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eBook details

• Title: Exploring the Legal Framework for Business and Ethical Practices in Ghana.
• Author : Ethical and Regulatory Issues Journal of Legal
• Release Date : January 01, 2006
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 269 KB

Description

ABSTRACT Paper reports the findings of a study conducted in 2004 as part of a project leading to the development of business codes for Ghana. The analysis of the legal and regulatory framework specifically dealt with the extent to which the legal and regulatory environment meets international best practices and standards of business conduct and the extent to which self-regulatory mechanisms and voluntary codes/guidelines established by enterprises and trade/business associations are accommodated under the framework. Key findings include weaknesses of the business registration regime, which continues to keep a lot of informal businesses out of formal registration. Further, the legal and regulatory regime for the registration and governance of businesses has failed to catch up with international best practices. In view of the inadequate framework for governance of businesses under the Companies Code, listing on the Ghana Stock Exchange further increases the chances of a company strengthening its governance structures by virtue of the rules of the Ghana Stock Exchange and the Securities and Exchanges Commission. Where corporate governance codes exist, enforcement mechanisms are not very well laid out. Disciplinary actions, when taken, are not publicized. Accordingly, the public is often unaware of its rights in instances of violations. While Government has an important role to play in the area of providing the legal framework for enhancing best practice standards in business registration, governance and even closure, it would still seem like the ultimate responsibility for good business behaviour still lies with Ghanaian businesses.

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