Ghanaian SMEs Urged To Practice Proper Corporate Governance

By  |  July 30, 2018

The Senior Associate of Ghanaian ENSAfrica, Nana Yaa Ahmed, has implored all small and medium enterprises to prioritize corporate governance to attract the needed funding they need to cultivate their businesses. She is of the opinions that a proper corporate governance structure will strengthen their operations and afford their ventures some growth effectively and efficiently.

Mrs. Ahmed made this call in at a two-day training workshop for SMEs, in Accra, while speaking on the topic: “Legal Environment of Business.” The event was organized by Corporate Secretarial and Training Services Limited and supported by the National Investment Bank.

The Senior Associate enlightened the participants in the types of business entities under the auspices of the country’s legal regime, including a sole proprietorship, partnership, limited liability and corporation amongst others. She implored that SMEs be innovative and form partnerships to derive optimal performance and returns since that was the way to go to remain competitive in the market and to upheave their attraction to investors. She remarked that SMEs have a crucial hat to wear on the journey to make Ghana’s economy achieve its development objectives by way of job creation, and contribution to the Gross Domestic Product. “It is factual that when SMEs are given the necessary assistance, they will become important pieces in the chessboard of Ghana’s economy, creating jobs and wealth for the populace”, she said.

Mrs. Ahmed encouraged SMEs to abide by credible corporate governance and put the best practices into their employ, adding that enterprises must concentrate on doing what is right to keep them in the race. “It is essential for SMEs to be abreast with the tenets of corporate governance to be aware of their rights and responsibilities, and manage their businesses effectively.

The Client Service Manageress, Registrar General Department, Mrs. Matilda Osei touching on the business registration process, reminded the attendants of the need to ensure that their businesses are recognized and registered so that their corporate identity and proprietorship be protected. Taking them through the processes of business registration, company regulations, statutory filings and other related topics on business registration forms, Mrs. Matilda rendered what was both enlightening and imploring.

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The Manageress as well expressed her concern with the tendency of businesses to refuse to file an annual return and ignore the requirement to renew their businesses’ registration. This as she explained, tends to undermine the department’s revenue-generation capacity, as well as its role to facilitate good corporate governance.

She informed that the department had intensified their efforts on the quest to help the business community have a better comprehension of the Companies’ Code to promote compliance with the regulation on the yearly business name renewal and partnerships and the filing of annual returns based on the turnover.

Rounding up, Mrs. Matilda Osei said the department would continually educate its affiliates on proper business practices, after which she implored SMEs to ensure appropriate record-keeping.

This development was first reported on Ghanaweb

Image Credit: Zenithbank

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