GHANA Law and Practice Contributed by: Victoria Bright and Justice Oteng, Addison Bright Sloane
11. Activism 11.1 Shareholder Activism
11.2 Aims of Activists Shareholder activism in Ghana is still a developing area and does not yet proactively drive mergers and acquisitions, spin-offs or major divestitures. The focus is more on good corporate governance, transparency, dividend policy and general accountability, rather than on strategic break-ups or divestitures. However, Gha - na is experiencing more assertive shareholder engage - ment from pension funds and other major institutional investors. This trend could evolve into more active involvement in strategic decision-making, including potential pressure for divestitures or spin-offs. 11.3 Interference With Completion Activist groups in Ghana typically seek to influence and obstruct the completion and roll out of announced transactions, particularly where there is a perceived threat to shareholder interests. In late 2025, IMANI Africa reported that activists pushed back against the Minister for Lands and Natural Resources over the terms of a lithium mining agreement. The activ - ists challenged the royalties that had been negotiated, which resulted in the deal being withdrawn for further consultation.
The Companies Act, Act 992, regulates sharehold - er activism in Ghana. Regulators generally support shareholder activism and recognise it as a legitimate tool of corporate governance. The Bank of Ghana and the Securities and Exchange Commission, for example, have issued governance codes, directives, and notices that promote shareholder activism. These instruments require full shareholder participation, equal access to corporate information, and account - ability to all stakeholders. The focus of shareholder activism is usually confined to the provisions of the Companies Act, which is the principal regulatory framework. Common forms of activism include the following: • asking questions at general meetings; • circulating statements in support of or opposition to business to be conducted at general meetings; • requesting the removal of a director; • requesting the inclusion of a particular resolution at a general meeting; and • initiating litigation. The Companies Act provides specific legal avenues through which such actions may be pursued, includ - ing: • derivative actions under Section 201; • representative actions under Section 205; and • unfair prejudice and oppression claims under Sec - tions 218 and 219.
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