Ghana Takes a Leap Forward on Beneficial Ownership Disclosure

A Major Breakthrough in Combating Illicit Financial Flows, Money Laundering, and Corruption

The Government of Ghana has made significant progress in its efforts to combat illicit financial flows, money laundering, and corruption through the establishment of a beneficial ownership disclosure regime. This breakthrough is a testament to the power of civil society advocacy and collaboration between international organizations and local stakeholders.

A Key Performance Target Achieved

Following intense advocacy by civil society groups supported by international organizations such as NRGI (Natural Resource Governance Institute), the government finally met one of its key performance targets set by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).

The Amended Companies Act: A Major Breakthrough

A major breakthrough came in August 2016 when Parliament amended the Companies Act to include provisions for beneficial ownership disclosure. The law now requires the Registrar-General to maintain a register of beneficial owners, which is expected to be developed by next year.

NRGI’s Crucial Role in Shaping Beneficial Ownership Reforms

According to NRGI, its advocacy and technical support played a crucial role in shaping the beneficial ownership reforms in Ghana. The organization worked closely with civil society groups to galvanize support for legislative reforms and ensured that their concerns were taken into account during the amendment process.

Impact on Transparency in Public Procurement and Contract Allocation

The amended Companies Act has not only impacted the extractive industry but also increased transparency in public procurement and contract allocation. President-elect Nana Akufo-Addo has expressed his strong support for beneficial ownership disclosure, stating that it will help to lift the veil from public officials who hide behind cronies to amass wealth through shady public procurements.

Ensuring Reforms Stay on Course

However, local partners supported by NRGI continue their important work in ensuring that reforms stay on course. They are advocating for an implementation framework with clear timelines to ensure that beneficial ownership disclosures are made a reality.

A Strong Signal for Transparency and Accountability

The progress made so far is a testament to the power of civil society advocacy and collaboration between international organizations such as NRGI and local stakeholders. Ghana’s commitment to beneficial ownership disclosure sends a strong signal to other countries in West Africa and beyond about the importance of transparency and accountability in governance.