The Ghana Association of Restructuring and Insolvency Advisors (GARIA) has expressed optimism that the country’s financial sector will strongly bounce back immediately the Companies Bill is passed into law.

Currently, the Companies Bill is awaiting presidential assent and is expected to address exclusively, company registration and regulation in the country.

Some industry players have blamed the crisis that hit the financial sector on poor corporate governance structures at the various institutions.

In an interview with Class Business, President of GARIA, Dr Felix Addo said the new provisions in the Companies Bill will ensure effective corporate regulations.

Speaking on the sidelines of the GARIA stakeholder workshop on the Companies and Corporate Insolvency Bills, Dr Addo revealed that: “First, there are requirements and then there are sanctions. Directors can go to jail – two to five years and they are required to pay fines”.

He continued: “You just can’t call yourself a Director, you have some requirement, you have some duty of care”.

He pointed out that: “Auditors are supposed to be rotated because familiarity breeds contempt but more so, it affects and impedes independence, which in some instances, has been the case”.