Book on company law best practices launched

A book that provides a detailed analysis of the country’s company law in line with best practices has been launched in Accra.

The authoritative book, which was deftly crafted by a nine-member committee of experts, some of whom have more than half a century of experience under their belt in the field of company law and practice, seeks to answer contemporary questions on the subject to its readers.

Loosely referred to as “The Blue Book”, the 22-chapter book, which contains the first volume is titled “Companies, Corporate Insolvency & Restructuring in Ghana”.

With surgical precision, the book breaks down complex concepts such as incorporation of companies, organisation of corporate meetings, corporate litigation, appointments and removal of directors and transfer of shares, process of registration of a company, capital maintenance and reduction for its readers to understand.

A retired Justice of the Supreme Court, Professor Justice Samuel Kofi Date-Bah, who is the lead editor of the book, mooted the idea when he was appointed in 2018 as the chairman of the Business Law Reform Committee of Experts whose proposals to the government formed the basis for preparation of a bill for the Companies Act, 2019.

With Ace Anan Ankomah, a legal practitioner who has taught Company Law at the University of Ghana Business School as the co-editor, the project witnessed contributions from other experts.

They are an Emeritus Professor of Public Law, Professor A.K. Fiadjoe; a Professor of Law and founding Dean of the Law Faculty of the University of Cape Coast, Professor P Bondzi-Simpson; one of Ghana’s leading experts in company law who was laid to rest earlier this year, Felix Ntrakwah; and an accountant, Felix Addo.

The rest are the Registrar of Companies (ROC), Jemima Mamaa Oware,  a Principal State Attorney with the ROC, Domtie Sarpong, and Felix Awuah, a non-practicing solicitor of the Senior Courts of England and Wales.

Transformative tool

The first copy of the book was bought for GHC 100,000 at the launch, which was chaired by the Omanhene of Asante Asokore, Prof. Nana S.K.B. Asante.

In a speech read on her behalf by Justice Afia Serwah Asare-Botwe, the Chief Justice, Justice Gertrude Sackey Torkornoo, described the book as a transformative tool for Ghana's legal and corporate landscape.

“The book is more than a scholarly text. It is a practitioner's lifeline, the compass, offering clarity in the face of modern commercial teams. My view is that this book is indispensable for every lawyer, judge and business leader in this room,” she said.

She explained that corporate insolvency and restructuring were fundamental indicators of economic stability and business sustainability.

She added that for a long time, Ghana's corporate legal regime was stuck within legislation dating back to the 1960s, saying its practical application resembled a puzzle with missing pieces, and that businesses and the courts had to keep assembling the Company’s Act which came into being in 2019 by introducing a systemic shift and progressive framework designed to help propel Ghana to a new era of active support for the different directions of commerce.

She said the book sets out to meticulously cover the evolution of company law and public practice from its colonial era roots to the groundbreaking innovations of company law.

“It does not merely regurgitate foreign doctrines or contextualises them with our socio economic fabric.

It answers questions that judges, lawyers and entrepreneurs grapple with daily, as their authors rightly wrote, rightly note, a company is not a mere legal abstraction.

It is a living entity shaped by the society itself,” she added. 

Legacy

The Chairman described the book as a priceless legacy on the legal and corporate landscape in Ghana.

He recommended the book for lawyers, students, aspiring businessmen and investors, ministers of state, shareholders and all public servants.

The President of the Ghana Bar Association (GBA), Efua Ghartey, said the book would extend the frontiers of law, adding, “The GBA welcomes wholeheartedly this literature”.

She encouraged members of the bar to write such books in their respective niche areas to make the bar more competitive.