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

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. ​​​​

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Africa’s richest man Aliko Dangote seeks to raise an additional $1.1 billion to complete his refinery project by 2023

Africa’s richest man Aliko Dangote seeks to raise an additional $1.1 billion to complete his refinery project by 2023

8 African countries where Rihanna plans to launch her luxury Fenty Beauty products

8 African countries where Rihanna plans to launch her luxury Fenty Beauty products

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Referee behind chaos at AFCON was rushed to hospital after match

Referee behind chaos at AFCON was rushed to hospital after match

5 African countries with the cheapest gas prices in 2022

5 African countries with the cheapest gas prices in 2022

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job

Eddie Butita speaks on his fallout with Miss Mandi, offers her a job

Haiwezi, my wife is prettier - Omanyala turns down Huddah’s advances

Haiwezi, my wife is prettier - Omanyala turns down Huddah’s advances