We will incentivize companies that drive achievement of SDGs – GIPC

Mr Yofi Grant, Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), has said the Centre will incentivize companies that would help the nation achieve the Sustainable Development Goals (SDGs).

He said in the past SDGs were considered as projects but should rather be part of the policy framework of companies to ensure holistic development.

He said this at the 2020 Economic Counsellors’ Dialogue organised by the GIPC in Accra on Thursday on the theme: “Promoting a Stable Business and Investment Climate; The New Companies Code.”

He said the Centre seeks to ensure that Ghana remains the preferred place for Foreign Direct Investment in Africa.

Additionally, he said, the country must set the pace for others within the continent to emulate for sustainable economic development.

Mr Grant, speaking on the implementation of the GIPC law, said the delays encountered was to ensure that the right mechanism were put in place to create a healthy business environment.

He said the Centre is working closely with related institutions and ministries to come out with a comprehensive document for the GIPC law.

Madam Diana Afriyie-Addo, Team leader, Business Regulatory Reforms Unit, Ministry of Trade and Industry, presenting on the Business Regulatory Reforms (BRR) programme, said the programme was to enhance increased entrepreneurship investment, industrialisation and transformation of the economy.

She said it was also to ensure that business regulations were simple, transparent and predictable.

“This will clean up or simplify existing business regulations that are inefficient or not business-friendly whiles maintaining adequate protections for consumers and the environment,” Madam Afriyie-Addo said.

She said the programme would improve how business regulations were produced by ensuring that new regulations met an agreed minimum criteria.

She said an inventory of business-related acts legislative instruments, regulatory notices and administrative directives would be made available in a single electronic register dubbed the “E- register.”

Madam Afriyie-Addo said the platform would provide businesses with an easily accessible one-stop repository of up-to-date information on all business regulations in force in Ghana.

Madam Matilda Osei, Representative of the Registrar General’s Department, who spoke on the New Companies Act 2019, said amendments have been made to the Companies Act 1963 to suit modern business development globally.

She said some changes in the Act include the creation of an office for the registrar of companies, persons 18 years and above may apply for incorporation of a company, company’s regulation is now referred to as a constitution.

Additionally, she said the New Act requires a conflict of interest registrar, the introduction of companies bulleting and database, directors are required to file a declaration of not being convicted of any criminal offence the past five years.

She said by the Act, the issuance of a certificate to commence business by the registrar of companies has been abolished, secretaries of companies must be qualified lawyers or Chartered Accountant.