CORPORATE GOVERNANCE ? capacity is overstretched. Increase the number of inspectors in the Labour Department. 4.3 Assessment of the performance on APRM objectives Objective 1: Promote an enabling environment and effective regulatory framework for economic activities i. Self-assessment Legal and regulatory framework 18. In addition to the adopted international codes and standards noted, the Companies Code (1963), which is based substantially on the UK's Companies Act of 1960, provides for governance of all companies incorporated in Ghana. According to the CSAR, the Code, which was generally heralded as being ahead of its time when it was promulgated in 1963, has seen no major changes since then. Most of the amendments passed have been for increasing minimum capital requirements and fees to take into account the effect of inflation. The only major amendment was the Companies Code (Amendment) Act 474 of 1994, comprising six amendments covering, among other things, subscription by the public to publicly limited companies, regulations of the stock market and the investigative ability of the Registrar-General's Department (RGD). Box 4.1: The business environment in Ghana The business environment in Ghana is hospitable. In August 2003, Ghana received a B+ (stable) credit rating from Standards and Poor's. In addition, over the past few years, the government has initiated specific policies to lay a solid foundation for private sector development. These include the following: § Liberalisation of imports; § Foreign exchange and remittances; § Restructuring of the banking sector to respond more positively to the needs of the productive sector; § Introduction of incentive packages, such as reduced company taxes; § Public investment strategies to rehabilitate physical infrastructure on a large scale; § Facilitation of access to credit; § Establishment of partnerships between Ghanaians and foreign enterprises; § Provision of advisory services to the private sector; and § Promotion of SMEs. 89