{"id":55253,"date":"2023-09-27T06:29:32","date_gmt":"2023-09-27T06:29:32","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/?p=55253"},"modified":"2023-09-27T06:10:27","modified_gmt":"2023-09-27T06:10:27","slug":"beneficial-ownership-to-address-transparency-in-extractive-licensing-procedures","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/beneficial-ownership-to-address-transparency-in-extractive-licensing-procedures","title":{"rendered":"Beneficial Ownership to address transparency in extractive licensing procedures"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>The Ghana Extractive Industry Transparency Initiative (GHEITI) says enough progress has been made in tackling the issues of obscure licensing procedures and concealed ownership.<\/b><\/p>\n

Dr Steve Manteaw, the Co-Chair of the GHEITI, at a dissemination workshop, highlighted the significant progress that was made in promoting transparency and accountability within the extractive industry, leading to solving the longstanding concern of opaque licensing procedures.<\/p>\n

The workshop was part of the 2020 Ghana EITI reports on the mining, oil, and gas sectors held at New Abirem in the Birim North district of the Eastern region.<\/p>\n

In 2019, the government, through the Office of Registrar of Companies (ORC), and Parliament passed a new Companies Act (Act 992) that mandated the ORC to establish a central register for the collection of Beneficial Ownership (BO) information.<\/p>\n

Dr Manteaw said the transformative impact of the introduction of BO measures had successfully addressed long standing concerns about obscure procedures.<\/p>\n

This development marks the dawn of a new era characterised by enhanced transparency and accountability in the country\u2019s extractive sector.<\/p>\n

The term \u201cbeneficial owner\u201d pertains to an influential figure who possesses considerable financial stakes or authority within a company.<\/p>\n

Its reporting obligations aim to combat unlawful financial activities such as illicit money transfers, transfer pricing, and under-invoicing within the extractive industry.<\/p>\n

The intervention of Ghana ETTI in advocating for fiscal reforms, especially royalties in the extractive sector, had yielded savings of about $713 million.<\/p>\n

Dr Manteaw expressed his commitment to the transparency initiative, stating that it would persistently strive to deliver timely updates on company payments and government receipts from the mining and oil\/gas sectors.<\/p>\n

The aim is to ensure that this information is easily accessible, inclusive, and presented in a straightforward manner, ultimately reaching a wider population.<\/p>\n

Ghana boasts an impressive array of five essential minerals, each varying in abundance.<\/p>\n

These minerals, namely manganese, bauxite and aluminum, iron ore, silica sand, and lithium, hold immense potential for propelling the nation towards becoming an industrial hub in both Africa and Europe.<\/p>\n

The EITI has emerged as a prominent global benchmark, evaluating the governance practices of economies heavily reliant on natural resources.<\/p>\n

It aims to assess how effectively these countries manage their resource wealth, ensuring transparency and accountability processes.<\/p>\n

Ghana joined the initiative in 2013 and had diligently contributed to the cause by generating a remarkable total of 19 mining reports and nine oil and gas reports.<\/p>\n

Mr. Seth Kwame Acheampong, the Eastern Regional Minister, emphasised the immense significance of the minerals sector in bolstering Ghana\u2019s economy.<\/p>\n

Recognising the extractive industry\u2019s pivotal role, he underlined its crucial contribution to the country\u2019s ambitious industrialization agenda.<\/p>\n

Mr. Kwaku Boa-Amponsem, Consultant to GHEITI, presented the 2020 report on the mining, oil, and gas sectors.<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. The Ghana Extractive Industry Transparency Initiative (GHEITI) says enough progress has been made in tackling the issues of obscure licensing procedures and concealed ownership. Dr Steve Manteaw, the Co-Chair of the GHEITI, at a dissemination workshop, highlighted the significant progress that was made in promoting transparency and accountability within the extractive industry, […]<\/p>\n","protected":false},"author":84,"featured_media":55252,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[5092,5096,429],"class_list":["post-55253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\nBeneficial Ownership to address transparency in extractive licensing procedures - Ghana<\/title>\n<meta name=\"description\" content=\"The Ghana Extractive Industry Transparency Initiative (GHEITI) says enough progress has been made in tackling the iss ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/beneficial-ownership-to-address-transparency-in-extractive-licensing-procedures\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Beneficial Ownership to address transparency in extractive licensing procedures\" \/>\n<meta property=\"og:description\" content=\"The Ghana Extractive Industry Transparency Initiative (GHEITI) says enough progress has been made in tackling the iss ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/beneficial-ownership-to-address-transparency-in-extractive-licensing-procedures\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-27T06:29:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/09\/sm_1695782312.980919.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"864\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/beneficial-ownership-to-address-transparency-in-extractive-licensing-procedures#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/beneficial-ownership-to-address-transparency-in-extractive-licensing-procedures\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Beneficial Ownership to address transparency in extractive licensing procedures\",\"datePublished\":\"2023-09-27T06:29:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/beneficial-ownership-to-address-transparency-in-extractive-licensing-procedures\"},\"wordCount\":470,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/beneficial-ownership-to-address-transparency-in-extractive-licensing-procedures#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2023\/09\/sm_1695782312.980919.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"Economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/beneficial-ownership-to-address-transparency-in-extractive-licensing-procedures#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/beneficial-ownership-to-address-transparency-in-extractive-licensing-procedures\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/beneficial-ownership-to-address-transparency-in-extractive-licensing-procedures\",\"name\":\"Beneficial Ownership to address transparency in extractive licensing procedures - 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