The Tema branch of the Ghana National Chamber of Commerce and Industry (GNCCI) has held its third business meeting of the year which focused on legal education on contracts and negotiations.
According to the leadership of the Chamber, during its engagement with the business community, it noted an emerging increase in contract conflicts among business executives, hence, the need to educate members of the Chamber on key areas to look out for when writing or signing any business contract or agreement.
The Chairman of the Tema Branch of the GNCCI, Isaac Barry emphasized on the need for business executives to know their fundamental legal obligations and understand the implications of some clauses within contracts.
“We have to know our obligations and we have to create contracts that can carry the businesses through so that it becomes a win-win situation,” he expressed.
The Director of Port of Tema, who is also an expert on Maritime Law, Sandra Opoku, and acting as a Guest Speaker for the meeting, emphasized the need for legal education in order to get rid of the assumptions that commonly mislead business persons.
She advised importers of goods to make use of professionals at the recognizable custom house associations to help them make the right legal decisions in their international business arrangements.
“Majority of the clearing agents understand the documentations that go into such maritime transactions. So even before you decide to import, you can go to GIFF headquarters and let somebody there be nominated for you to take you through the documentation before you sign anything with the trader in Far East or Europe,” she guided.
Tuinese Edward Amuzu, an International Law Expert and lecturer at the Ghana Institute of Management and Public Administration, said the incidence of the COVID-19 pandemic has brought untold hardships to businesses, so it is pivotal for businesses to be able to investigate if the pandemic frustrated business contracts and the actions to take as a result.
He said it is fortunate that the contract act of Ghana, spells out the dynamics that guide frustrated contracts, hence, it is important for business people to familiarize themselves with such provisions in the law.
