnaround’.
Furthermore, the Registrar General mentioned the new office will have oversight of the administration, restructuring, and insolvency regulation of companies.
“This includes but is not limited to having the oversight of the administration, restructuring and insolvency proceedings of companies and receiving reports from insolvency practitioners on their administration of insolvencies, a Compliance Unit and a more empowered Company inspectorate Division to enhance supervision and ensure stricter compliance by Companies in meeting their regulatory obligations,” she noted.
Additionally, she described Act 992 as having new sanctions to aid compliance and ensure corporate governance.