The newly created Office of the Registrar of Companies (ORC) has been officially launched by President Nana Addo Dankwa Akufo-Addo.
The ORC which has been decoupled from the Registrar General’s Department will solely be responsible for the administration of registration of companies and businesses in the country.
Operating as an independent entity, the ORC is expected to be exclusively responsible for the registration of businesses such as private public companies limited and unlimited by shares, private public companies limited by guarantee, including churches, schools, NGOs, CSOs, associations, unions, external companies and professional bodies. It is also to provide advisory services to these companies.
President Akufo-Addo at the launch noted the coming into force of the ORC will go a long way to help the anti-graft agenda of his government.
He said the ORC would become a keen partner of government in the fight against corruption.
According to the president, the creation of opaque financial systems that provide the opportunity for business entities to launder and conceal illicit wealth would be a thing of the past because of the coming into being of the ORC.
“It is strong tool to aid in the fight against corruption, money laundering and thus ultimately boost investor confidence in the Ghanaian economy.”
The Ghana Companies Act 2019, Act 992, which birthed the ORC seeks to improve corporate governance standards for companies operating in the country.
Though the Act separated the ORC from the Registrar General’s Department, the President said, that does not in any way invalidate any contract entered with the Registrar General’s Department.
“All transactions between members of the public and the Registrar General’s Department remain valid.”
With the coming on board of the ORC, the Registrar General’s Department will now be limited to the registration of intellectual property rights, marriages under special license and the administration of estates.
The first female registrar of the ORC, Madam Jemima Mamaa Oware noted the ORC will be an easier and effective way of doing business in the country. She noted she will run a transparent outfit towards making the dreams of the ORC a reality.