ICC Ghana promises relief to judgment debt menace
The International Chamber of Commerce is finalising plans to launch its operations in the country to, among other things, help address the judgment debt menace facing the nation.
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According to the chamber, the education and sensitisation unit under the Ghana office will, among other things, educate businesses, the judiciary, lawyers and staff of the Attorney General's Department (AGD) on the basic demands of business contracts, their drafting process and how to avoid flouting the rules which neglect brings about judgement debts.
Once that is done, the Executive Secretary of the yet-to-be launched ICC Ghana, Mr Emmanuel Doni-Kwame, said government officials would be better equipped with the rudiments of commercial contracts.
He said it will go a long way to help reduce the disputes arising out of such agreements.
In an interview with the GRAPHIC BUSINESS, Mr Doni-Kwami added that the commission was also looking at setting up an arbitration center in the country to help settle some of the disputes arising from commercial contracts entered into by the Government of Ghana (GoG) and other foreign interests.
The setting up of the center is expected to help reduce the cost that businesses and the government incur, having to arbitrate their cases in Europe and America, while boosting the country's status as a haven for foreign direct investments (FDIs).
He explained that although Ghana was not a member of the ICC, rules and regulations that were drafted by the chamber bound the country because "these are regulations that are accepted by the private sector to govern their operations."
"But if you are a member, you can provide inputs, but once you are not a member, you can't do anything and yet the rules will affect you," Mr Doni-Kwami said.
March 11 launch
The ICC, which is the commercial unit of the International Court of Arbitration (ICA), provides a forum for businesses, governments and organisations the world over to appreciate the changing trends in the business arena and how to tackle them.
Although its duties encompasses a lot of things, the chamber is currently focused on drafting rules and regulations to facilitate cross border trade, providing an avenue for business disputes to be resolved and in the process raise world trade volumes.
It has operated mainly in Europe and America since its inception in the 1920s. However, increasing volumes of trade in China, Asia and Africa is enabling the chamber to widen its branches with the aim of reducing barriers to international trade.
It has, as a result, set up local units in Nigeria and Kenya, with the Ghana one scheduled to be launched on March 11 this year.
Mr Doni-Kwami told the GRAPHIC BUSINESS that interest in the works of the chamber was already high among the business community and the government, with President Mahama agreeing to participate in the launch.
"After the launch, we will embark on an advocacy campaign to sensitise bankers, lawyers, the judiciary and staff of the AGD to the drafting of contracts," the executive secretary of the chamber said.
Ghana to make history
A Policy Manager at the Banking Commission of the ICC, Mr David Bischof, said his outfit also intended to transfer its expertise in banking into the country's financial sector should the chamber begin official operations.
That, he said, would open the sector and players in it to more international transactions, thereby adding on to Ghana's image as an investment destination.
"Trade between Ghana and other companies is often by cash and that is quite expensive. But ICC rules allow for some terms of payments that can reduce some of these risks and that is what the banking sector and business community can also benefit from," he said.
In the long run, Mr Bischof said the Banking Commission, which meets twice a year, would be looking at holding one of its meetings in the country.
Should the plans materialise, Ghana will become the first country in Africa to have hosted such a meeting which brings together over 600 bankers, people with the technical know-how and skills and those interested in investing in the country and Africa at large to network.