The Acting Registrar of Companies, Maame Samma Peprah, has issued a firm warning to corporate entities across the country to comply with the Beneficial Ownership (BO) disclosure requirements under the Companies Act, 2019 (Act 992), or face serious consequences.
Speaking during a working visit to the Ashanti Region, Mrs. Peprah told Ghone News correspondent Isaac Justice Bediako that companies have until September 2025 to fully declare their ultimate beneficial owners.
Failure to comply, she cautioned, could result in daily fines of GH¢300 per director, equivalent to 25 penalty units per day, until the breach is rectified.
“This is not optional,” she stated firmly. “All companies must declare their beneficial owners or face penalties. Only about 26% have complied so far, and that is unacceptable.”
READ: GUTA Leadership Mounts Spirited Defence for Pricing of Its Members
She emphasized that the move is part of Ghana’s effort to align with international anti-money laundering and anti-corruption standards, adding that full disclosure helps prevent financial crimes such as tax evasion, fraud, and illicit enrichment.
The Registrar further disclosed that stricter insolvency oversight is also being rolled out. She attributed several recent corporate collapses to poor management and stressed that public awareness about companies under administration or insolvency is critical to protecting jobs and investments.
To support compliance and reduce public misinformation, the Office of the Registrar of Companies (ORC) has launched a nationwide education campaign.
The initiative aims to explain registration requirements for company directors and beneficial owners, and to highlight penalties for false declarations or failure to register offenses which can attract fines up to GH¢2,400 or two years imprisonment.
READ: Dr. Apaak Donates Mathematical Sets to BECE Candidates in Builsa South District
“Entities that do not comply by September 2025 will be blacklisted,” she warned. “Such companies will be unable to access government contracts, banking services, or other formal business benefits.”
Mrs. Peprah urged businesses, particularly in the Ashanti Region, to act swiftly and responsibly to meet these legal obligations.
She also called on corporate Ghana to improve governance standards and rebuild public trust in private and state institutions.
Source: Ghana/Starrfm.com.gh/ Isaac Justice Bediako
