Civil Society Organisations (CSO) in the Extractive Sector are making a case for the legal establishment of a register of all contracts signed in the extractive sector.

They want this register to capture all the contracts signed, as well as the beneficial owners of the companies in the sector.

This according to the movement is crucial in ensuring that the country derives the maximum benefits from its natural resources.

Speaking on THE BUSINESS AGENDA, spokesperson for the movement Dr. Mohammed Amin Adam expressed worry about the phenomenon where people front for the real owners of companies in the sector through shadow companies. 

“We want the president to lead this initiative by publishing all the legal and beneficial owners of those companies. He has been presented with a fine legal opportunity to execute this because at moment we have 3 bills which provide that legal opportunity for the president to do that; the Extractive Industry Transparency Initiative – EITI Bill which is yet to go to Parliament, the Petroleum Exploration and Production – EnP Bill Parliament and the Companies Bill which are currently in Parliament” Dr. Amin Adam stressed. 

This he said will enable Ghana to reverse the trend where people hide behind companies and enrich themselves unjustifiably from the nation’s natural resources at the expense of the citizenry

Reacting to the call, Chief Executive Officer of the Minerals Commission Dr. Toni Aubynne said although he agrees in principle that such a register would go a long way to enhance transparency in the sector, its practicality is not guaranteed.

For him, an efficient and robust  banking system would rather help track cash flows to such beneficial owners. Deeper transparency he believes could be achieved if the financial sector is encouraged to assist.