CORPORATE GOVERNANCE 41. Many entrepreneurs complain about unnecessary delays in obtaining business registration and trade licences, and overcentralisation of service at the capital. Another problem expressed to the CRM is the difficulty in enforcing compliance due to a lack of supervisors. As expressed in the CSAR as well, the RGD has only seven supervisors to monitor compliance to the Companies Code in the whole of Ghana. It is, therefore, difficult to follow up on companies operating without a licence or those that fail to file annual returns, in particular those out in the regions. 42. When the Mission visited the RGD, it was indicated that these matters are being looked at. Some decentralisation is being effected and rudimentary decentralised offices have already been set up in Takoradi and Tamale. The decentralised offices were, however, not fully operational at the time of the CRM, as the necessary staff were not in place. Decentralisation without comprehensive computerisation may also not be the ultimate solution, in view of some identified shortcomings. For example, verification of the availability of business names still has to be sent to Accra via the state postal service, which is indicated to be unreliable. The CRM was informed that plans are under way to enhance the computerisation of the RGD through the acquisition of more computers and the introduction of non-paper application for the registration system. 43. The CRM was given a copy of a draft document entitled “Business Registration and Filing Reform Strategy” that has just been completed (April 2005). The study was commissioned by the government, who used consultants from Ernst and Young to undertake a review of the registration, filing and licensing of businesses in Ghana. The study has come up with various proposals to address identified shortcomings in the RGD. The strategy recommends reforms in business registration and licensing, financial budgeting, organisational processes, and the ICT areas, among others. Access to finance 44. Participants identify the obstacles faced in accessing finance as being high interest rates, lack of adequate collateral and an insufficient record of creditworthiness. Furthermore, the CRM observed no developments on a collateral registry for moveable assets, credit bureaus, and related issues such as fair reporting laws. 45. With regard to collateral, participants highlighted the problem of land ownership and acquisition due to the complexity of the present land tenure system that requires extensive negotiations with a number of stakeholders. This is further compounded by an 97