President Akufo Addo has called on captains of industry and corporate Ghana as a whole to take advantage of and leverage on the public, private dialogue platforms his administration has introduced in order to have their challenges and issues of mutual concern properly addressed.
Addressing attendees of the first (1st) “Presidential Fund Raising and Dinner Awards Night” of the Ghana Association of Restructuring and Insolvency Advisers (GARIA) on the theme “Passage of the New Companies Act: A Booster for Ease of Doing Business in Ghana”, at the Labadi Beach Hotel, President Akufo-Addo, reiterated his constant call on all private sector players to partner his government to constitute a strong team that will transform the Ghanaian economy.
“My government is a listening one, and I encourage stakeholders to utilize the private, public dialogue platforms being introduced by government to address issues of mutual concern in achieving the socioeconomic transformation of our country” President Akufo Addo said.
Passage of the New Companies Act
In his keynote address, the President indicated that he has accented to the New Companies Act passed by Parliament on the 2nd of May 2019 to replace the old 1963 Companies Act.
“We now have the Companies Act 2019 to which by the Grace of God, I accented to yesterday, 2nd August 2019. The process of enactment is now complete” the President noted.
He added, “I am confident that the new Act will improve the ease of doing business in Ghana, enhance the Corporate Governance Regulatory Framework, and reduce the cost of ensuring compliance for business”.
Importance and Funding of GARIA
GADIA which is an association of professionals with an interest in restructuring and insolvency was established to play a leadership role in corporate restructuring, business recovery and insolvency advisory in Ghana. It was incorporated as a company limited by guarantee under the Companies’ Act 1963 (Act 179) on the 8th August 2006. The mission of GARIA is to essentially encourage restructuring of distressed entities including state-owned enterprises and other business establishments; to promote and play a thought leadership role in connection with and in relation to business turnarounds and insolvencies, promote law reforms in effective business recovery measures and insolvency, provide a forum for practitioners engaged in business recovery and insolvency practice, and promote international cooperation with respect to insolvency or business recovery and related cross border matters.
President Akufo Addo observed during his address that GARIA from it mission and objectives, is a very vital institution in the field of advisory services, insolvency, corporate restructuring and business recovery. As part of effort to enhance its work, the President launched the GARIA Trust Fund which would be the principal financing vehicle for GARIA and will be managed by an independent board of Trustees.
“I am going to ask the Ministries of Finance, Trade & Industry and Business Development to see to what extent they can properly assist the fund. In the meanwhile, I am personally donating GHc 50,000.00 as my modest contribution to the fund” President said.
Chairman for the Occasion
The Chairman for the occasion, retired Supreme Court Judge, Justice Prefessor Samuel Date-Bah, called on government to as a matter of urgency ensure that Ghana ratify’s the United Nations Convention on Contracts for the International Sale of Goods which was signed in Vienna in 1980. President Akufo Addo in response to this call by the immenent jurist said he has taken due note of his call for the ratification and hopefully action will be sooner than latter