The Office of the Registrar of Companies (ORC) is urging businesses to familiarise themselves with the country’s current corporate governance requirements, warning that failure to comply could expose firms and their owners to legal and financial risks.
According to the ORC, the current Companies Act places greater emphasis on accountability, governance structures and compliance obligations, particularly for limited liability companies.
Speaking on the on-air series of the 2026 Citi Business Festival with Nii Larte Lartey, Assistant Chief Company Inspector at the Office of the Registrar of Companies, Frank Opoku- Darko, said many entrepreneurs focus on registering their businesses without fully understanding the governance requirements that come with various business structures.
“The new act is very strong on good corporate governance,” he stated. Mr. Darko explained that businesses registering as limited liability companies are required to establish governance structures including boards of directors, shareholders and company secretaries responsible for ensuring compliance with statutory obligations.
“If you want to register a limited liability company, for instance, you need a board in place. The board, they have responsibilities. You need shareholders. You need a company secretary who will ensure compliance,” he said.
He added that: “If a beginner comes to you and wants to register a business, obviously it’s not a limited liability company that you would suggest to such a person.”
The ORC maintains that adherence to these requirements is critical to strengthening transparency, accountability and long-term sustainability within Ghana’s business environment.
The office further cautioned entrepreneurs to carefully assess the legal implications of the business structures they choose, noting that partnerships, unlike limited liability companies, do not protect owners from personal liability.
“In partnership, the liabilities are not limited, if you have any debts and what you have in the coffers is not enough to offset the debt, we can come for the individual properties of the partners. So, we can come for your car, your property, your buildings and all that,” he stressed.
He added that many entrepreneurs begin as sole proprietorships and later transition into limited liability companies as their businesses expand and their governance needs become more sophisticated.
The 2026 Citi Business Festival is powered by 97.3 Citi FM as well as Channel One Television in partnership with ABSA Bank and sponsored by MTN, Zonda Tec Ghana Limited as well as Petra Trust.
