The Attorney-General (A-G) and Minister of Justice, Dr Dominic Ayine, has called on businesses to make effective corporate governance and risk management at the centre of their operations for sustainable growth.
He said businesses faced many challenges that were global in nature, which required a comprehensive problem-solving approach.
“From global economic pressures and digital transformation to governance and compliance demands, organisations face risks that require more than short-term fixes.
Speaking during a stakeholder symposium on enterprise risk management organised by the Office of the Registrar of Companies (ORC), Dr Ayine said enterprise risk management (ERM) offers a systematic approach to anticipate, assess, and address these risks, while also identifying opportunities for sustainable growth.
“It is, therefore, fitting that we use this platform to reflect on how ERM can reshape Ghana’s business environment,” he said.
Symposium
The symposium, which was on the theme: “Resetting the Business Environment: The Role of Enterprise Risk Management”, was a platform for stakeholders to dialogue on how institutions, businesses and regulators can collaborate to create a more resilient and enabling environment for Ghana’s economic growth.
The ORC used the event to drum home the importance of enterprise risk and its relevance to business sustainability, educate the public and businesses on the mandate and services of the office, promote compliance with the legal obligations under the Companies Act, 1992 (Act 992), and further foster transparency in business regulations.
Issues discussed at the symposium included corporate compliance, business registration reforms and enforcement of risk management provisions under Act 992, tax compliance, revenue mobilisation and the role of ERM in reducing financial and operational risks for businesses.
Others were the importance of accurate identification systems in reducing fraud, improving business verification, and supporting regulatory efficiency, and how businesses could embed ERM practices to remain competitive locally and internationally.
It attracted participants from the Ghana Revenue Authority (GRA), the ORC, the National Identification Authority (NIA), the Association of Ghana Industries and other stakeholders.
Regulatory framework
Dr Ayine said the country had made significant inroads in improving corporate governance and the business regulatory framework through the enactment of Act 992, which introduced the ORC with a mandate to sanitise and modernise business operations.
Since its establishment in 2022, the A-G said, the ORC had been fully committed to providing a business environment that emphasised strong corporate governance and enhancing public trust in businesses.
“The ORC’s three pillars, registration, regulation and education, are essential to a thriving business environment, and I commend the leadership and staff of the ORC for their continued efforts in promoting a culture of compliance and sound corporate governance,” he said.
Call to action
The acting Registrar of the Companies, Maame Samma Peprah, stressed the need for businesses to put a premium on ERM, describing it as an important framework to assess and mitigate risk.
“By adopting robust ERM practices, businesses can embark on a transformative journey that not only protects their interests but also contributes to a more stable and prosperous economic environment for all stakeholders involved,” she said.
She further highlighted the necessity of some key reforms introduced by Act 992 in the management of risk.
She mentioned some of the reforms as the beneficial ownership disclosure, creation of the ORC, annual returns and financial management stage and enhanced powers of the ORC.
However, she said, despite the reforms, there was a need for businesses to develop robust internal mechanisms in line with international best practices.
Writer’s email: emma.hawkson@graphic.com.gh
