Ghana Becomes First African Country to Legislate Beneficial Ownership Disclosure

A Major Milestone in the Fight Against Corruption

In July 2016, Ghana made history by becoming the first African country to pass a law on beneficial ownership disclosure. The Ghana Integrity Initiative (GII), the local chapter of Transparency International, hailed this milestone as a significant step towards creating a more transparent and accountable business environment.

The Importance of Beneficial Ownership Disclosure

According to GII, beneficial ownership disclosure is essential for preventing corruption, money laundering, and tax evasion. By making it mandatory for companies to disclose their true owners, the risk of illicit financial flows can be reduced and good governance promoted.

Key Benefits of Beneficial Ownership Disclosure:

• Prevents corruption
• Reduces money laundering and tax evasion
• Promotes transparency and accountability

The Road to Passage

The passage of the law was made possible through the efforts of civil society organizations, including GII, which has been advocating for beneficial ownership disclosure in Ghana since 2014. The organization worked closely with government officials and other stakeholders to push for the legislation, which was ultimately passed after a series of consultations and debates.

Key Players:

• Ghana Integrity Initiative (GII)
• Government of Ghana
• Civil society organizations

Implementation and Monitoring

While the passage of the law is a major achievement, there is still much work to be done to ensure its effective implementation. GII will continue to monitor progress and provide support to government agencies and other stakeholders to ensure that it is enforced in a way that promotes transparency and accountability.

Next Steps:

• Monitoring progress
• Providing support to government agencies
• Ensuring enforcement promotes transparency and accountability

Conclusion

Ghana’s passage of the beneficial ownership disclosure law marks a significant step towards creating a more transparent and accountable business environment. The Ghana Integrity Initiative will continue to play a key role in promoting good governance and preventing corruption in Ghana.

About the Ghana Integrity Initiative:

The Ghana Integrity Initiative was established in 1999 as the local chapter of Transparency International, a global anti-corruption organization based in Berlin, Germany. GII has been at the forefront of efforts to promote good governance and prevent corruption in Ghana, with a focus on themes such as women’s rights, tax justice, and electoral reform.

Other Anti-Corruption Interventions:

In addition to its work on beneficial ownership disclosure, GII has initiated several other anti-corruption interventions, including programs aimed at reducing the incidence of abuse of incumbency and electoral corruption. The organization has also been working to strengthen democratic institutions in Ghana and promote accountable governance.