The president of
the Republic of Ghana, Nana Addo Dankwah Akuffo Addo, today launched the newly
constituted Office of Registrar of Companies (ORC), to register
and regulate all business entities in the country. At the Kempinski Gold Coast
Hotel in Accra.
The ORC carved out
of the Department of the Registrar General, will be responsible for the
registration of businesses such as private-public companies limited and
unlimited by shares, private-public companies limited by guarantee, churches,
schools, NGOs, CSOs, associations, unions, external companies, and professional
bodies.
The Act separates
the Office of the Registrar of companies from the Registrar General’s
Department, taking up solely the duties of company registration and advisory
services.
The new Act also
requires the two registries to retain internally generated funds to carry out
their operations.
According to the
Registrar of Companies, Mrs. Jemima Mamaa Oware, in her welcome remarks, stated
that the creation of the ORC was a step towards resolving issues with company
registrations. She said that the company was creating software that would allow
customers to establish their businesses online.
In a speech read on
behalf of the finance minister by his deputy Hon. Mrs. Abena Osei-Asare, he was hopeful
that the newly constituted office of the Registrar of Companies (ORC) will
ensure a higher entry rate of new businesses which will equally create new
markets and opportunities for growth. According to the minister, between 2018
and 2021, the total number of businesses registered in Ghana moved from 86,015
to 120,37, representing a compounded growth of 11.8%. So far, in 2022, the
minister stated that 57, 176 companies have been registered, of which 79 % are
sole proprietorships. This, in his view, highlights a steady increase in our
medium and small scale and micro-enterprise base, which will broaden the tax
net and generate more domestic revenue for the country
The president in
his keynote address expressed satisfaction at the “milestone.” And stressed
that the creation of the Office of the Registrar of Companies does not make the
Registrar General’s Department redundant.
The President
further noted that the new office will soon move to a new place within the
University of Ghana premises. “I have been informed that the office space is
too small and unfit for purpose. With the assistance of the Attorney-General, 2
acres of land have been acquired within the premises of the University of Ghana
for the construction of a new office complex. The Registrar of Companies will
carry out his duties in this office space.”
Source: ON Medial Global