Illicit Financial Flows (IFFs) continue to pose a significant threat to global governance, anti-corruption efforts, and economic development. In Africa, these flows deprive countries of critical resources needed for public services such as healthcare, education, and infrastructure. To address this, beneficial ownership transparency (BOT) has become a key policy tool in tackling corruption, money laundering, and tax evasion.
The report “Assessment of Beneficial Ownership Regime in Ghana,” published by Ghana Integrity Initiative (GII – the local Chapter of Transparency International), provides a comprehensive evaluation of the country’s progress in implementing BOT regulations. Ghana has taken significant steps to establish a legal framework that aligns with international standards, particularly through the Companies Act, 2019 (Act 992) and the Anti-Money Laundering Act, 2020 (Act 1044). These laws aim to lift the corporate veil, ensuring that the true owners of businesses are disclosed, reducing opportunities for illicit financial activities.
Despite these strides, challenges remain, including:
- Limited access to beneficial ownership information for the public.
- Inconsistencies in definitions across various legal frameworks.
- Gaps in enforcement mechanisms and sanctions for non-compliance.
To strengthen Ghana’s beneficial ownership framework, recommendations include harmonizing definitions of beneficial ownership, improving accessibility to beneficial ownership registers, and enhancing cooperation between law enforcement agencies. As Ghana advances in its efforts to promote transparency, it sets an example for other African nations striving to curb illicit financial flows (IFFs) and foster accountability.