Accra, Ghana//-As part of the measures to check illicit activities and malpractices in the extractive industry, Ghana has rolled out an initiative at implementing Beneficial Ownership (BO).
The initiative which was launch in Accra is geared towards bringing to the fore persons who operate business entities without registering with the relevant institutions across the country particularly the extractive industry.
The Deputy Minister of Finance, Dr. John Kumah speaking at the launch of the BO in a speech read on his behalf said for government to enhance its revenue mobilization, pragmatic measures be put in place to fight corruption in every business endeavour.
According to him, the beneficial ownership initiative will support the government, Civil Society Organisations (CSOs, Ministries Departments and Agencies (MDAs) as well as the media to engage and find out real owners of companies and monitor their financial operations for transparency in business dealings and transactions.
Dr Kuma said government in its quest to fight corruption in the extractive industry, parliament has passed a new companies Act, 219 (Act 992) to scale up business operation in the country.
“Companies are also challenged to disclose their beneficial owners at the Registrar-General’s Department”, he said, a move he described as module of reducing and curbing corrupt practices in the extractive space for the socioeconomic development of the country and to enhance investor confidence by making Ghana as the gateway and economic hub to the world.
In a remark, the Head of the Registrar General’s Department, Mrs. Jemima Oware said her outfit has instituted a digital central register which has data on beneficial ownership on all companies as well as online portal where interested clients can access information at any part of the world about the investment potentials in Ghana.
She said such programmes and policies will bring transparency and a conducive business environment to harmonize trade and services locally and internationally.
The Chairperson of the Civil Society Platform on Oil and Gas, Dr. Steve Manteaw urged all stakeholders in the extractive value chain to be committed and collectively work and ensure that the fight against corruption is achieved to enable government add value its developmental projects.
He commended all the players in the extractive space and the sponsors for such an innovative programme as well as the panellists for their immense contributions in addressing corrupt practices in the extractive industry.
By Ben Laryea, African Eye Report
