The Ghanaian press on Monday focuses on the passing of the new company act, which is aimed at reducing corruption in company ownership in the country.
The Daily Graphic says the Managing Director of Tropical Cable and Conductor Limited, Dr. Tony Oteng Gyasi, has expressed confidence that the new companies act would help in eliminating ‘shady ownership’ deals in the country.
The Companies Act 2019 seeks to mandate all owners of companies to publicly own up or risk losing their rights and businesses to their nominee companies/shareholders.
“This should eliminate shadiness associated with ownership of businesses, which is a fertile ground for corruption in the country,” he told the newspaper.
The newspaper adds that unlike the Companies Code, 1963 (Act 179), which allowed beneficiary owners to remain anonymous, the new law makes it compulsory for the public disclosure of such people.
Dr. Oteng Gyasi, who is a former President of the Ghana Association of Industry (AGI), said the law would actually help reduce fronting and many shady deals that had characterised some ownership transactions in the past.
DAP/GIK/APA