The Dean of the University of Ghana School of Law, Professor Raymond Akongburo Atuguba, has raised concerns about the outdated laws in Ghana, particularly in the banking sector, making it difficult for people to adhere to ethical principles.
Speaking at the GCB Platinum Thought Leadership Conference in Accra, Prof. Atuguba highlighted that many of the laws in the country date back to as far as 1539 and have not been updated to align with current trends. He emphasized that these outdated laws make it challenging for individuals to abide by ethical principles in their business conduct.
He pointed out the Public Procurement Act, 2003 (ACT 663) as an example of a law that is expensive to obey, with the cost of compliance surpassing the intended benefits. Additionally, the former Senior Country Partner of PwC Ghana, Felix Addo, and banking professional Albert Kobina Essien, also emphasized the challenges related to procurement and the use of credits in the banking sector, which have contributed to the financial sector clean-up.
The conference, which brought together bankers and finance experts, focused on discussions and presentations on various topics in the banking and finance sectors. The event was attended by notable personalities including the President of the Council of Foreign Relations Ghana, Ambassador D. K. Osei, and former Vice-Chancellor of the University of Ghana, Prof. Ernest Aryeetey.
Prof. Atuguba’s presentation shed light on the need for an overhaul of Ghana’s legal framework to ensure that it is in tune with the contemporary business landscape. He emphasized that as ethical principles are an extension of the law, it is crucial for the legal framework to be updated to facilitate ethical business conduct. Ultimately, the discussion at the conference highlighted the pressing need for legal reforms in Ghana’s banking and corporate sectors to align with current trends and practices.
