Ghana has for the past five years intensified its efforts at developing safeguards against illicit financial flows, money laundering, corruption, financing of terrorism and organised crime, under the direction and support of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).
Until last year, none of the country’s laws provided for disclosure of beneficial ownership, making it easier for companies to hide the identities of their owners if necessary.
Following the release of the Panama Papers and the global efforts to address issues related to anti-corruption and tax evasion, the government came under pressure to act on beneficial ownership until a law was passed.
As part of commitment to sensitise the public on the new law, the Ministry of finance and Ghana Extractive Industry and Transparency Initiative in collaboration with the Ghana Oil and Gas for inclusive growth has held a two day workshop to promote a public dialogue on the process and implementation of the Beneficial Ownership Disclosure.
The two day workshop, currently underway in Cape Coast will engage participants in discussions on Ghana Beneficiary owner disclosure and build their capacity to understand the concept.
The Co-Chair of Ghana Extractive Industry and Transparency Initiative, Dr. Steve Manteaw speaking to Ultimate News’ Central regional Correspondent Kwaku Baah-Acheamfour indicated that, all politically exposed persons in the country under the new law will be mandated to declare their interest in businesses to avoid tax evasion and money laundering among other financial dishonesty.
On his part, a member of the Ghana Oil and Gas Inclusive Growth, Samuel Bekoe said the law will help reduce corruption, ensure accountability hence promoting growth and development.