The Office of the Registrar of Companies (ORC) in Ghana is poised to undertake a significant cleanup of its business register, with a staggering 500,000 business names and 5,000 companies facing potential delisting by the end of December 2024. This drastic measure stems from the persistent failure of these entities to file their annual returns, a mandatory requirement under the Companies Act, 2019 (Act 992). Despite being granted a year-long extension and receiving numerous reminders, a substantial number of businesses and professional organizations have neglected this crucial obligation, prompting the ORC to take decisive action. The Registrar of Companies, Mrs. Jemima Mamaa Oware, emphasized that this delisting exercise is a critical step towards ensuring compliance with the law and enhancing the integrity and reliability of the ORC’s business register. This move aligns with the ORC’s commitment to maintaining an accurate and up-to-date record of active businesses operating within the country.
The impending delisting carries significant consequences for businesses that fail to adhere to the stipulated regulations. Those whose names are removed from the register will effectively be barred from conducting business transactions with both government and private entities. Moreover, their business names will be unavailable for use by any other entity for a period of 12 years following delisting, unless they successfully petition the court for reinstatement. This underscores the seriousness of the situation and the importance of compliance for businesses seeking to maintain their operational status and avoid potential legal ramifications. Mrs. Oware urged affected businesses to take immediate action to update their information and file their overdue annual returns to avoid the impending delisting and its associated repercussions.
In tandem with the delisting exercise, the ORC is also embarking on a significant digital transformation, slated for full implementation in April 2025. This ambitious initiative aims to revolutionize the ORC’s operations by shifting its services to a digital platform. The new system will streamline business registration processes, enabling businesses to register, renew, amend records, pay fees, and file annual returns online, eliminating the need for cumbersome manual procedures. This transition promises to significantly enhance efficiency and convenience for businesses interacting with the ORC. Currently, a pilot program is underway, utilizing the existing manual system to test and refine the digital platform before its full-scale deployment.
The digital transformation will extend beyond basic registration functions, providing a comprehensive suite of services to businesses and organizations. The platform will facilitate the acquisition of tax identification numbers for businesses, churches, NGOs, audit firms, and legal practices, simplifying a previously complex process. Furthermore, integration with the digital addressing system will enhance accessibility, ensuring that businesses across the country can easily access and utilize the ORC’s services, regardless of location. This initiative reflects the ORC’s commitment to modernizing its operations and embracing technology to improve service delivery.
A key component of the digitalization strategy is the integration of the ORC’s system with other key national databases. This includes the National Identification Authority (NIA), Ghana Revenue Authority (GRA), Ghana Post, ghana.gov, and the Institute of Chartered Accountants Ghana (ICAG). This interconnectivity will streamline data sharing and verification processes, minimizing human intervention and reducing the potential for errors or discrepancies. The seamless flow of information between these systems will significantly expedite operational turnaround times, enhancing the efficiency and effectiveness of the ORC’s services and facilitating smoother business transactions throughout the country.
This comprehensive overhaul of the ORC’s operations is expected to bring about significant improvements in the ease of doing business in Ghana. By streamlining processes, reducing bureaucratic hurdles, and enhancing transparency, the ORC aims to create a more conducive environment for businesses to thrive. The increased accessibility to information about registered companies and professional bodies will also foster greater accountability and promote investor confidence. Ultimately, these initiatives are geared towards fostering economic growth and development by creating a more efficient and transparent business registration and regulatory framework.
