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Business News Fri, 17 May 2019

Beneficial ownership register to be ready in 6 months - Registrar-General

The Registrar-General is still in the process of developing a beneficial ownership register which they say will be completed in the next six months.

The register, when completed by the end of the year, will allow all stakeholders access to one single platform which will make business very smooth and easy to access.

Speaking to Citi Business News, Registrar-General Jemima Oware said the register will be in place and in motion by the end of the year.

“For now, we want to make sure that we are ready and this should take about six months to develop and upgrade our software. It is a collaboration between us, ministries, departments and agencies who normally collect data of companies in that regard. I’m talking of the extractive industry, for instance, the mining and oil and gas industry,” she explained.

She added that: “We need that kind of data from them all so I have brought them in so that as we are developing this software, they will bring in their concerns, they will bring in the fields that they need to develop to ensure that we give them the data we also need.”

Meanwhile, Mrs. Oware revealed that Ghana risks being blacklisted on the African front if it fails to develop the register by the end of the year.

“Ghana has signed on to have a beneficial ownership register. Right now we are in the grey list and if we don’t have this register in place by the end of this year, we could be blacklisted,” she bemoaned.

Source: citibusinessnews.com