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Beneficial Ownership Disclosure in Ghana: A Path Forward for Transparency

A scoping report published recently has shed light on the current state of beneficial ownership (BO) reforms in Ghana, highlighting key gaps and areas where improvements are needed. The report aims to inform local stakeholders, development partners, and Open Ownership, a technical partner in the Opening Extractives programme, on how to advance BO reforms in the country.

Progress Made in Beneficial Ownership Reforms

Ghana has made progress in implementing beneficial ownership transparency measures. However, there remain specific challenges that hinder the effective implementation of these reforms. The scoping report identifies these gaps and provides context-specific recommendations for Ghana to strengthen its BO reforms.

Key Gaps and Challenges

• Incomplete Beneficial Ownership Data: Despite efforts to improve data quality, there are still significant gaps in beneficial ownership information.
• Lack of Awareness and Education: Many stakeholders lack awareness about the importance of beneficial ownership transparency and how it can be achieved.
• Limited Capacity: Insufficient resources and capacity hinder the effective implementation of beneficial ownership reforms.

Recommendations for Ghana

To address these gaps, the report provides context-specific recommendations for Ghana to strengthen its BO reforms:

• Enhance Data Collection and Verification: Improve data collection and verification processes to ensure accurate and comprehensive beneficial ownership information.
• Increase Awareness and Education: Educate stakeholders on the importance of beneficial ownership transparency and provide training on how to implement reforms.
• Build Capacity: Invest in capacity building for relevant institutions and organizations to enhance their ability to effectively implement beneficial ownership reforms.

Importance of Beneficial Ownership Disclosure

Beneficial ownership disclosure has been recognized as essential in promoting transparency and accountability in business operations, particularly in high-risk sectors such as extractives. By implementing effective BO reforms, Ghana can reduce the risks associated with illicit financial flows and promote a more stable and transparent business environment.

Conclusion

The scoping report serves as a valuable resource for local stakeholders, development partners, and Open Ownership to understand the priority areas where technical guidance is most needed. It provides a clear picture of Ghana’s beneficial ownership transparency journey and offers recommendations on how to advance BO reforms in the country. By building on these findings, Ghana can continue to strengthen its BO reforms and promote a more transparent business environment.