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Bribery by foreign companies threatening poverty reduction efforts – World Bank

If unchecked, corruption poses a threat to reducing poverty and supporting shared prosperity, the World Bank has said in a paper titled ‘Working in partnership is key to fighting corruption’ released on Wednesday, September 23, 2020.

The Bretton Woods institution said corruption has long been recognized as a major impediment to development.

From massive theft of state assets to the low-level corruption that erodes productivity and weakens service delivery, corruption steals from the poor and erodes progress, it said.

“Corruption takes many forms. It is the foreign company that pays kickbacks or bribes to get preferential treatment, leaving poor countries with devalued goods or services.

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Registrar-General deploys Central Beneficial Ownership Register

The Register-General will be deploying a new Central Beneficial Ownership Register for all companies operating in the country.

According to Jemima Oware, this will end the lack of information about the ownership of businesses incorporated in the country which she described as creating a “dangerous and widening gap” in the country’s fight against corruption, money laundering, terrorism financing and other forms of financial crimes.

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A summary of the issues against the AGYAPA royalties deal

Yesterday, fifteen (15) individual civil society organisations and groups which were organized under the broad fraternity of “Alliance of CSOs Working on Extractives, Anti-corruption, and Good Governance” took the Agyapa debate a notch higher when they called for a suspension of the implementation of the MIIF.

The sum of their demand is that they want all the documents relating to the establishment of the Agyapa Royalties Limited, and its beneficial owners to be “disclosed” before government continues with the implementation of the deal.

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RTI law does not fully support fighting illicit financial flows – Dr Stephen Manteaw

Co-chair of the Ghana Extractive Industry Transparency Initiative, Dr Stephen Manteaw has said that Ghana’s Right to Information (RTI) Law in its current form does not fully support efforts to counter illicit financial flows.

He said the Law would have to be used together with other transparency legislations such as Beneficial Ownership, Open Contracting and the Petroleum Register to achieve its purpose.

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