Professor Raymond Akongburo Atuguba, the Dean of the University of Ghana School of Law, has voiced concerns over the outdated nature of many of Ghana’s laws, graphic.com.gh reports.
According to him, this hampers adherence to ethical principles, particularly within the banking sector.
“Our laws are not in tune with times; how do you determine ethics with such a legal framework?” Professor Atuguba questioned.
Speaking at the GCB Platinum Thought Leadership Conference in Accra, Professor Atuguba said that the country still maintains approximately 10 English laws in its statutes, passed between 1539 and 1863.
He emphasized that significant developments have occurred since the enactment of these laws, necessitating the introduction of new legislation to align with current trends, a step that has not been adequately pursued.
During his presentation on “Ethics, Financial Conduct, and the Political Economy in Ghana and Other Emerging Markets,” Professor Atuguba defined ethics as an extension of the law, thus making it challenging for individuals to comply with ethical principles that govern businesses within the current legal framework.
The conference, which brought together bankers and subject matter experts from the fields of finance and economics, featured discussions and presentations on various topics within the banking and finance sectors.
Among the attendees were notable figures such as 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 the Public Procurement Act, 2003 (ACT 663), as a costly law to obey.
He remarked, “The cost of obeying the Act surpasses the benefits the law is supposed to bring.”
He also noted that it took the Supreme Court to declare portions of the Companies Act 2019 (ACT 992) unconstitutional.