Legal Market Overview
Ghana’s banking industry has undergone a challenging period in recent years, weathering an economic downturn and a rising tide of non-performing loans. This has led to a significant review of the banking sector in Ghana which has triggered an overhaul of the banking industry. This in turn has generated a lot of work for some law firms.
Allied with that the Companies Act 2019 came into force. The new Act seeks to introduce improved corporate governance standards for companies operating in Ghana. Another major reform has been the Land Bill 2019 which should revise and consolidate the laws on land administration in the country. It is set to introduce electronic conveyancing which will speed up conveyancing.
However, some firms report that there is a ‘wait and see’ approach in Ghana at the moment. Investors are holding off on investments to see what will happen in the aftermath of the general election. The election is due to be held in Ghana at the end of 2020.
The government remains committed to investing in roads and wants to expand and improve the country’s transport links. The mining sector remains buoyant too. Some firms are increasingly developing considerable expertise in the renewable energy sector; it is anticipated that there could be an increased focus on the capital markets as a source of funding for major projects in the country.
There continue to be plenty of opportunities for investment in Ghana once a period of uncertainty subsides.