500,000 businesses, 5,000 companies risk delisting – Mrs. Oware

The Office of the Registrar of Companies (ORC) has announced an impending delisting of over 500,000 business names and 5,000 companies from its register by December 31, 2024, due to non-compliance with regulatory requirements.
Registrar of Companies, Mrs. Jemima Mamaa Oware, disclosed that these entities have failed to file their annual returns, despite receiving a one-year extension and multiple reminders.
The delisting exercise is part of the ORC’s efforts to ensure compliance with the Companies Act, 2019 (Act 992), and to improve the integrity of Ghana’s business register.
“For business names, it’s over 500,000, but for companies, it’s a sample of about 5,000,” Mrs. Oware explained during a media interaction.
“Those whose names that are going to go off are those who we sent information to at the beginning of the year. If by the end of this year, you haven’t complied, that means you are not doing business.”
She further warned that delisted businesses would face serious repercussions, including the inability to use their names for 12 years unless reinstated through a court process.

Call for compliance
Mrs. Oware urged businesses and professional organizations at risk of delisting to urgently update their records and file their annual returns to avoid losing their registration.
“Failure to comply will result in restrictions on business operations, including the inability to engage in transactions with the government or private entities,” she emphasized.

Transition to digital services
In addition to the delisting initiative, the ORC is set to roll out fully digital services in April 2025, aiming to streamline business registration and related processes.
Currently, a pilot program is underway, utilizing the existing manual system as a foundation for the upcoming digital transition.
The new system will enable businesses to register, renew, amend records, file annual returns, and make payments online.
It will also provide organizations, including NGOs, churches, legal firms, and audit firms, with a simplified process for obtaining tax identification numbers.
“Our digital platform will integrate with systems from the National Identification Authority (NIA), Ghana Revenue Authority (GRA), Ghana Post, ghana.gov, and the Institute of Chartered Accountants Ghana (ICAG),” Mrs. Oware explained.
“This will reduce human intervention, improve service delivery, and enhance operational turnaround time.”

A modernized future
The ORC’s shift towards digitization aligns with its broader strategy to modernize operations, improve accessibility, and ensure accuracy in business data.
The integration with other key national systems aims to streamline processes and provide easier access to information about registered companies and professional bodies.
Mrs. Oware concluded by reiterating the importance of compliance, noting that these initiatives would foster transparency, accountability, and efficiency in Ghana’s business environment.
Businesses are advised to act promptly to avoid the severe consequences of non-compliance, as the ORC’s efforts mark a significant step toward modernizing Ghana’s corporate landscape.