Business News of 2014-04-15

Gov't expects GH¢57.09m from SoEs

Government’s expected revenues from State Owned Enterprises (SoEs) and Joint Venture Companies (JVCs) for the 2014 financial year are likely to suffer a setback given that it is yet to receive dividend for 2013.

The 2014 budget has estimated to receive GH¢57.09 million from companies it owns or has interest in.

A Deputy Minister of Finance, Mr Cassiel Ato Forson, said although delays in payment of dividend to the government was expected, SoEs must strive to pay to enable government to meet its revenue target.

Mr Forson made the appeal in Accra on April 7 when the state-owned oil marketing company, GOIL, paid its 2012 dividend of GH¢1.48 million to the government.

“This year, the government has programmed to collect GH¢57.09 million as dividend for the year. We are, however, yet to receive dividends in respect of 2013 accounts and interim for 2014 from government’s equity investment in JVCs and SoEs,” the deputy minister lamented.

He thus used the occasion to urge all SoEs and JVCs who were yet to declare dividend on their 2013 accounts to do so and ensure prompt payments to shareholders, of which government was included.

GOIL dividend

GOIL paid GH¢1.48 million to the government as dividend for its 2012 financial year, in respect of government’s 51 per cent shares in the company. It is, however, yet to declare that of 2013 and an interim one for 2014.

In 2009, the company paid GH¢0.84 million to government as dividend; GH¢1.03 million in 2010; GH¢1.19 million in 2011 and GH¢1.38 million in 2012, and came back recently to pay GH¢1.48 million.

Although the deputy minister commended them for the consistency in payments, he urged the board of the company to ensure that subsequent payments of dividends will be done in time