Passage of Companies Act has helped reduce corruption – AG

Godfred Yeboah Dame, The Attorney-General Minister of Justice, has stated that the passage of the new Companies Act 992 of 2019 has helped to reduce corruption, creation of shell companies and opaque financial systems which provide an opportunity for money laundering and concealment of illicit wealth.

“I am of the firm conviction, effectively managed, the Registrar of Companies can be a strong partner for the government in the fight against corruption and the promotion of good governance in the country.

“The duty to provide particulars of beneficial owners under section 13 of Act 992 together with other provisions, including the ones alluded to provide strong tool to aid in the fight against corruption, money laundering and ultimately, boost investor confidence in the economy,” Mr Dame noted.

He was speaking at the inauguration and swearing-in of members of the governing board of the Office of the Registrar of Companies in Accra with establishment of governing body of the Office of the Registrar of Companies as one of the innovations of the new Companies Act, 2019 (Act 992).

The Office of the Registrar of Companies is vested with the important object of registering and regulating all types of businesses in the country as well as registering business names, partnerships and professional bodies in accordance with enabling statutes.

It is also required to appoint inspectors, a receiver or manager to ensure effective and efficient compliance with Act 992, discharge duties and perform functions of Official Liquidator under Bodies Corporate (Official Liquidations) Act, 1963, Act 180 and also manage the finances and fixed assets of the Office of the Registrar.

Mr Dame indicated that the development of the Registrar of Companies over the years and the broad array of functions thrust on the Office by Act 992 enjoined the relocation of the physical premises from which the office operated.

He lauded cooperation of the Office of the Registrar of Companies with the government in its effort to root out corruption in the system

Mr Dame clarified that having regard to the capacity of the Registrar of Companies to rake in substantial internally generated funds, the time had come for the Office to be financially independent of government and section 352 of Act 992 required the Office to be financially autonomous. -GNA

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