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Beneficial Ownership Disclosure Takes Centre Stage in Ghana

Accra, Ghana - In a major boost for transparency and accountability, the Government of Ghana has finally taken steps to implement a beneficial ownership disclosure regime. The move follows years of pressure from civil society groups and international partners.

What is Beneficial Ownership?

Beneficial ownership refers to the individuals who ultimately own or control companies, even if they are not listed as shareholders on public records. This can include family members, associates, and other entities that hold sway over a company’s operations. Keeping beneficial owners hidden has long been seen as a way for corrupt individuals to launder money, evade taxes, and engage in other illicit activities.

The Need for Transparency

The Ghana Extractive Industry Transparency Initiative (GHEITI) has been at the forefront of pushing for beneficial ownership disclosure in Ghana. According to GHEITI, the Companies’ Act of 1963 was amended in August 2016 to require companies to disclose their beneficial owners to the Registrar-General’s office.

“This is a significant step forward for transparency and accountability in Ghana,” said a GHEITI spokesperson. “We believe that this move will help to prevent illicit financial flows, combat corruption, and promote good governance in the extractive sector.”

Implementing the Beneficial Ownership Disclosure Regime

The implementation of the beneficial ownership disclosure regime is seen as a key milestone in Ghana’s efforts to meet its commitments under the Extractive Industries Transparency Initiative (EITI). The EITI requires countries to disclose information on payments made by oil, gas, and mining companies to governments.

However, experts say that there is still much work to be done. “While the amendment of the Companies Act is a positive step, it is just one part of a broader effort to ensure transparency and accountability in Ghana’s extractive sector,” said a natural resource governance expert. “Ghana must now develop an implementation framework with clear timelines, establish assurance processes for confirming information, publish data in an open format, and commit to improving extractive sector governance.”

Supporting the Implementation of Beneficial Ownership Disclosure

The Natural Resource Governance Institute, an independent non-profit organization, is working closely with GHEITI and other stakeholders to support the implementation of the beneficial ownership disclosure regime. The institute provides technical assistance, capacity development, and advocacy support to help countries like Ghana realize the benefits of their natural resources.

As Ghana moves forward with implementing its beneficial ownership disclosure regime, it is clear that there are many challenges ahead. However, with strong commitment from government, civil society, and international partners, the country can build a more transparent, accountable, and sustainable extractive sector that benefits all citizens.