BRIEF REMARKS FOR THE HONOURABLE LADY CHIEF JUSTICE GERTRUDE ESSABA SACKEY TORKORNOO (MRS.) AT THE 12TH AGI INDUSTRY AWARDS 12TH DECEMBER, 2023
Source: judicial_service_of_ghana

BRIEF REMARKS FOR THE HONOURABLE LADY CHIEF JUSTICE GERTRUDE ESSABA SACKEY TORKORNOO (MRS.) AT THE 12 TH AGI INDUSTRY AWARDS 12 TH DECEMBER, 2023 Theme : Promoting local production in an ever changing business climate. Topic : The importance of legislation in protecting business and investments in our industrialization drive . ________________________________________________________________ Honourable Minister of Trade and Industry, Mr. K. T. Hammond Dr. Humphrey Ayim-Darke AGI President, Captains of Industry gathered here today, Members of the Diplomatic Corps, AGI National Council members, Invited Guests, Ladies and Gentlemen I bring you greetings from the Judiciary of Ghana. I feel greatly honoured to be invited as a Guest of Honour tonight. My task this evening is to give brief remarks on how important legislation is in protecting businesses and investments in our drive towards industrialisation. Trying to craft a concise speech on such a broad subject is always a difficult task. I shall however take a cue from an attribution to Franklin Roosevelt on advising his son James. Be sincere, be brief, be seated. So I’ll be sincere and endeavour to be brief. Legislation plays an essential role in safeguarding businesses and nurturing investment to make Ghana an attractive investment destination. In a democracy such as ours, it is statute that guides conduct. A few of the statutes that regulate investments and businesses that I’d like to refer to this evening are the Ghana Investment Promotion Centre Act, 2013 Act 865, the Companies Act 2019 (Act 992), the Banks and Specialised Deposit Taking Institutions Act 2016 (Act 930), the Lands Act 2020 (Act 1036), the Corporate Insolvency and Restructuring Act 2020 (Act 1015), the Securities Industry Act 2016 (Act 929). The Ghana Investment Promotion Centre Act, Act 865 is a key piece of legislation introduced to create a favourable environment for investments in the country. Section 3 of the Act makes the objective clear that GIPC is to create an enhanced, transparent and responsive environment for investment and the development of the Ghanaian economy; and to encourage, promote and facilitate investment in the country. And indeed, the Act serves the purpose well in directing the structures for foreign investment in our local economy. The Companies Act, 2019 Act 992 is also another piece of legislation which has given new breath to corporate governance after the long reign of the Companies Act of 1962, Act 179. The main ethos underlying Act 992 is the easing of the environment for corporate governance especially in the arena of appropriate standards of conduct by directors, shareholders and officers of a company. The fairly recent passage of the new Lands Act, 2020 Act 1036 is a third key legislation that I’d like to draw attention to. It aims at addressing the grave challenges posed by our land tenure systems and land administration to industrialisation and business stability. The Land Act is an interesting development for a number of reasons. First, the many previous legislations on land have now been consolidated into one law. Alternative Dispute Resolution has also been introduced as a dispute management mechanism within the law as an incentive for decongesting the courts and resolving land disputes expeditiously and with finality. Most novel in this Act is the provision on electronic conveyancing introduced with the aim of expediting the process of conveyancing. All these reforms in the law are expected to make the recording and registration of land transactions much more efficient and provide a transparency of processes for resolving land related disputes, thereby enhancing investor confidence in the country. What cannot however be forgotten is that land ownership is driven by customary land, and with multiplicities of ethnicities and customary practices in Ghana, there is an urgent need for the whole society to tackle the bottle necks introduced into land administration by lack of records in our customary lines of royalty, family, clan and stool leadership, and land borders. It cannot be over emphasised that Ghana’s industrialisation drive will only thrive in an environment of integrity, accountability and ethical conduct. I therefore use this opportunity to further seek partnership from the business communities on interventions to address the inordinate weight of land litigation on the ease of doing business in Ghana. As Ghana drives herself towards an era of economic resuscitation, growth and development, the significance of a strong legal regime must be acknowledged. Any legal regime for regulating conduct and ecosystems is strengthened by clear principles that make the work of the persons involved in dispute resolution simpler. According to the World Bank 2020 report on the ease of doing business in Ghana, some of the challenges of doing business in Ghana include long periods of settling trade and commercial disputes laws. Efforts to ease these seemingly intractable challenges have been going on for a long time. In 2007, the Commercial Courts were set up to exclusively adjudicate actions of a commercial nature at the high court level. Unique to the structure of the Commercial Courts was the introduction of the pre-trial settlement conference to assist with speedy settlement of commercial disputes, and to bring finality through the “no appeal” character of ADR. Accessibility to ADR for all commercial disputes has been further expanded from Commercial Courts to all Commercial Disputes regulated by CI 47 through the enactment of CI 133. Further, the passage of CI 87 amended the High Court Civil Procedure Rules, 2004 CI 47 to introduce the witness statement regime truncate long periods of evidence taking. CI 87 also made room for hearings to be conducted electronically via video link. These modes of trial greatly enhanced the efficiency of dispute resolution. Hearings conducted electronically means that a party who finds themselves outside the jurisdiction can now participate in a trial virtually. This kind of accessibility makes it easier for parties to save costs and time, as parties do not need to travel all the way to Ghana for the sole purpose of participating in a trial. Currently, the structures set up under CI 87 and CI 133 for hearings are being used at the second and third tiers of trial courts, namely circuit and high courts, which are regulated by the High Court Civil Procedure Rules CI 47. Unfortunately, the Judiciary does not have enough facilities to make the option of virtual hearings available in all the 430 courts around the country. I humbly throw the invitation to the entire business sector of the nation to partner with the courts in our digitalization drive. Businesses and Chambers of commerce and industry can adopt regions, districts and different levels of court for the provision of line items such as e-auction platforms, e-signature for easily delivery of court proceedings and orders and virtual hearing facilities. These are national needs that will enhance the national business environment and collaboration for their provision should therefore be natural to all of us. Concluding, it is easy to reiterate that legislation serves as the foundation on which a flourishing business environment is built. Rules provide the necessary structure and guidelines that ensure fair competition, protect intellectual property and promote an atmosphere that encourages new thinking and new ways of doing things. In our present economic circumstances, legal safeguards assume greater importance than before. Investors, both international and local are mindful of protecting their investments and they seek an environment of certainty for this purpose. In jurisdictions where legislation is comprehensive and honoured, statute law facilitates the smooth operation of businesses by clarifying rights and responsibilities. Through this investors can remain confident concerning the safety of their investments. The Business Community could play a crucial role in strengthening the role of legislation by honouring the edicts of legislation in corporate governance and business practices and this is another strong appeal that I make to you. I thank you all for your attention and may God bless our Homeland Ghana. 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