Ghana Takes Step Forward in Fight Against Beneficial Ownership Disclosure Regulations

The Ghanaian government has made a significant move towards implementing beneficial ownership disclosure regulations, a major victory in the fight against money laundering, tax evasion, and corruption. This long-awaited development comes after years of pressure from civil society and international bodies.

A Major Breakthrough in Meeting FATF Standards

According to sources within the government, the amendment to the Companies Act of 1963, passed in August this year, requires companies registered in Ghana to disclose their beneficial owners. This means that individuals who have significant influence over a company but are not listed as its legal owners must now be identified.

The move is seen as a major breakthrough in meeting the Financial Action Task Force (FATF) standard on beneficial ownership transparency. The FATF had previously criticized Ghana for failing to implement effective measures to prevent money laundering and terrorist financing.

Civil Society Organizations Hail the Move

Ghana EITI, a civil society organization that has been pushing for the implementation of beneficial ownership disclosure regulations, hailed the move as a major victory.

“This is a significant step forward in our efforts to promote transparency and accountability in the extractive industry,” said a spokesperson for Ghana EITI.

Implementation Framework Needed

While the move is seen as a major step forward, there are still concerns that more needs to be done to ensure effective implementation. “We need to develop an implementation framework with clear timelines to ensure that beneficial ownership disclosure stays on course,” said a spokesperson for Ghana EITI. “We also need to establish assurance processes for confirming information and publish it in an open data format.”

International Support

The Natural Resource Governance Institute, which has been working with Ghana EITI on the issue of beneficial ownership transparency, welcomed the move.

“This is a major step forward in our efforts to promote transparency and accountability in the extractive industry,” said a spokesperson for the institute.

A Significant Step Forward

As Ghana continues to implement its beneficial ownership disclosure regulations, it is clear that there is still much work to be done. However, with this significant step forward, the country is on the right track towards promoting transparency and accountability in the extractive industry.