Ghana’s Registrar General, Jemima Oware says business owners must declare beneficial owners before incorporation

February 27, 2020 1:44 PM

The Registrar General’s Department (RGD) has disclosed that business owners will now be expected to declare beneficiaries of a company’s success before they will be incorporated.

Registrar General of Ghana, Mrs Jemima Oware

The Registrar General, Jemima Oware, said this is per the new Companies Act, 2019 (Act 992).

She explained that the new law will not allow for individuals, especially politicians from using others as directors or shareholders of a company they own or have majority shares in.

She said this will ensure there is transparency in business ownership in the country and prevent corruption, money laundering, and terrorism funding.

Mrs Oware said the law will prevent the instances where the government awards multiple contracts to politicians because they get individuals to front for them as directors and shareholders of two or more companies directly owned by them.

According to the Companies Act (2019), a beneficial owner is a person(s) who directly or ultimately owns or exercises substantial control over a person or company and has a substantial economic interest in or receives substantial economic benefits from a company.