Renewed Focus on Corporate Governance in Ghana
In recent times, a number of efforts to clean up Ghana’s banking industry have impacted the approach to corporate governance within organizations, and have emphasized the importance of a well-structured and effective governance regime for businesses. In this installment of our blog series, we discuss the improved legislative and policy framework for corporate governance in Ghana. The Companies Act 2019 The Companies Act 2019 (Act 992) has enhanced the ease of doing business in Ghana and promoted a transparent and competitive business environment. In furtherance of the Act, the Registrar-General’s Department has introduced a new electronic system for business registration and filing amendments. The new electronic system, which includes revised online forms, generally allows a company to be registered without stating its objects, except for businesses operating within specific industries. Companies are additionally required to provide information on Politically Exposed Persons who could be beneficial owners or members of the company. A major highlight of the reform is the introduction of the Central Beneficial Ownership Register for all companies in Ghana, especially for those in high-risk sectors such as the extractive sector. Disclosure of such information reduces the risk of corruption, money laundering and terrorism financing. The law mandates the rotation of...