Bearer shares banned in Ghana-ORC warns of sanctions

The Office of the Registrar of Companies (ORC) has declared the issuance, holding and transfer of bearer shares illegal in Ghana, in a new directive aimed at tightening corporate transparency and clamping down on financial crime.

In a notice dated 2 January 2026, the ORC said the ban takes immediate effect and applies to all companies incorporated, registered or conducting business in the country under the Companies Act, 2019 (Act 992).

Bearer shares, which allow ownership to be transferred simply by handing over a share certificate and do not disclose the true beneficial owner, “are not recognised under Ghanaian law,” the Registrar stated, citing sections 13, 35, 39 and 126 of Act 992.

The move is designed to bolster Ghana’s regime on beneficial ownership disclosure and to support anti-money laundering and counter-terrorism financing standards by removing opaque ownership structures from the corporate landscape.

Under the directive, companies must now:

Issue only registered shares; and

Maintain accurate, up-to-date registers of shareholders and beneficial owners, with this information properly filed with the ORC.

The Registrar warned that firms and individuals who flout the ban will face enforcement action and sanctions in line with the Companies Act and other applicable laws.