Dean of the University of Ghana School of Law, Professor Raymond Akongburo Atuguba, has raised concerns regarding the outdated nature of many of Ghana’s laws, particularly within the banking sector. This is according to a report by graphic.com.gh.
During the GCB Platinum Thought Leadership Conference in Accra, Professor Atuguba expressed worry that Ghana’s legal framework hampers adherence to ethical principles due to its lack of alignment with contemporary times.
“Our laws are not in tune with the times; how do you determine ethics with such a legal framework?” Professor Atuguba questioned.
He highlighted that Ghana still upholds approximately 10 English laws in its statutes, which were passed between 1539 and 1863.
Given the significant advancements since the enactment of these laws, he emphasized the urgent need for new legislation to reflect current trends, a step that has not been adequately pursued.
In his presentation titled “Ethics, financial conduct, and the political economy in Ghana and other emerging markets,” Professor Atuguba defined ethics as an extension of the law. He pointed out that this makes it challenging for individuals to comply with ethical principles governing businesses within the current legal framework.
The conference, attended by bankers and subject matter experts from the finance and economics fields, covered various topics within the banking and finance sectors.
Notable attendees included the President of the Council of Foreign Relations Ghana, Ambassador D. K. Osei; former Vice-Chancellor of the University of Ghana, Prof. Ernest Aryeetey; Head of the Economics Department at the University of Ghana, Prof. William Baah-Boateng; and former Country Senior Partner of PwC Ghana, Felix Addo.
Professor Atuguba cited examples such as the Public Procurement Act, 2003 (ACT 663), which he deemed costly to obey, surpassing the benefits it aims to bring. He also highlighted the Supreme Court’s intervention in declaring portions of the Companies Act, 2019 (ACT 992), unconstitutional.