....not properly exercised
Accra, Feb. 27, GNA - The role of the Registrar General's Department (RGD) in facilitating business registration and commencement and compliance with the Companies Code would be overhauled to fulfil its mandate and facilitate the government's philosophy of Golden Age of Business.
Presenting the 2003 financial statement to Parliament, The Minister of Finance, Mr Yaw Osafo-Maafo noted that over the years, the role of the RGD had not been properly exercised.
"The result is that a sizeable number of companies do not bother to file annual returns, while others i gnore the requirement to renew the registration of their business names annually.
"This, in turn, seriously undermines the Department's revenue generating capacity and its role in facilitating good corporate governance," the Minister said. The new measures would involve improving the monitoring and enforcing the provisions of the Companies Code, opening of offices in all the regional capitals, starting with Kumasi, Takoradi and Tamale in 2003 and completing the modernisation and restructuring of its operations.
Other measures include the completion of its office complex and computerisation programme; embarking on sensitisation of the business community on their obligations under the Companies Code; work with IRS to ensure enforcement of the regulation on annual renewal of business names and partnerships and filing of returns and amend the law governing the Registrar General's Department to allow differential fees for the filing of annual returns based on turnover.