Ghana amends company law, to establish register for beneficial ownership

Ghana has amended the 1962 law on registeration of companies in July 2016 – the Companies Act 1962, and the amended law includes a clause on beneficial ownership.

This comes after the leadership of the country have come under some pressure, and following news of the leak of the Panama Papers and the ripples and the global call by anti-corruption and tax advocates for countries to act on beneficial ownership.

Ghana had also made a 12-point commitment at the London Anti-corruption summit, among others to act on a beneficial ownership regime.

The amended law also requires the country to establish a central register on beneficial ownership.

The Memorandum introducing the Companies (Amendment) Bill, 2016 says the object of the Bill is to provide for the inclusion of the names of and particulars of beneficial owners of companies in the register of members, to establish a Central Register and to provide for related matters.

Before now, none of the country’s laws catered for beneficial ownership, making it easier for individuals and groups to hide behind others and do business.

The Memorandum acknowledged further the emerging global consensus that central registers of companies are the most effective way of indicating information on the beneficial owners of a company; adding that, the information obtained from these registers are the most effective way of tackling corruption.

By Emmanuel K. Dogbevi
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