Vice President Dr. Mahamudu Bawumia said the move also formed part of the measures to curb the growing corruption menace. Companies that failed to provide information on beneficial ownership were to face prescribed sanctions if caught. Unmasking the true owners of resources becomes critical particularly for developing countries like Ghana that are at risk of such negative practices. Companies which failed to provide information on beneficial ownership would face prescribed sanctions. The term is often used to contrast with the nominee company owners, who might be registered as legal owners of the asset without any benefits.

Source: GhanaWeb February 04, 2020 15:00 UTC