This decision aims to discourage companies from defaulting on their annual return submissions, as required by the Companies Act, 2019 (Act 992).

The Registrar’s Office has taken this step after multiple publications of defaulting companies in the media and on its official website.

The penalty increase is per Section 126 of the Companies Act, which mandates every company to file its Annual Returns at least once a year or thirteen months after incorporation.

The directive applies to both private and public companies, including schools, churches, associations, NGOs, CSOs, and foundations.

The ORC, in a statement dated  Monday, April 29, 2024, emphasised that filing of Annual Returns is compulsory for all incorporated companies in Ghana, regardless of their operational status.

From May 1, 2024, the penalty for defaulting companies will be updated to GHC350 more for every month the default continues, in line with Section 126(7) of the Act.

The Registrar’s Office has also provided guidelines for companies with financial years commencing at different times, specifying when their Annual Returns should be filed.