Ghana's Swift Beneficial Ownership Reforms

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Ghana Makes Swift Progress on Beneficial Ownership Disclosure

Accra, Ghana - A Significant Step Towards Transparency

In a significant step towards curbing illicit financial flows and promoting transparency, Ghana has made swift progress on beneficial ownership disclosure reforms. This was achieved through a locally driven approach supported by the Natural Resource Governance Institute (NRGI).

The Push for Beneficial Ownership Disclosure

The push for beneficial ownership disclosure gained momentum in Ghana after the Panama Papers leak in 2016, which exposed widespread tax evasion and money laundering practices. However, methodical advocacy was needed to ensure action from the government.

A Locally Driven Approach

NRGI played a crucial role in galvanizing efforts towards beneficial ownership disclosure by organizing workshops and forums that brought together key stakeholders, including:

Civil society organizations
Companies
Government representatives

These events helped build consensus on the need for disclosure and paved the way for legislative reforms.

Legislative Reforms

Following a series of workshops organized by NRGI, the government invited civil society organizations to provide input on an official communiqué read by then-President John Mahama at the London Anti-Corruption Summit. In August 2016, parliament amended the Companies Act, paving the way for implementation of a beneficial ownership disclosure regime in Ghana.

Key Reforms

The law now mandates that the registrar-general maintain a beneficial ownership register.
NRGI’s inputs improved the original draft of the provision and widened the scope and definition of beneficial ownership to include politically exposed persons.

A New Era of Transparency

Ghana’s president-elect, Nana Akufo-Addo, has forcefully declared his support for beneficial ownership disclosure, saying it was necessary for lifting the veil from public officials who hide behind cronies to amass wealth through shady public procurements.