Ghana is the first African country to achieve independence from British colonial rule, and is widely known for its natural resources such as cocoa, as well as its inland water sources. Several measures have been taken to balance government revenue and spending, and the country remains a safe haven for foreign direct investment, which stood at $830m in the first half of 2021. The most recent genera
The new Companies Act promotes prudence in management, effective boardroom practice and shareholder activism. The timing of this new law is ideal as 2018 saw a string of collapsed banks, many of which experienced a breakdown in their corporate governance regime. For the first time in Ghana’s corporate governance history, an Office of the Registrar of Companies (RoC) will be established, with…
Viewpoint:Adelaide Benneh Prempeh Ghana is broadly heralded as a beacon for democracy, peace and socio-economic stability in West Africa. Peaceful democratic elections have been held in Ghana since 1992, and since then the country has steered clear of major internal conflict. The rapid growth and permeation of private enterprise has ensured a level and competitive playing field for investors…
Ghana’s legal system is based on the English Common Law. The respect for the rule of law and the protection of fundamental human rights are ideals woven intrinsically into the fabric of Ghanaian society. The country’s prevailing 1992 constitution further embeds these ideals and has served as a bedrock for ensuing decades of sustained democratic governance and sociopolitical stability. Largely,…
The Report examines the evolution of the Ghanaian economy over the past 12 months, ranging from the country’s financial regulatory reforms and capital requirements increase, to efforts to improve the ease of doing business and company registration, and the role of industrial parks in boosting the economy. There is also a close examination of the effects of commodity price volatility and new oil
This chapter examines the legal system of Ghana, including The Companies Act 2019, capital requirements, foreign investment regulation, incentives and guarantees, labour law, property law, governance of non-bank financial institutions and sector-specific regulations. This chapter also contains a viewpoint from Adelaide Benneh Prempeh, Managing Partner, B&P Associates.…
After some belt tightening in response to a growing fiscal deficit, in 2017 Ghana saw almost twice the economic growth of 2016, according to the World Bank, with the robust expansion carrying through to 2018. The country had traditionally relied on primary commodities for its earnings, with gold and cocoa principal export items, until significant oil finds recently made Ghana a petroleum exporter.
Banks & Specialised Deposit-Taking Institutions Act 2016 (Act 930) This legislation applies to banks, specialised deposit-taking institutions, financial holding companies and their affiliates. The Bank of Ghana (BoG) has overall supervisory and regulatory authority over all deposit-taking business in Ghana, and requires deposit-taking businesses to obtain a licence. The act stipulates…
Ghana’s legal system is premised on English Common Law. The laws of the country comprise: the constitution; statutes enacted by Parliament; orders, rules and regulations made by any person or authority under a power conferred by the constitution; the existing law; and the common law, which is made up of the rules of law generally known as doctrines of equity and the rules of customary law,…
Following modest GDP growth in the 2014-16 period, the recently elected government was under pressure to accelerate economic growth in 2017. In addition to a belt-tightening process, the government introduced a number of reforms, which are beginning to bear fruit. The government aims to couple the expansion of the resources sector with an aggressive industrial policy, an overhaul of the agricultur
