The Registrar-General’s Department has met some key sector players to deliberate on beneficial ownership threshold to fit the various sectors of the economy.
The key stakeholders had met a month earlier to develop a beneficial ownership register to allow all stakeholders access to one single platform which will make business very smooth and easy to access.
According to the Registrar-General’s department, setting thresholds would ensure that certain vital data on beneficial owners are not overlooked.
To assist in achieving this, the department has organized a stakeholder forum comprising Ministries, Departments and Agencies, players from the extractive, real estate sectors, law enforcement agencies, civil society organisations, and the Ghana Bar Association, among others to guide the setting of thresholds as would befit various sectors.
Registrar-General, Jemima Oware believes this will curb concerns pertaining to money laundering, financing of terrorism and corruption both for Ghana and the international community.
“This meeting is to ensure that we do not inundate our register with excessive data on the legal or beneficial owners of companies.”
Chairman of the Ghana Extractive Industries Transparency Initiative (GHEITI) Dr. Steve Manteaw also believes the exercise will stop tax evasion and other corrupt practices among business.