Experts To Update Nation's Business Law

Mr. Joe Ghartey is the Attorney-General and Minister of Justice of Ghana

By William Yaw Owusu

Friday, 04 April 2008
A committee of experts to update the country’s business laws was inaugurated in Accra yesterday by Mr Joe Ghartey, the Attorney-General and Minister of Justice.

The five-member committee, with Justice S.K. Date-Bah, a Supreme Court Judge, as chairman, has four months to review the legal systems performance as it relates to business activities.

It will consider the companies Bill prepared by the Attorney-General’s Office by soliciting the views of the business and legal communities and comparing its provisions with those of other countries such as New Zealand accredited with the best practice standard in the Commonwealth.

The committee will also review the bankruptcy/insolvency laws and consider the draft legislation being prepared by the A-G’s Department and further deliberate on legislative measures to combat corruption in the private sector.

Additionally, it will consider suggestions and proposals for law reform and legal communities and determine any other areas of business law that may require reform.

Mr. Ghartey said: "The Companies Bill is a complicated one and needs the effort of people who have deep knowledge in business law to be able to get the best for the country".

He said laws regarding corruption in the private sector are almost non-existent compared to other international conventions such as that of the African Union.

He commended Justice V.C.R.A.C. Crabbe, an eminent jurist, who was at the inauguration, for helping to develop the Companies Law for the country.

Dr Justice Date-Bah, on behalf of the committee, said: "Repairing the legal infrastructure does not only entail the facilitation of business operations but also their regulation".

"Getting the legal framework right for business implied getting the right balance between facilitation and regulation. "It is right for the government to monitor and assess the adequacy of the legal system’s performance as it relate to business activities," he said.

Dr Justice Date-Bah noted that since much work has already been done on the Companies Bill, the committee’s priority will be to assess, consolidate and complete it.

"We will endeavour to bring to bear an independent, but business-friendly mind, on the matters referred to us," he said.

Other members of the committee are Mr Tony Oteng Gyasi, President of the Association of Ghana Industries (AGI), Dr Philip Ebow Bondzie-Simpson, a legal practitioner, Sarl Amegavi of the Ghana National Chamber of Commerce and Industry and Mr Felix Addo of the Price-Water-House Coopers.