GcNet presents GH¢12m as interim dividend to gov’t

Dr. Nortey Omaboe, Executive Chairman of the Ghana Community Network Systems (GcNet), has presented a cheque for GH¢12million to government as interim dividend for 2015.

The amount brings the total dividend payment made to government through the GRA shareholding in GCNet to GH¢79million.

Presenting the cheque, Dr. Omaboe said aside from the direct dividend payment, government had also received other indirect dividends through payments to the Ghana Shippers Authority (GSA) and Ghana Commercial Bank (GCB).

“An additional GH¢9million interim dividend payment has been made to the GSA and the GCB, where government has a stake.”

He said government’s investment in GCNet has been very rewarding, and also showcases how Public-Private Partnership (PPP) can be effective and mutually rewarding.

Dr. Omaboe said the dividend payments had been made within the context of a number of investments that were being made by GCNet to enhance the various systems that it had deployed.

He said within the context of domestic tax revenue mobilisation, GCNet had collaborated with the Domestic Tax Revenue Division (DTRD) of GRA to deploy the TRIPS system, which has been rolled-out to 30 Tax Offices and accounts for approximately 94% of domestic tax collected by the DTRD, amounting to almost GH¢10billion.

The Executive Chairman said a new Transactional Document Verification System (TDVS) and a Letter of Credit (LoC) Module are being deployed.

The two systems, he said, will enable the Bank of Ghana and commercial banks to access data on import and export transactions processed through Customs to check foreign exchange payments made for imports, as well as foreign exchange earnings from exports that are repatriated into the country.

He said GcNet is aware of revenue mobilisation’s importance in the economy’s performance, and assured government that his outfit will do its utmost to ensure the systems that are deployed contribute effectively toward enhanced revenue mobiliation.

Mrs. Mona Quartey, Deputy Minister of Finance who received the cheque, said Ghana’s budget deficit has been brought down and that it is important to support the revenue agencies to make more impact in revenue collection.

She said government will create an enabling environment for businesses to grow and give more opportunities for revenue collection to enhance the country’s economic growth.

Mrs. Quartey said government is supporting the GRA in putting up some tax reforms, and commended its drive to generate more revenue for government.